SPAIN - The average monthly state pension for retirees in Spain rose to €727.70 on 1 November - a 5.8% increase on the average state pension on the same date in 2005.
At the same time as it announced the increase, the ministry for work and social affairs said it was now paying out €5.3bn a month in pensions: 7.4% more than it was this time last year.
In October, the number of pensions paid out by the Social Security system reached 8,210,445, which equates to an increase of 1.6% over the last year. Over half of these were paid out due to retirement.
Also in October, labour minsister, Jesús Caldera, stated the payment of state pensions was guaranteed until at least 2036 due to continued surpluses in the social security system.
Speaking at the 'XX Conferencia Internacional de Organizaciones Empresariales Privadas' (20th International Conference for Private Businesses), Caldera said contributions to the social security reserve fund had "more than doubled in the last two years" and claimed the fund would reach €40bn next year.
Defined benefit (DB) schemes are to be offered a new consolidator as the former chief of the Pension Protection Fund (PPF) launches 'The Pension SuperFund'.
Martin Freeman has been hired as head of technology product and development at Smart Pension, to support the 'growing' technology product side of the business.
Tim Sharp says the government has missed some big opportunities to help workers in the DB white paper.
The FCA and TPR have announced their joint strategy for tackling the key risks facing pensions in the next decade. Victoria Ticha explores the plan and the industry's initial reaction.