Bosnia - The government of Republika Srpska, Bosnia's Serb-dominated entity, has gone ahead with plans to increase pensions and wages by some 20%, despite warnings from the World Bank and the International Monetary Fund, according to World Markets Research Centre.
IMF and World Bank had warned that they risk destabilising Bosnia's overall fiscal situation and, subsequently, jeopardising some US$176m in loans and grants in the near future. The government yesterday began paying out the pension increases and has said that public-sector wage increases will go ahead from 21 November. However, it has also said that it is negotiating with the international financial institutions in an effort to prevent the loans being lost, the report added.
Kim Gubler says it is time that schemes and administrators reassess SLAs and look at what real people need from their pension schemes and when
The Pensions Regulator (TPR) is focusing on reducing the number of "poorly-run" schemes as it seeks to improve standards across the board.
Prudential Retirement has completed around $2.6bn (£2bn) of reinsurance contracts for UK pension scheme longevity risk since the start of the year, it has disclosed.
Funding standards for DB schemes have increased exponentially over the past decades. Con Keating says such significant overstatement of liabilities will lead to pushback through the courts.