SWITZERLAND - Reform is needed to prevent a potential deficit in the old-age system (AVS) from exceeding 3% of GDP by 2040, the Organisation for Economic Co-operation and Development (OECD) has warned.
In its economic survey of Switzerland the OECD claimed that, because of population ageing, a deficit in the AVS would emerge between 2007 and 2010. This would reach around 1% of GDP by 2020, it warned, and “probably more than 3% of GDP by 2040”.
The report referred to a Swiss referendum’s rejection of a proposed overhaul of the AVS in 2004, which it said had led to any question of “deep reform” being put off until 2008 or 2009.
The organisation warned that the lowering of benefit levels, the extension of working lives, and recourse to additional funding were now actions which could not be avoided.
Action without further delay was necessary, said the OECD, because a late decision could pose problems of fairness if the ageing-related rise in the average age of the electorate marginalised younger generations in the democratic decision-making process.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.