ROMANIA - Romania's government said it will cut spending on education and transport in December to maintain its 2008 budget deficit target after raising pensions.
More than half of the money will be reallocated to pay for a 20% pension increase approved in Parliament in October and the rest will go to social programs such as child-raising assistance, it said.
The government targets a budget deficit of 2.3% of gross domestic product this year, from a deficit of 2.4% of GDP last year, even as it boosts spending on social programs and public sector wages. The budget gap in the first nine months of the year was 1.4% of GDP.
Standard & Poor's and Fitch Ratings have downgraded Romania's debt rating in the past month, citing in part increased government spending. Fitch lowered Romania two notches today to BB+ from BBB while S&P cut its rating on the country to BB+ from BBB-.
The Howden Group Pension Plan has completed a full pensioner buy-in with Legal & General (L&G), insuring benefits for around 2,000 members.
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Concern about the potential impact on employer covenants has been rated the top risk for defined benefit (DB) schemes, according to a PTL survey.
Jonathan Stapleton says the DWP's progress on CDC is a welcome, and cautious, step forward.