Including: US - New Jersey mulls deferred pension payments; NORWAY - Government to tap oil fund to beat recession; AUSTRALIA - Super funds hit by market turmoil
A Bill before the New Jersey state legislature may allow towns and school districts to defer some half a billion dollars of pension payments until 2012, despite strong opposition from unions.
Assemblyman Joseph Cryan, the Bill's sponsor, said the measures were the "least of many dismal options" facing the state. Other options include severe increases in property taxes or cuts in services.
NORWAY - Government to tap oil fund to beat recession
The Norwegian government announced a NOK20bn (US$2.9bn) fiscal stimulus plan using excess revenues from the Government Pension Fund - Global, commonly known as the Oil Fund, aimed at mitigating some of effects of the global economic downturn.
Part of the plan will include investment in infrastructure, the construction sector and corporate tax breaks.
AUSTRALIA - Super funds hit by market turmoil
Superannuation funds lost some AUS$200bn (US$132bn) between January and October last year, according to estimates by the Organisation for Economic Co-operation and Development (OECD).
The losses, which represent almost a quarter of the country's $1trn superannuation plan assets, have seen some individuals' super savings fall by 40-60%.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.