CZECH REPUBLIC - Czech trade unions and the Opposition have rejected the government's pension reform plan, according to BBC Monitoring International.
The Czech Labour Ministry plans to introduce a Notional Defined Contribution (NDC) system which creates individual national accounts that will allow all every citizen to check at any time how much they have contributed and what pension they could receive.
Trade unionists argue that the proposed model is advantageous to people on higher income.
They want the Ministry of Labour to prepare specific calculations that would clearly show what pensions would people receive under the current system and how much money they would receive under the proposed model, the BBC report said.
However, Minister Zdenek Skromach said that it was impossible to predict what pension a person could have in 30 or 40 years under any system.
The opposition head of the Civic Democratic Party floor group Vlastimil Tlusty said: “This is really a bad proposal, one that does not deal with the essence of the problem.”
PP has compiled a list of what to watch out for over the coming months.
Canada Life has signed a £351m bulk annuity contract insuring the pensioner liabilities of 2,510 members and dependents in the AA UK Pension Scheme.
In this week's Pensions Buzz, we want to know if you believe there is ever a case for combining retirement savings products with other savings products, and if the PPF levy for sponsorless schemes is appropriate for DB consolidators.