SWEDEN - Pensioners could see pension payments reduced by 4.4% next year due to stockmarket falls and declines in AP fund assets, a report by the Swedish Social Insurance Agency reveals.
It said total pension system assets were SEK7,184bn but liabilities amounted to SEK 7,428bn - marking the first time that the ratio between the two figures has fallen below one.
The so-called balance ratio fell to 0.9672 at the end of 2008 - compared to 1.0026 at the end of 2007.
The agency said this has necessitated the pension payment cuts for next year.
It explained the negative result for 2008 was mainly due to the decrease in AP funds' assets, with buffer funds decreasing by SEK191bn in total.
The pension deficit has also increased at a faster rate as contributions paid into pension funds are valued at a turnover rate, which has been reduced.
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.