NETHERLANDS - PGGM and ABP have set up a support fund for old people affected by the tsunami disaster in South East Asia.
The Netherlands’ two biggest funds have contributed e1m and are inviting other pension funds to take part in the initiative.
“Many old people in Asia rely on their children to look after them in their old age, so many of those who have lost their homes and families in the tsunami disaster have also lost their ‘pensions’,” the funds’ said in a joint statement.
“This is a structural problem which is likely to assume major proportions, but it does not really fall within the scope of the emergency aid now being organised. ABP and PGGM have therefore devised a plan to set up a support fund financed by small voluntary contributions, for example of e1 per person, from their active members and pensioners.”
The funds’ said they hoped to gather a “substantial capital sum” which would make a significant difference in the areas struck by the disaster.
ABP and PGGM said they were compelled to take action despite a usual reluctance of funds’ to use money for purposes other than pensions, due to the seriousness of the situation.
“The SE Asia support fund is a logical extension of the pension funds’ core activities and is consistent with their philosophy based on solidarity and collective funding,” the funds’ said.
They expect to present detailed plans for the structure of the fund within the next two weeks.
UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.
The Pensions Advisory Service (TPAS) helped 187,000 people in 2017/18, a 9% fall on the previous year despite setting up special helplines for specific scheme members.
The Liberal Democrat party has passed a motion pledging to cap tax-free lump sums under Freedom of Choice at £40,000 if elected into government.