EUROPE - In Belgium a new sectorwide fund for workers in the food distribution industry will be established from April this year.
Some 58,000 workers in the sector will qualify for the new pension scheme. Contributions from employers equivalent to 0.75% of salary will be channelled into the fund.
This will be the first so called ‘social’ pension set up under the new law on pensions passed last year, the so called Vandenbroucke law. To qualify as social pension sectorwide pensions must meet certain criteria, for instance, periods of illness or unemployment continue to count towards a worker’s pension entitlement.
Since the new pensions regime was first mooted, the number of workers in Belgium qualifying for a supplementary pension has risen from 900,000 to 1,300,000.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers