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.
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.