SPAIN - The Spanish government has paid out €429.7m to more than eight million pensioners to compensate for the unforeseen rise in inflation in 2006.
The Ministerio de Trabajo y Asuntos Sociales (ministry for work and social affairs) today paid an average of €60 each to retired pensioners in compensation for the unexpected 0.6% rise in prices seen over the 2% predicted rise.
State pensions for 2007 will also rise from this month, by between 2.6% and 7.13% on last year's amounts.
Spanish law guarantees the purchasing power of pensions remains the same, regardless of inflation. For this reason, pensions are reevaluated at the start of each year with regard to the Consumer Price Indices for the year just finished and the year ahead.
In the last three years, the minimum pension has increased by between 19.78% and 24.99%.
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.