US - Pensions handed out by the Oregon Public Employees Retirement System have slid for the fourth year in a row, a study by the system has shown.
According to the Oregon PERS, the average pension doled out in 2005 was of US$27,515. This was said to be the lowest since 1997.
The reduce in pension outlays was attributed to pension reforms passed during the 2003 legislative session. These reduced pensions for recent retirees, clipped the expected pensions of existing workers and created a slimmed down pension for future hires.
The study showed retirees who had spent 30 years working for the state still get an average pension of $47,238. Although the figure was the lowest registered since 1999, it was still generous compared to other US public pension funds.
PERS executive director Paul Cleary reportedly said: "It's very obvious we are in a period of transition.''
This week's edition of Professional Pensions is out now.
The government is in talks with the UK and Irish pensions regulators over how to protect members of cross-border schemes in the event of a no-deal Brexit.
The equalisation of guaranteed minimum pensions (GMPs) is at least two years away from being completed, and could take longer than four years for some schemes, a poll has found.
The Pensions Regulator will consider if schemes should be required to have professional trustees and assess the case for greater regulation of administrators and system providers, PP can reveal.