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.''
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
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