FRANCE - President Nicolas Sarkozy has announced plans to amend France's pension reform to prevent parents who interrupt their careers to raise children from being penalised.
Sarkozy (pictured) made the pledge to tweak the bill, which is currently being debated in the Senate, following a week of strikes and protests.
The total cost of the amendments is €3.4bn ($4.75bn), which will be financed through increased taxes on capital and real estate sales, Sarkozy's office said.
The government intends to raise the retirement age to 62 from 60 and increase the age for a full pension to 67 from 65. The legislation also increases taxes on households and companies to help plug the deficit of the country's pay-as-you-go pension system.
Trade unions are threatening an open-ended strike starting next week 12 in protest against the changes.
A buyout tool which provides schemes with up-to-date pricing and comparisons between insurers has been launched by JLT Employee Benefits.
The DB white paper sets out plans to review the funding regime, with 'prudent' and 'appropriate' possibly redefined. But James Phillips asks if this could this signal a return to an MFR-like approach?
The trustees of GKN's pension schemes have agreed a package of mitigation measures that would improve funding to a "more prudent level" if Melrose's offer is accepted by shareholders next week.
While the new powers are welcome, most respondents doubt it will make a difference to the outcomes for members, Pensions Buzz respondents say.