US - Pittsburgh had the outlook on its debt revised to negative from stable by Standard & Poor's, which cited rising financial pressures tied to the city's pension system.
Pennsylvania's second-biggest city by population also faces "uncertainty regarding the potential takeover of the city's pension system by the state should the pension's funding levels fall below 50% on December 31," an analyst, John Sugden- Castillo, said today in a statement.
The pension system faces a $650m shortfall. Keeping up with expanding retirement obligations may consume 40% of Pittsburgh's annual budget for the next three decades, according to Mayor Luke Ravenstahl. A state takeover of the pension system may force him to raise taxes and cut services.
The ratings company also affirmed its BBB rating, two levels above speculative grade, on the city's general obligation bonds. The city has limited options for raising revenue, uses reserves to balance its 2011 budget, and has "above-average" debt levels, S&P said.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.