News

GREECE - Greece has frozen all state pensions as part of a package of measures worth €4.8bn (US$6.5bn), erasing the announced increases included in the previous budget.

IRELAND - The Irish government unveiled a set of sweeping reforms to the country's pension system which include raising the state retirement age to 68 and the introduction of a mandatory scheme for all workers in the coming years.

Trade unions could increase their members' pensions by more than half by backing collective defined contribution arrangements, a leading fund manager says.

The Enterprise Chamber of the Amsterdam Court of Appeals has rejected a request by Hermes and the Universities Superannuation Scheme to investigate Canon's tender offer worth €730m (US$998.4m) to buy Océ.

UK/NETHERLANDS - The Enterprise Chamber of the Amsterdam Court of Appeals has rejected a request by Hermes and the Universities Superannuation Scheme to investigate Canon's tender offer worth €730m (US$998.4m) to buy Océ.

The ruling in the long-running Imperial Décor case has left the government in breach of European law obligations, Eversheds says.

Politicians must be wary of reaching a "cosy consensus" over future pensions policy, Liberal Democrat pensions spokesman Steve Webb warns.

Less cream for fat cats of pensions; Pensions Apartheid

US - The Pension Benefit Guaranty Corp. said it will take over the pension fund of New United Motor Manufacturing (NUMMI), a joint venture between Toyota Motor and General Motors.

UK - The Conservatives voted against a batch of regulations governing auto-enrolment in a House of Commons committee yesterday.