Pensions
In 1991, Robert Maxwell's ill-advised foray into the Sea caused a ripple effect that would contribute to the decline of better company pension schemes. Subsequent legislation, including the Minimum Funding Requirement, would further overregulate the industry, leading to a landscape where employers are hesitant to provide final salary
Pensions
South Korea's Minister of Health and Welfare, Rhyu Si-min, has sounded the alarm on the country's public pension system, warning of a ticking time bomb due to potential debt of 80 billion won per day. With the upcoming presidential and National Assembly elections, Minister Rhyu has
Pensions
Concerns over pension reform have led to widespread strike action by public sector workers, highlighting the disparity in pension provision between the public and private sectors. The Local Government Association (LGA) estimates that 400,000 workers participated in strikes across England, while the 11 unions organizing the strike claim that
Pensions
Thousands of local authority workers, including teachers and support staff, are set to join a national strike tomorrow, leading to the potential closure of schools across London. The strike, which could affect up to 1.4 million council employees, is in response to government plans to scrap the "Rule
Pensions
Onyx Software Corporation, a leading provider of customer management solutions, announced that Republica AFAP, Uruguay's leader in managed pension funds, has successfully implemented Onyx Customer Management. The innovative solution was implemented in partnership with leading Latin American consulting firm SONDA, allowing Republica AFAP to achieve its objectives of
Pensions
The government is expected to face a staggering £5 billion bill to compensate 85,000 workers who lost their pensions when their employers went bankrupt, following a parliamentary ombudsman report due to be published this week. The report, written by Ann Abraham, is likely to accuse the Department for Work
Pensions
Reps. George Miller and Edward Markey have called for an investigation into pension law enforcement agencies, highlighting a regulatory problem that has gone unaddressed for 31 years. The issue stems from pension consultants and money managers being regulated by the Securities and Exchange Commission, despite the agency having no authority
Pensions
A group of large US and European pension funds, including the Teachers' Retirement System of Oklahoma and the Public Employees' Retirement System of Mississippi, have joined forces with Delphi workers in opposing the company's plan to give top executives cash and share bonuses worth up to
Pensions
Nordea, a leading financial services provider in the Nordic region, and The Bank of New York, a global leader in securities servicing, have been appointed as the global custodians for the $7 billion Swedish AP7 Pension Fund. The two companies were joint bidders for the mandate, which follows their strategic
Internet Securities Inc.
Mexico's state-owned enterprises, including the Mexican Social Security Institute (IMSS), Luz y Fuerza del Centro (LyFC), and Comision Federal de Electricidad (CFE), faced significant financial challenges in the first quarter of 2004. The IMSS and LyFC experienced substantial increases in their programmed spending due to rising pension and
Internet Securities Inc.
Mexico's municipal governments are struggling to pay workers' pensions due to insufficient social security schemes, putting a significant portion of the population at risk. According to Reynaldo Escobar Perez, president of the Association of Local Authorities of Mexico, approximately 2,434 municipalities in Mexico, with 80% facing
Personal finance
Pension scheme members are paying attention as the new pensions ombudsman, Dr Julian Farrand, takes on cases involving surpluses, distress awards, and the earmarking provision in the Pensions Bill. However, the outcome of each case depends on the individual scheme's rules, and the ombudsman's jurisdiction is
