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Nova Scotia politicians need two years instead of five for pension eligibility

HALIFAX - Nova Scotia politicians will be required to serve two years instead of five to become eligible for a pension under binding recommendations from a panel that examined how legislature members are compensated. The three-member panel delivered a report Wednesday saying the change was made to align pension plans for politicians with those for civil servants. Roy Salmon, a former Nova Scotia auditor general who served on the panel, said the change doesn't mean politicians will be eligible to collect a pension after two years unless that's all they serve.

New Brunswick politicians would get reduced pension benefits under changes

FREDERICTON - Politicians in New Brunswick would see their pension benefits reduce and they would have to wait five years longer before they can collect full pensions under changes introduced today. The provincial Tory government has brought in legislation that would move the pensions of legislature members to a shared-risk plan from their defined benefit plan. The government says a member can currently receive an annual pension of $20,400 if he or she has served eight years, but under the changes that would drop to $11,080.

UK overtakes Japan as world's second-biggest pensions market

By Jemima Kelly and Tommy Wilkes LONDON (Reuters) - Years of sluggish growth in Japan have stripped it of its long-held status as the world's second-biggest pensions market and it has been overtaken by Britain where pension assets have hit an all-time high, according to research. A decade ago, Japan boasted a pensions market more than twice the size of Britain's and second only to the United States. But low bond yields and a weak economy have seen assets creep up by just 11 percent in the intervening period.

UK pension fund charge cap to be delayed: government minister

By Simon Jessop and Jemima Kelly LONDON (Reuters) - A planned cap on the fees charged by pension fund providers to Britain's savers will be delayed by a year until April 2015 after industry lobbying that it could hinder attempts to help thousands more save for retirement. The delay would allow companies and industry to focus on enrolling those workers at 30,000 small and mid-sized companies currently without a pension into one through the coalition government's flagship policy of "auto-enrolment".

A look at the planned changes to Alberta's public-sector pensions

EDMONTON - Some of the changes the Alberta government is proposing for public-sector pensions: — Benefits earned up to 2015 wouldn't change, but as of 2016 the plans would be "more modest." — Cost-of-living adjustments are currently paid up to 60 per cent, but after 2016 would be paid up to 50 per cent and could be reduced even lower if economic situations make it necessary. — There would be no more pension subsidies for those who retire before age 65; those pensions would be reduced to reflect the cost of paying them out over a longer period.

A look at the planned changes to Alberta's public-sector pensions

EDMONTON - Some of the changes the Alberta government is proposing for public-sector pensions: — Benefits earned up to 2015 wouldn't change, but as of 2016 the plans would be "more modest." — Cost-of-living adjustments are currently paid up to 60 per cent, but after 2016 would be paid up to 50 per cent and could be reduced even lower if economic situations make it necessary. — There would be no more pension subsidies for those who retire before age 65; those pensions would be reduced to reflect the cost of paying them out over a longer period.

How retirement systems vary among major nations, from the US to China to Germany

Retirement systems vary widely from country to country. In China, policymakers are just beginning to expand retirement benefits to everyone. In Australia, people have been compelled for years to save for their own retirements. Italy and Germany are raising retirement ages and cutting benefits. Here's a look at retirement systems in key nations: — UNITED STATES:

UK final salary pensions hitting company investment: study

LONDON (Reuters) - The financial burden of running final salary pension schemes is hampering companies' ability to invest in expansion and development, according to UK research published on Tuesday. A survey of 226 chief executives and board members in companies carried out by UK business organization the CBI and insurer Standard Life <SL.L> found more than two thirds reported the cost of so-called defined benefit pensions is stifling business investment. Among manufacturers, the figure rises to 78 percent, the report said.

Nova Scotia government to launch review of politicians salaries and pensions

HALIFAX - An independent panel will conduct a review of salaries, pensions and benefits paid to Nova Scotia politicians under legislation tabled Friday. Premier Stephen McNeil said changes to the House of Assembly Act would allow a three-person panel to also look at housing and constituency allowances, among other benefits. He said the members of the panel could be announced as early as next week and suggested its membership would come from people with diverse backgrounds instead of being led solely by academics or ex-judges.

National pension more profitable than private pensions: institute

SEOUL, Nov. 26 (Yonhap) -- South Korea's state-run pension is better for subscribers in long-term profitability than private pensions, a pension institute said Tuesday. All South Korean adults and foreign residents living in South Korea are required to subscribe to the National Pension Service (NPS), the world's fourth-largest pension fund.
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