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OECD warns on pensions crisis
JICWyllie
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6-23-2009 1:09 PM
36 views
tags:
1-crisis
,
1-income
,
1-poverty
,
2-consequences
,
2-risks
,
3-forecast
,
4-intl
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/484d069c-824e-429a-bbb8-ea24987fcf36/3CC2D5DD-66F8-49E7-9ED0-09CD9413D95D/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.ft.com/cms/s/0/4301d326-5feb-11de-a09b-00144feabdc0.html" href="http://www.ft.com/cms/s/0/4301d326-5feb-11de-a09b-00144feabdc0.html" style="font-size: 11px;">www.ft.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/4301d326-5feb-11de-a09b-00144feabdc0.html"><P>Strains in pensions systems, in both private and public provision, threaten to turn the financial crisis over the past two years into a social crisis lasting decades, the Organisation for Economic Cooperation and Development warned on Tuesday.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/4301d326-5feb-11de-a09b-00144feabdc0.html"><P>Future incomes from public pensions are not immune from the financial crisis, the OECD warned because stretched public finances will prevent countries augmenting public provision and might lead to cuts. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/4301d326-5feb-11de-a09b-00144feabdc0.html">The losses in private pension schemes were highest - at over 25 per cent - in countries, such as Ireland, Australia and the US, where the greatest proportion was invested in equities. Losses in Germany, Mexico and the Czech Republic were correspondingly lower</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/4301d326-5feb-11de-a09b-00144feabdc0.html">because private pensions were heavily invested in bonds </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/4301d326-5feb-11de-a09b-00144feabdc0.html"> private pensions plans lost 23 per cent of their value last year while higher unemployment “leaves little room for more generous public pensions”. </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/3CC2D5DD-66F8-49E7-9ED0-09CD9413D95D/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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