Pensions Archives - DR News - News, Retirement, Finance

Power Couple Criticized for Double Dipping with Six-Figure Pensions: Staten Island DA & Judge Facing Scrutiny

Staten Island, New York – A controversial situation surrounds a power couple in Staten Island, with District Attorney Michael McMahon and State Supreme Court Judge Judith McMahon facing scrutiny for allegedly “double-dipping” by receiving substantial taxpayer-funded salaries and pensions simultaneously. Both individuals are reported to be earning six-figure salaries while also collecting government pensions amounting to over $100,000 each, sparking concerns among political insiders. DA McMahon, who previously served as a legislative staffer, councilman, and …

Retirees’ Pensions Restored: Ongoing Debate Sparks Conflict

Albany, New York – The contentious debate over the restoration of retired workers’ pensions continues to simmer despite the initial resolution. Following a prolonged battle, retirees saw their pensions reinstated, providing crucial financial support they had been deprived of. However, the aftermath of this decision has sparked heated discussions and differing opinions on the matter. The restoration of retirees’ pensions, after being slashed due to financial constraints, was met with relief and gratitude by the …

Election Date Change Could Impact Dozens of MPs’ Pensions on the Horizon

OTTAWA, Canada – The Canadian government recently introduced changes to the Elections Act, which could have significant implications for Members of Parliament in terms of pension eligibility. If the fixed election day for 2025 is moved by one week to October 27, it could mean that around 80 MPs, primarily Conservatives, would qualify for a House of Commons pension. The proposed changes, unveiled by Minister Dominic LeBlanc, aim to expand opportunities for advance voting and …

State Pensions Chaos Leads Woman to Feel Scammed Over Retirement Age Changes

London, UK – Hilary Simpson, a retiree from London, found herself in a financial predicament after realizing she would not receive her state pension until the age of 63 due to legislative changes in 1995. Simpson had planned her retirement carefully, assuming she would be able to access her pension at the age of 60. However, she was unaware of the changes that would delay her pension age, causing her to stretch her lump sum …

Former Norton Motorcycles Owner Should Have Faced Jail Time for Pension Scandal, Pensions Ombudsman Chair Asserts

London, England – The former owner of Norton Motorcycles, Stuart Garner, was convicted of three offenses in 2022 for illegally investing pension funds in his own businesses. The chair of the Pensions Ombudsman service, Anthony Arter, expressed disappointment in the lack of prison time served by Garner for his involvement in the multi-million-pound pension fraud. During a parliamentary inquiry into the scandal, Arter vocalized his belief that Garner should have faced prosecution and imprisonment for …

Pensions Preferred by Majority of Americans Over 401(k)s, Survey Finds

Los Angeles, California – A recent survey has revealed that a majority of Americans prefer traditional pensions over 401(k) plans. The survey, conducted by a reputable research firm, indicates a strong preference for a guaranteed monthly income in retirement, rather than relying on investments. The findings of the survey shed light on the financial concerns and priorities of American workers when it comes to retirement planning. Despite the growing popularity of 401(k) plans in recent …

March Madness: Fed Forecast for the Week a Risky Bet, Says Pensions & Investments

New York, NY – As the Federal Reserve gears up for its March meeting, expectations are high for the central bank to hold off on any drastic policy changes. With inflation still a concern and uncertainty surrounding the ongoing pandemic, many analysts believe the Fed will opt for a cautious approach. Despite recent signs of economic recovery and a strong labor market, Fed officials have been vocal about the need for patience and flexibility in …

“Compensation” Paid to Victims of £11.5m “Pensions Industry” Fraud Scandal

London, UK – More than 200 individuals fell victim to a pension scandal involving Norton Motorcycles, resulting in the loss of £11.5 million across three retirement schemes. The Fraud Compensation Fund recently disbursed £9.4 million to these schemes, offering a glimmer of hope to those affected by the fraud over a decade ago. During the years 2012 and 2013, unsuspecting individuals were duped into participating in a pensions liberation fraud scheme, authorizing the transfer of …

Pensions to be Revolutionized with Germany’s ‘Generation Capital’ Plan According to New Proposals

Berlin, Germany – With Germany’s baby boomers from the late 50s and 60s now reaching retirement age, the country faces a challenge of supporting an increasingly aging population while dealing with a shrinking workforce. The pension system, established in 1889, relies on a public retirement insurance scheme where contributions from the current workforce support the pensions of retirees – a system known as the “intergenerational contract.” In the 1960s, there were six workers for every …

Workers’ Rights: Why Is Life Not Better Despite Bank Holidays and Improved Pensions?

Dublin, Ireland – Despite improvements in bank holidays and pension benefits, many workers are still struggling to make ends meet. The promise of a better quality of life for employees seems out of reach for some, raising questions about the true impact of these advancements on the workforce. The implementation of additional bank holidays and enhancements to pension schemes were intended to uplift workers and improve their overall well-being. However, the reality on the ground …