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It also has pension problems and is facing contract talks with its unions.
The UK business is losing more than £1m a day, has pension liabilities of almost £15bn and needs significant investment.
And already the specter of a downgrade has pension funds and money managers like BlackRock assessing their contractual relationships with these institutions.
Andersen also has pension obligations, for example, and the Securities and Exchange Commission may yet file a civil suit against it.
Japan looks much less well prepared: its dependency ratio is expected to be 50% by 2025, but it has pension assets of just 63% of GDP, or $22,000 per person.
But there is a looming, larger question that has pension funds around the country nervous: Will a victory by bondholders in Stockton pave the way for cuts in its workers' pensions and its payments to Calpers, which, in turn, could lead to the demise of other public pension plans?
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* Has applied for widow pension, but it has yet to be sanctioned.
Hasn't the government already changed pensions?
Verdict: Has forced insurers to cut charges on existing pensions, but there are doubts about whether the original target group - with incomes of between £10,000 and £20,000 - can afford to save in private pensions.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com