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Workers in their 50s are being warned that they are the primary target for scamsters who are using dramatic changes in the pensions system to try to part them from their retirement pot.
He defines structural factors to include, first, "precipitating" forces, such as the arrival of the Internet, demographic shifts (affecting the pattern of spending and saving), the new political consensus in favour of low taxes, changes in the pensions business, the declining quality (ie, increasingly optimistic) of professional investment advice, and others.
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Mr. Fisher suggested a number of other changes in the pension financing rules.
The latest protest has been called to oppose government changes in the pension system.
On the streets outside Parliament, about 40,000 government and private sector workers protested planned changes in the pension system.
Congress and the Bush administration should therefore abstain from far-reaching changes in the pension laws, he said.
In fact, although former Comptroller H. Carl McCall advocated changes in the pension system, it was the State Legislature that improved pension benefits, including providing a cost-of-living adjustment.
The changes in the pension system have already been adopted by the National Assembly and face a hearing Oct. 1 in the Senate.
G.M., still clinging to its status as the world's largest auto company, also announced changes in the pension and health care plans for its retired salaried workers.
Special charges included $1.6 billion related to changes in the pension plans and $80 million for severance and related costs associated with job reduction.
The last three years have been the worst for America's corporate pension funds in the postwar era, and business groups and the Bush administration have been discussing a variety of possible changes in the pension laws.
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