The gap refers to the difference between state pension provision and the level of pension regarded as necessary to live on by the OECD.
"Age Concern Cymru and Help the Aged in Wales have argued for years that the state pension is too low and that it should be set at the level of the Pension Credit guarantee, " he said.
Her pension is frozen at the level she received 25 years ago and as the value of the pound has fallen, her pension is worth even less.
Government intervention was only ever intended to achieve a bare minimum level of pension provision.
This meant that the overall level of pension scheme membership has dropped below the 50% mark for the first time since modern records started in 1997.
However, workers seem to like them, and for good reason: because they promise a certain level of pension, companies rather than employees carry the main risk.
You need to start looking at these issues now, and that means starting to look at the level of pension you can expect from the government, and when you can expect to receive it.
Under this, early departure payments in the form of a lower level of pension, and a lump sum, are paid to service men and women with at least 18 years service who are aged 40 or over.
While the charge isn't clear, a plea could suggest the taint on the fund's investments reached the highest level of the pension system, which Mr. Hevesi oversaw from 2003 to 2006.
But that credit may not happen automatically and you would be wise to check with www.directgov.org.uk to find out what level of Basic State Pension you will be entitled to when you retire.
After 40 years service you could end up with a pension equating to as much as two thirds of your earnings which together with your state pension should give you a good level of income for the rest of your life.
Should pension fund participants, staff and trustees sleep comfortably knowing this is the level of review to which managers will be subjected before pension assets are doled out to them?
Social Security and pension plans used to provide a base level of retirement income that you could count on.
The House also left untouched another draconian tax that subjects up to 85% of your Social Security benefits directly to the income tax, even if you are not working, and your income from a private pension or your savings exceeds a certain level.
The Conservative proposal was for a "lifeboat" scheme to raise the level of compensation for victims of pension schemes which collapsed between 1997 and 2005.
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At the state level, barring new revenues, pension spending is likely to rise from its current 5.7 percent share of General Fund spending to more than 17 percent.
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You telephoned me yesterday and asked me to consider voluntarily taking a material reduction in my pension entitlement as a "gesture" to acknowledge the level of Government support being made to Royal Bank of Scotland (RBS).
The level of due diligence review of money managers undertaken by pension consultants as described above, is the state of the art today.
Slowing growth and rising unemployment have already led to a collapse of tax revenues and a jump in welfare spending, creating yawning gaps in budgets at both federal and local level, as well as in public-health and pension funds.
And some big institutions, big pension funds, will not purchase an asset unless it has a certain level of LEED certification.
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The fallout from this prediction will include the necessity for pension funds and insurance companies, that have made contractual promises to provide a certain level of return, to tear up these contracts under very stressful conditions.
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For his part, Mr Sanders would cut jobs in the city bureaucracy and would negotiate new pension deals with the public employees' unions, including raising the retirement age and the level of employee contributions.
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And he rejected the idea put forward by employers' organisations that because private sector pension provision was poor by comparison, public sector pensions should be dragged down to the same level.
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