A survey by Watson Wyatt, a consulting firm, found that the cost of running a pension scheme increased by around half between 2003 and 2008.

咨询公司Watson Wyatt的调查表明从2003年到2008年运营养老金计划的成本增加了大概一半。

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But South Africa also offers access to pension savings, and research by Alexander Forbes, a consultancy, found that 70% of members were taking their benefits in cash before retirement.

然而，南非也同意人们随时取回养老金存款，咨询公司安博(Alexander Forbes)研究发现70%的成员在退休之前就取回了存款。

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The old man found it difficult to exist on his pension alone.

那位老人发现单靠养老金难以生活。

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The investment consulting firm overseeing the pension was found to be subject to conflicts of interest as a result of earning millions in undisclosed fees from the investment managers it recommended to the pension.

FORBES: Nashville Pension Bails On Bonds, Piles On Risk

Apparently the fact that the SEC had investigated the pension consulting industry and found conflicts pervasive and disclosure practices wanting was not sufficient.

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The researchers found that the stodgy pension funds, which tend to invest pretty heavily in bonds, lagged behind the benchmark by about a percentage point.

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