United States

World's best pension system pushed to the brink

London (CNN Business)Record low interest rates are forcing the world's best pension system to take drastic action aimed at staving off cuts to payouts that were once unthinkable.An extended period of negative or record low interest rates has put huge pressure on pension funds in the Netherlands, forcing them to alert retirees that their incomes could be cut. The Dutch government is working urgently to resolve the immediate problem, but the emergency is fueling concern in a country where an increase in the number of retiring workers means pension changes are inevitable.Dutch workers have typically been able to retire on a pension equivalent to roughly 80% of their average pay. But stress on pensions from low interest rates has led to talk of ...