Less Retirement Pay Because of Crisis

Swedish pensioners will receive less retirement pay in the near future than they expected. A spokesman for AP-fonderna, the general pension funds organization, told Swedish Radio that heavy losses during last year’s global financial crisis had drained the pension capital by roughly 30 billion dollars. In addition, rising unemployment meant less money flowing into the pension funds. The deficits would lead to a reduction of monthly retirement payments by a hundred dollars or more during the coming years, the spokesman said.