Older-style defined benefits superannuation funds are creaking under the weight of falling asset values and a sinking global economy.
A survey out today says there has been an unprecedented blowout in defined benefits liabilities since September last year, with the shortfall for more than 50 listed companies growing from $2 billion to $25 billion.
People looking back at the late twentieth and early twenty-first centuries will marvel at how two thirds of western industrial societies managed to swindle themselves by mistaking (yet again!) gambling on the stock market for a productive activity. And the penny still doesn't seem to have dropped yet for the majority.
Posts
No comments:
Post a Comment