Normal
Both Poland and Argentina's situations involved a nationalisation of some (or whole) of private pension fund assets. It looks like both governments wanted them on their books so that they had a better credit rating / more borrowing capacity.The retirement benefits in both of those countries are completely different to Australia. For a start there are very few 'defined benefit' pensions left like there are overseas.Nothing as far as I can see was confiscated from individual beneficiaries (and that's probably because their system is completely different - the pensions are funded and calculated differently because they are not based on beneficial ownership of assets).There's obviously a long backstory behind both the Argentina and Poland situations and I'm afraid you won't get it from zerohedge.
Both Poland and Argentina's situations involved a nationalisation of some (or whole) of private pension fund assets. It looks like both governments wanted them on their books so that they had a better credit rating / more borrowing capacity.
The retirement benefits in both of those countries are completely different to Australia. For a start there are very few 'defined benefit' pensions left like there are overseas.
Nothing as far as I can see was confiscated from individual beneficiaries (and that's probably because their system is completely different - the pensions are funded and calculated differently because they are not based on beneficial ownership of assets).
There's obviously a long backstory behind both the Argentina and Poland situations and I'm afraid you won't get it from zerohedge.
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