Time running out for US pension reform


Government paralysis is aggravating a pensions crisis in the US, according to Thomas Mackell, chairman of the Federal Reserve Bank of Richmond. Delivering a keynote speech at the Life & Pensions US pensions risk management conference at Boca Raton, Florida, in June, Mackell painted a grim picture of future intergenerational conflict, with elderly Americans outliving their assets, placing a swingeing tax burden on the younger generation.

A former manager of a maritime engineers' pension fund and

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