Engineering pension fund to cut payouts again

Tens of thousands of people who have a pension with the PME engineering sector pension fund will face a payout cut of 0.5% in April.

The fund said on Wednesday it is being forced to cut pensions because its  financial position has not recovered sufficiently and the coverage ratio remains below the official 105%.

The PME fund, which has over 630,000 participants, also cut pensions by some 5% last year.

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