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Iceland president vetoes Icesave bill

Icelandic president Olafur Ragnar Grimsson has refused to ratify a bill passed by the country’s parliament to authorise the repayment of  money to Britain and the Netherlands following the collapse of Icesave bank in 2008. 

Grimsson has instead called for a referendum on the bill following national protests opposing the payouts. 

Around a quarter of Iceland’s voters signed a petition urging the president Olafur Ragnar Grimsson to call a referendum over the repayment of over £3bn. 

 A deal would see Britain recoup £2.3bn for losses suffered by around 300,000 clients of Icesave, the subsidiary of nationalised Landsbanki. 

Grimsson has already assured that Iceland will honour its obligations but has not said how this will be resolved. 

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Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.

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