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Report: New legislation may cost private pensions PDF Print E-mail
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Latest Recruitment News - HR and Recruitment Legislation News
Written by DirectNews Feed   
Friday, 09 July 2010 00:00
Report: New legislation may cost private pensionsA report published yesterday (July 8th) suggests that around five million people in the UK could lose up to ten per cent of the value of their private occupational pension.

According to the Financial Times, several analysts believe that the government's plan to introduce legislation whereby such pensions are uprated by the consumer price index (CPI)- as opposed to the retail price index (RPI) - could lead to purchasers suffering.

In order to contribute to its plans of shedding more than £6.2 billion from the public spending bill before next April, chancellor George Osborne announced during last month's emergency Budget that all public sector and state pensions are now to be raised using the CPI.

The primary difference between the two is that the RPI includes mortgage interest payments, therefore meaning that more money is awarded through pension schemes to pay this figure.

Meanwhile, it was revealed on Wednesday that the Monetary Policy Committee has decided to maintain Britain's base interest rate at 0.5 per cent for the 16th month in a row.

Posted by Daniel Frost
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