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| Expert: Private sector pension changes are significant |
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| Latest Recruitment News - HR and Recruitment Legislation News |
| Written by DirectNews Feed |
| Monday, 12 July 2010 00:00 |
 An expert has said that the government's proposals to begin calculating private sector pension payments from the consumer prices index (CPI) will have a big impact on people heading into retirement.Pensions minister Steve Webb announced last week (July 8th) that payments for final salary schemes are now to be linked to the CPI instead of the current retail prices index (RPI) measure. Due to the fact the CPI is usually set at a lower level than the RPI, employees in the City of London and throughout the country in firms such as SMEs are likely to see their pensions being cut. And Keith Churchouse, director of Churchouse Financial Planning, has commented that this represents a "significant change" and insisted that individuals must now start paying more attention to their payments as the alteration is likely to cause their benefits to decrease over time. "Over time, these little [differences] - one per cent here or half a per cent there - do start to add up, particularly when you add in compounding," he added. Posted by Mary King 
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