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Pensions are not 'just figures'

08/02/2008

Proposals to change pensions affect people's lives and cannot be viewed just as figures, the Pensions Advisory Service has said.

Its technical director, Des Hamilton has spoken out against plans by the Accounting Standards Board to alter how pensions are calculated.

Unhappy with how the issues have been discussed he explained: "Whilst most of the commentaries are about companies and the effects on trustees, the reality is for people that actually suffer from the effects of this…it's their retirement that is affected."

The ASB has proposed that companies implement more conservative measures when they calculate their pension funds.

Mr Hamilton rejected anything that could add to the removal of defined benefit schemes and spoke out against the debate being looked upon as an academic discussion.

Gordon Brown has announced he would give up his prime minister's pension of £64,000 a year and rejected an above inflation pay rise for fellow MPs.

 

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