View more on these topics

Boulding slams proposals for 5,000 non-pensionable earnings under NPSS

Proposals to make the first 5,000 of earnings non-pensionable under the national pensions savings scheme discriminate against women and would never be permitted under employment law, says Legal & General pension strategy director Adrian Boulding.

He says the proposals for a 5,000 “offset” will hit women harder than men as they earn less on average. He adds that workers with more than one part-time job will be affected by the offset on multiple occasions.

Boulding says occupational schemes used to operate on a similar basis but no longer do so for fear of violating anti-discriminatory employment law.

The criticisms undermine pension minister James Purnell’s claims that the NPSS represents the biggest move to sexual equality since Barbara Castle’s 1978 reforms.

Boulding says: “This is blatant sexual discrimination against women. Occupational schemes used to operate offsets but if they did now they would be marched to the nearest employment tribunal. I have raised these concerns repeatedly with politicians to no avail.”

A Department for Work and Pensions spokesman says: “Our package of reforms will dramatically improve the outcomes for women and carers. For the first time, caring contributions will count in the same way as work to build up a state pension entitlement.”

Recommended

Lund leaves SJP with 4m payoff

St James’s Place chief executive Mark Lund has quit in what SJP calls a joint agreement. He joined SJP three years ago and became chief executive in September 2004. He is leaving with an estimated 4m payoff.

Emerging concerns

In terms of growth potential, Western economies have been outpaced easily in recent years by countries such as Brazil, Russia, India and China. In these emerging markets, low wages and the ample supply of labour have attracted production and service activities from abroad. Strong global demand for often essential commodities from these emerging markets has […]

L&G appoints head of EU equities

Legal & General Investment Management has appointed Ian King to the position of head of active European equities who will join at the end of January.King previously worked at American Express Asset Management International and was responsible for its European alternative investments from 2000 to 2005.King has also worked at Lehman Brothers Global Asset Management […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment