View more on these topics

Further Government delay over occupational pension scandal is “shameful”, says Altmann

The Government has failed to meet the deadline to respond to the legal challenge launched by the Pensions Action Group over its mishandling of the occupational pensions scandal.

A response had been required within three weeks of the publication of the damning Public Administration Selection Committee inquiry, which described the Government’s maladministration of occupational pensions schemes as “at best naïve, at worse misleading.”
The Government assured them that their pensions were safe, protected by law or even “guaranteed”. The report dismissed the Government’s defence that the pension leaflets came with caveats pointing out the information was not exhaustive and advice may be required. It said by not mentioning the limitations of the minimum funding requirement, which “goes to the heart” of legal pension protection at the time, it failed to highlight major risks and can be clearly viewed as maladministration.
Head of the PAG and former pensions adviser to the Government Ros Altmann says further delay while the Government “takes instruction instruction at the highest level” is shameful.
“The people affected are all over the place. Some of these people are dying and one person has just been diagnosed with cancer. Another delay is shameful.”


Recommended

Inherited failures

How a review of a new client’s pension drawdown case exposed fundamental mistakes in advice

Tax-free gains? That can’t be right, can it?

When he was Chancellor of the Exchequer, George Osborne made several changes to the way in which income is taxed. Personal allowances were increased significantly above the rate of inflation; a starting rate band was introduced for savings income and, with effect from 6 April 2015, this was assessed at 0 per cent. In addition, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment