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LibDems slam 30% rise in ministers’ pensions

The value of ministerial pensions has risen by 30 per cent to £9m this year, according to the Liberal Democrats.

The LibDems says high-profile ministers have pension pots worth more than 10 times the £25,000 accumulated by an ordinary saver in the private sector. This comes on top of the generous pensions they will get as MPs.

Treasury spokesman Lord Oakeshott says: “Ministers’ pension pots shot up by 30 per cent last year while private pensions plummeted.

“The yawning chasm between public and private pensions is unhealthy for our economy and democracy.”

Oakeshott says that deputy Labour leader Harriet Harman would be able to retire next year at age 60 with a total pension pot worth almost £1.5m.

He says: “The Government must act urgently. Public sector fat cats must come off their double-cream pensions and on to an affordable pensions diet, like the millions of taxpayers on modest and middle incomes who have to pay the bill.

“How is it fair for civil servants to go and retire at 60 for the next 35 years when most people must work to 65 or 70? The Tories must come clean this week on what they would do about rocketing public sector pension costs, other- wise there is a hole in the heart of their economic policy.”

Kohn Cougar managing director Roddy Kohn says: “The insensitivity of ministers about pay and conditions when people in the private sector are struggling to keep their businesses solvent and get loans from banks and so on is just a real slap in the face. They are meant to be representative of the people.”



Crumbling consensus

Money Marketing revealed this week that the Conservatives are seriously considering developing a flexible lifetime savings vehicle, warning the Government’s recent delay to auto-enrolment “casts a shadow” over personal accounts.

Plans aims to speed up Lehman cash

The administrator for Lehman Brothers’ European unit is drawing up a new plan to allow it to distribute a “very significant portion” of £5.6bn of securities assets to creditors. In an October 5 statement, administrator PricewaterhouseCoopers said the alternative plan would seek a speedier return of Lehman assets currently under its control.

Aviva launches new CI product

Aviva is attempting to put an end to the critical illness conditions race with the launch of its principles based product this week.

India rate cut – more to come?

Kunal Desai, Head of Indian Equities at Neptune Investment Management India’s stockmarket rallied this week following news that the central bank was cutting interest rates more aggressively than expected. Commenting on the rate cuts and what this means for India’s economic growth, Kunal Desai notes that there were two important details in the announcement that have […]


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