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Live up to promises, Govt told

The NAPF is challenging the Government to live up to its pension promises and is warning that the public faces a “long healthy and poor” retirement following the recent Budget.

Speaking at the conference, chairman Peter Thompson accused the Government of having an “at best neutral” attitude to pensions and said it needed to make radical changes to encourage pension provision.

The NAPF believes the Government is doing nothing to achieve its aim of shifting pension provision to the private sector. It also reiterates the need for an intelligent rethink of the controversial accounting standard FRS17.

Thompson is writing to the financial reporting council saying FRS17 overstates the liabilities of pension schemes.

Equitable Life chief executive Charles Thomson has assured the UK&#39s institutional pension funds that its withprofits fund remains solvent though he admitted the margin is very thin. He blamed economic conditions for Equitable&#39s financial difficulties.

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