Senior civil servants, MPs and judges can watch their final-salary pensions soar in line with pay under a clause buried in a schedule to the Finance Bill.
Members of civil service and Parliamentary occupational schemes have been handed a specific exclusion from rules capping pension increases at A-Day.
By selecting enhanced protection – a way of protecting pension rights in excess of the lifetime limit – members of the ruling elite are exempt from rules keeping pension increases in line with increases in the £1.5m fund limit.
IFAs have branded the scheme as shocking at a time when pensions are such a hot political topic, saying anyone else will be restricted as to how their pension fund can grow after A-Day.
Scottish Life head of pension strategy Steve Bee says: “I do not like anything that smacks of one rule for us, one rule for you. We should be aiming for a single regime that treats everybody the same. MPs and judges have probably got a better lobby than we have.”
Dennehy Weller managing director Brian Dennehy says: “The public at large will be shocked at these people taking special privileges at a time when people up and down the country have had their pensions destroyed through holes in the system.”
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