UK - Vague and inaccurate data cast doubt over the National Audit Office's calculations that the £1.4m savings cap will affect 10,000 people, consultants claim.
HSBC Actuaries & Consultants said that while there was “much logic” in the NAO findings, the 40-page report’s numerous references to vague data was concerning.
But director of marketing Simon Hazeldine said a lack of comparable figures made challenging the conclusion difficult.
He said: “The total exclusion of post-July 1989 members could be defended but may be inappropriate. Either way it will probably be difficult – if not impossible – to dispute the figures credibly, at the very least because seemingly accurate data is not available to do so.”
Hazeldine was disappointed unlimited allowance now looked unlikely. But he added: “If this is the price of simplification let’s accept it and get on with it.”
Lane Clark & Peacock partner Francis Fernandes agreed.
“The level and indexation of the lifetime allowance was always going to be a political decision in the end. But now that the NAO has reported, let’s hope we have no further dilly-dallying and chancellor Gordon Brown gives the green light to the new regime.”
Most people think it is right that savers take responsibility to protect from pension scams.
More than 100,000 savers face being landed with huge tax bills following tiny uplifts to their pension, a Freedom of Information (FOI) reply has revealed.
Alan Pickering says politicians should have the freedom to redefine what is meant by 'absolute'