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.”
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