UK - The National Audit Office should broaden its investigation into the government's proposed £1.4m lifetime savings limit, the Tories say.
But the call from Conservative work and pensions spokesman David Willetts has angered the Treasury which insists it is “confident” about its figures.
Willetts’s letter to the controller and auditor general Sir John Bourn says the NAO needs to consider the number of defined benefit scheme members who would have been affected by the proposal when it was based on “market conditions” – rather the proposed 20:1 ratio.
Willetts also asked for an estimate of people affected in future years under the Treasury’s original proposal.
Willetts wrote: “Reputable actuarial firms have produced estimates of the number of people affected by the original proposals of between 300,000 and 600,000, whereas the Treasury insisted the numbers will be very much less than that.”
He added: “It would help to shed light on these discrepancies if you could look into the questions I pose.”
Treasury spokesman Charles Keseru said: “We have always been confident about our figures. We have just asked the NAO to look into and substantiate them.”
He added: “The only figures that count are those under the current proposals.”
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.