UK - Conservatives have levelled the blame of the current pensions crisis squarely on the government's shoulders insisting it should take sole responsibility.
The outburst – from work and pensions spokesman John Bercow – follows new industry research indicating that UK pension funds have lost over £96bn this year, leaving schemes far below their 1997 value.
He said: “It is clear [pension funds] are now below their value when Labour imposed the £5bn a year pensions tax [in 1997]. A significant factor in this fall is the tax on dividends imposed in 1997, which has taken £25bn from pensions and continues at the rate of £400 per contributing member a year.”
Bercow urged that the government should take sole responsibility for this massive fall and take action aimed at rebuilding pension fund values.
Businesses are experiencing auto-enrolment data error rates of up to 50%, posing questions over the reliability of pension records, Pensionsync says.
A nationwide survey of committee and local pension board members of the Local Government Pension Scheme has revealed high levels of confidence in all areas of their responsibility.
UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.