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.
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