UK - Public sector pensioners who have been underpaid their benefits due to administrative errors dating back to 1978 will receive full arrears, the government has confirmed.
Liberal Democrat treasury spokesman Vince Cable alerted MPs to the problem and cabinet office minister Liam Byrne confirmed the error - which dates back to 1978 - in December.
It has now emerged that a number of the affected pensioners were underpaid due to the same error.
The government could not confirm the number of people affected but promised to rectify the situation.
A cabinet office spokesman said: "Before Christmas, the government discovered a problem which affected several public service pension schemes which has resulted in a significant number of individuals being overpaid.
"The government decided not to recover overpayments but to correct the pensions in payment from April 1, 2009.
"In cases where pensions are underpaid, those affected will receive the arrears in full."
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The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.