UK - The Association of British Airways Pensioners is urging members to lobby their MPs over government moves to change the way benefits are calculated.
The Treasury is considering switching the measure of inflation from the Retail Price Index to the Harmonised Index of Consumer Prices.
But ABAP chairman George Bell says the government has not clarified how any change would affect pension schemes.
“There has been no comment made about what this change would mean to the state retirement pension or to the increases made to occupational pensions.
“What appears to be clear is that the HICP has been lower than the RPI.”
Bell said immediate action was needed. In a letter to members he said: “We urge members to speak and write to their MPs now, to ask why the change is being considered and whether there is any intention to use it for future increases in pensions.”
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.