Pensions adviser criticises government report

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Pensions adviser criticises government report

Tue 10th Feb 2009

An expert on pensions policy has criticised the government's recent report on the potential impact of means testing personal account pensions.

Dr Ros Altmann claimed that the report is "a whitewash" and accused it of failing to address all the issues involved.

She said that the uncertainty of annuity rates is totally ignored in the report and added that the assumed returns on pension investments are too high.

Dr Altmannn added: "Surprise, surprise, the findings are said to show that almost nobody will lose out in retirement after saving in a personal account.

"It is absolutely breathtaking to read the detail beyond these headlines, because the analysis certainly does not bear out the Government's conclusions."

Dr Altmann, who describes herself as "an independent expert on pensions policy" previously worked as an investment banker managing portfolios for NatWest, Rothschild Investment Management and Chase Manhattan.

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