Saga chief insists on retirement calculator reform

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Saga chief insists on retirement calculator reform

Fri 28th Jan 2011

The head of Saga has called on the government to take immediate action to prevent pensioners from being left without an income.

Dr Ros Altmann, director general of the company, explained that about 40 members of the small-scale G&H scheme are set to lose their savings as the Pension Protection Fund (PPF) is refusing to cover their losses after the failure of the provider.

She accepted that it is only a small number of people, but stressed that it is the same issue that left 140,000 citizens out of pocket in the 1990s and led to the creation of the Pensions Act 2004.

"MPs from all parties must be told that the future for many of their constituents could be in peril unless parliament acts now," said Dr Altmann.

The Saga chief claimed that the problem lies in flaws in the current legislation that means the PPF is not legally compelled to protect the G&H savers.

Dr Altmann also recently called on the government to protect pensioners and savers in general by getting a handle on inflation levels.

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