BoE accused of 'confiscating pensions'

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BoE accused of 'confiscating pensions'

The Bank of England (BoE) has been accused of confiscating pension funds to pay the country's debts.

UK savings charity Save Our Savers has claimed up to £44.5 billion in savings is being lost by those who have put away for funds for their retirement due to the record-low level of interest being offered by the BoE.

As a result, the organisation has urged the BoE to indicate it will return interest rates to more normalised levels in the near future, as this will encourage more UK businesses to invest and help stabilise the economy.

Indeed, this would help restore confidence among savers and relieve the pressure on company pension funds across the country at a time when saving is becoming harder than ever.

The news follows research carried out by Prudential, which shows the expected amount individuals heading into retirement in 2012 will receive from their pension pots has fallen to a five-year low.

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