Actuaries criticize realities of Pensions bill

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Actuaries criticize realities of Pensions bill

LONDON, UK - Actuaries have today accused the government of discrepancies between promises made in this month's Pensions Bill and reality.

Actuarial consultants Lane Clark & Peacock are disputing the clause written into the Pensions Bill promising 100 per cent compensation from the Pensions Protection Fund in cases where private pensions are rendered insolvent.

Francis Fernandes, partner at LCP, has commented on the severe reduction in protection provided if the Bill does not investigate the discrepancy.

The company claims the Bill only covers the pension's value at the time of insolvency and fails to cover any possible increases in value over time.

The Pensions Bill will create the Pensions Protection Fund for employers operating pension schemes on behalf of their employees. If Parliament supports the Bill, the fund should then compensate workers if they are unable to claim.

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