Labour Party MP labels pensions calculator move outrageous

www.moneynews.co.uk > Pensions calculator > Labour Party MP labels pensions calculator move outrageous

Labour Party MP labels pensions calculator move outrageous

Tue 11th Jan 2011

Plans for the government to 'uprate' the pensions of Armed Forces personnel have been criticised by the Labour Party.

The proposals under scrutiny involve such retirement savings changing from being connected to the retail prices index to becoming linked to the consumer prices index.

Shadow defence secretary Jim Murphy branded the move "outrageous" and suggested the coalition should think again about whether it is fair to such individuals.

"Ministers must tell us why the bravest British servicemen and women fighting in Afghanistan now will receive poorer pensions for the rest of their lives," he said.

In his view, it is unforgivable that the government is also proposing to take away the pensions of war widows year on year.

Mr Murphy claimed a temporary measure to cover the period of paying off the national deficit would be fairer than the planned permanent alteration.

Last month, the Department of Work and Pensions predicted more than 17 per cent of the current population will live to be 100 years old and suggested this should be taken into account when considering retirement savings decisions.

Click here for more pensions calculator news

Related News : Pensions calculator
	Pension savers reach record low
	Brits 'should be able to save at ATMs'
	High earners pension tax relief to change
	Pensions 'are still confusing for many'
	EU proposals could damage UK pensions
	QE 'has negative impact on pensions'
	TUC advises on boosting pensions savings
	Delaying retirement 'significantly boosts pensions income'
	Pay freezes 'set to continue'
	Brits 'must be increasingly resourceful'