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Pension Payout Cuts
September 7th, 2010 | Articles

Payouts to be cut by 25% in Pension Shake-Up

It was claimed last month that payouts of pension schemes will be cut by 25% in a proposed shake-up. This has led financial experts to criticise the government for unleashing a nightmare for millions of citizens. The coalition government without consultation, have decided to ensure that pension scheme payments no longer have to keep up to date with the Retail Prices Index (RPI). Firms would be allowed use the lower value of the Consumer Prices Index (CPI).

A member of the Mallowstreet group, Dawid Konotey-Ahulu, said that this would result in pensions dropping in value by 25% once they get linked to the CPI. The Mallowstreet group, who manage £500 billion in assets for 200 pension funds, believe that it is imperative that the government holds a proper consultation before unleashing this plan. They have written to Iain Duncan Smith, the Work and Pensions Secretary demanding a change of plan. The chairman of British Coal pension trustees, Philip Read, thinks that firms could face charges of European human rights abuse if they elect to implement these cuts.

The RPI is currently at 5% and is the standard measure of inflation and includes housing costs. The government would rather use CPI which runs at only 3.2%. The majority of state benefits and pensions from the public sector have already been changed to the CPI measure. Last month it was announced by ministers that the CPI measure would also apply to private sector schemes unless private firms were willing to pay extra. It is seen as a measure to benefit businesses as it is believed to save companies £100 billion over a long period of time.

The difference between CPI and RPI is illustrated when a pension of £10,000 a year is calculated over a 20 year period. With RPI, that scheme would be worth £25,270 but would only net £18,875 using the CPI measure. This data comes from calculations by Hargreaves Lansdown, an investment company.

An actuarial firm Hewitt Associates, said the impact would change depending on the firm as certain pension schemes specific the RSI measure while others are already linked to the governmental measure CPI.

A spokesman for the Department for Work and Pensions said that consulting on a change was unnecessary because firms were permitted to pay extra. He also said that the government believed that CPI was the best measure to deal with inflation for state benefits as a consistent approach was necessary. He concluded by saying that although the change affected statutory minimum increases, schemes had the option to offer more so no consultation was needed. Pensions minister Steve Webb initially announced the proposed shake-up in July of this year.

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