Unions challenge 'unlawful' pensions reform

clock

A group of public sector unions will begin a High Court challenge today over the way public sector pensions are calculated.

Using the consumer price index (CPI) instead of the traditionally higher retail price index (RPI) was "unfair" on millions of workers, union leaders said, according to the Press Association. The move by Chancellor George Osborne, which came into effect in April this year, will cost public sector pensioners around 15% if CPI remains 1.2% lower than RPI, they said. Fire Brigades Union (FBU) general secretary Matt Wrack said the government's actions could be unlawful. "This is a vicious attack on existing and future pensioners that could cost them tens of thousands of pounds," he said...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Smoothed funds set to be a 'bigger asset class for the advice market'

Smoothed funds set to be a 'bigger asset class for the advice market'

‘An attractive low-risk solution for retirees’

Isabel Baxter
clock 25 November 2024 • 3 min read
Advisers no longer see inflation as a major concern

Advisers no longer see inflation as a major concern

Funds offering a level of inflation protection were the last research, Square Mile finds

Isabel Baxter
clock 22 October 2024 • 4 min read
Advisers turn to smoothed funds to help manage volatility threat

Advisers turn to smoothed funds to help manage volatility threat

Decreasing exposure to equities also a popular strategy

Isabel Baxter
clock 26 March 2024 • 1 min read