GMB trade union accused the Conservatives of allowing ‘business cronies’ to take funds from working people [Image: PA].

Does anybody who doesn’t work on pensions actually understand them?

Mrs Mike was watching a report on them the other day and said the people of the UK needed honest reporting about the whole sorry mess.

“They could start by getting a panel of experts together and saying, ‘Everyone who isn’t already drawing a pension is f***ed, right?'” she said.

And she’s right.

Right?

Financially stressed businesses could be allowed to cut final salary pension payments to employees to save them from collapse, under Government proposals.

Ministers have concluded that while there is no overall problem with the affordability of defined benefit (DB) schemes, maintaining contributions could prove “unsustainable” for some firms.

A Government Green Paper set out a series of proposals to ease the pressure, including allowing struggling businesses to “cut or renegotiate” pensioners’ benefits.

One option could be to allow firms to suspend annual index-linked rises or peg them to the consumer prices index (CPI) measure of inflation rather than to the usually higher retail price index (RPI), which most schemes are tied to.

The proposals were condemned by the GMB trade union, which accused the Conservatives of allowing “business cronies” to take funds from ordinary working people.

Source: Pensions changes could cost 11 million Britons thousands of pounds in final payments

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