£76m to restore pension confidence - papers 5 May, 2004

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The cost of covering occupational pension payouts to employees left high and dry when their employers went bankrupt should not cost more than £76m a year for the next 30 years, a new study funded by two of the country's biggest unions suggests.

The Daily Telegraph says the research also suggests the payouts could total less than £50m annually, which Labour MP Kevin Brennan believes “is peanuts” if it helped restore consumer confidence in long-term savings. Amicus and the Iron and Steel Trades Confederation take a similar view: theirs are mostly the members affected by employers going bankrupts and leaving an estimated 60,000 people without pensions despite in many cases paying contributions all their working lives. INTEREST RATE INCREASES are a done deal says The Times because the Bank of England faces a “tripple whammy” of ...

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