Public pensions blunder costs £126m

clock

Thousands of public sector pensioners could see their benefits reduced after 30 years of overpayments by Xafinity were revealed by the Liberal Democrats.

Around 95,000 former public sector workers have been overpaid pension benefits by Xafinity, the Government has revealed. This morning, The Liberal Democrats revealed thousands of pensioners had been receiving too much in their pension payments for the past 30 years. The Government has confirmed 95,000 pensioners from the NHS, armed forces and other public bodies, have received a total of £126m in overpayments over the past 30 years, equivalent to more than £1,300 each. Liberal Democrat treasury spokesman Vince Cable told Parliament about the issue after he was called by a journalist. ...

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

Tyndall Partnerships head Sullivan on bespoke empowerment

Tyndall Partnerships head Sullivan on bespoke empowerment

‘No two IFAs invest in the same suite of models’

Isabel Baxter
clock 09 December 2024 • 4 min read
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