Altmann warns BoE interest rates will damage pensions

Altmann, director general of Saga, will give evidence to the EU's Financial Stability Board Standing Committee at the Bank today, as it considers the impact of low interest rates. This month, the Bank held the base rate at 0.5% for the twentieth month in a row. Altmann will say interest rates deliver a double blow to pensioners, as their savings decrease in real terms whilst annuity rates have plummeted to all-time lows. If interest rates remain low and inflation rises, many pensioners will find their savings cannot keep up as many annuities are purchased without inflation protecti...