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Article: Government's pension plan seems like a waste of green paper
- Article from:
- The Sunday Herald
- Article date:
- November 24, 2002
- Author:
CopyrightCopyright 2002 The Sunday Herald. Provided by ProQuest LLC. (Hide copyright information)
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The government's green paper on pensions looks set to be met with
howls of derision when the wraps start to come off next week, for its
failure to face up to the scale of the current crisis.
Chancellor Gordon Brown is expected to trail the government's
pensions plans when he delivers his pre-budget speech on Wednesday.
However, a storm of criticism is expected.
The government promised a green paper amid growing alarm over the
closure of salary-linked company schemes and the collapsing solvency
of many funds.
Two catastrophic years for the stock market have halved the value
of some pensions pots, with the worst cases diving by as much as 77%.
At the same time, falling interest rates have ...