Government 'should back pension scheme'
The government should back pension schemes in the way it has backed Northern Rock and guarantee funds for savers who lost their investments as a result of the pensions crisis, an independent adviser has suggested.
A number of savers who had invested in their company's final salary pension schemes lost out as their savings had not been fully underwritten by the taxpayer, independent adviser Dr Ros Altmann suggested.
She stated that the government should do what it has done in the current Northern Rock issue and guarantee all savings invested by consumers over the years.
Dr Altmann said the chancellor should "immediately promise to pay all the victims at least the same as they would receive from the Pension Protection Fund".
Meanwhile, the government has guaranteed the savings of all customers at Northern Rock, in a move designed to stave off further concern across the financial services industry and with the wider public.
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