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18th November 2019
:: Blog | February 2009 (16 blogs) | If they cut the state pension by 10 per week...

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If they cut the state pension by £10 per week... 
The Mail Online has published a excellent article by Dr Ros Altmann. If you don’t know who she is, Dr Altmann, former adviser to 10 Downing Street, is more recently known to many as a ‘pensions champion’ for her work in forcing the government to extend the Financial Assistance Scheme to tens of thousands more wind-up victims than it originally intended. She commands well-earned respect amongst pension professionals and when she speaks, people listen.
Her article looks at the disastrous effects of low interest rates on pensioners’ income. She says:
Take the case of a pensioner who might have a savings account worth £10,000. Less than eight months ago, they would have been receiving 6 per cent interest. Today they would be lucky to earn 1 per cent.
Now that amounts to the equivalent of a cut of £10 a week in their income, a substantial sum in these straitened times - especially if you are old and relying on your savings for an income. If the Government tried to cut the state pension by £10 a week, there were be a justifiable national outcry.’
She has a point, hasn’t she? See:
Mike Jones, Ltd, February 26th 2009

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