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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | December 2008 (3 blogs) | Pension error 'on an enormous scale'
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Pension error 'on an enormous scale'
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Well you genuinely couldn’t make up this pension blunder even if you’d thought long and hard enough about it. Breaking news late yesterday revealed that tens of thousands of public sector employees have been overpaid pension benefits for decades.
The full scale of the problem is not yet known but early estimates run into tens of millions of pounds, and possibly over £100m. Around 5% of retired public sector workers are understood to have received excessive pension payments.
Alistair Darling, speaking for the Government, said that overpayments will not be recovered, but that future pension payments will be corrected from April 2009. An official response is due to be released this afternoon (postponed from this morning).
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Mike Jones, MyCompanyPension.co.uk, 16th December 2008
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