• From The BBC:

    A “collective failure” by various public bodies led to a £90m overpayment of public sector pensions, according to the National Audit Office (NAO).Retired soldiers, doctors, nurses and teachers were all affected by the administration blunder, with 31,000 set to see their income drop next year. The report criticised tax authorities, pension schemes and support services for failing to take responsibility. The number of people affected is expected to rise. The NAO report revealed that five public sector pension schemes were still working through 26,000 cases. Thousands overpaidThe overpayments began in 1978 and were caused by an incorrect indexation of pensions.
    The pension schemes did not have Guaranteed Minimum Pension information recorded for some members, which meant they did not apply the correct annual cost of living increases. The Guaranteed Minimum Pension was earned between 1978 and 1997 by workers whose pension scheme was contracted out of the earnings-related State Second…

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    Posted by Jon @ 7:17 pm

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