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09Jan09

HELPING PENSIONERS

It seems to me that during this recession the Government has forgotten pensioners. It is certainly the view of the many pensioners I have talked to in Stretford and Urmston.

Gordon Brown's tax raid on pension funds slashed £100 billion off the value of Britain's pension savings and their performance has been suppressed ever since, added to the misery caused by the near collapse of Equitable Life in 2000.

But pensioners are at even greater risk now, with interest rates falling so low, now at 1.5% base, reducing the interest on savings, as well as the performance of many pensions. Nine million of Britain's eleven million pensioners receive income from savings and investments. For five million of them it provides at least half their income.

A Conservative Government would do three specific things immediately: We would accept the Parliamentary Ombudsman's report on Equitable Life which demands the Government apologise to pensioners and provide compensation for policy holders who suffered as a direct result of the joint incompetence of the Company, the Regulator, and the Government.

A Conservative Government would also raise the personal tax allowance of pensioners' by £2,000 to £11,490, and thirdly we would abolish income tax on savings for basic rate payers. These Conservative policies, immediately implemented, would bring real help to Britain's pensioners.

What is the point to Government if it does not help the most vulnerable at the very moment they need it most.