Pass law requiring sponsors pay index-linked annual increases for DB pensioners

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Pass law requiring sponsors pay index-linked annual increases for DB pensioners

Petition Details

All company pensions should have annual index-linked increase, including those for pensioners that earned their benefits prior to 1997. This will not apply retrospectively but will ensure that in future all benefits earned during the working life of the pensioner are protected against inflation.

Additional Information

In 1997 the Government passed a law that required index-linked annual pension increases on Defined Benefit (DB) pension sponsors. However pre 1997 service was excluded. There are some 100,000 pensioners who fall into this category. A fair solution would require relatively small amount of money. Many of the companies concerned took pension contribution holidays and benefited accordingly, have hidden behind the law and do not pay increments.It is not expected that increases should be retrospective

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