According to reports regarding the UK pension situation, the MoD are asking the Treasury to write off the debt owing to pension overpayments to some 100 armed forces veterans. The bill, therefore, is likely to fall to the taxpayer .
The oversight was revealed when almost 50,000 Armed Forces Pension Scheme files were reviewed. Just under 100 veterans have been being overpaid on their pension for decades.
A spokesman for the MoD said that all parties have been notified, and that the pension would be reduced in the future. The spokesman reportedly commented: "The MoD is bound by government accounting rules to correct any errors in payment, but has not requested any money to be reimbursed by the individuals concerned," the spokesman said. Instead a submission is being made by the MoD to the treasury to write off the overpayments on their behalf."
MOD pensions bill costing the taxpayer
Pensions Quote Line
0845 108 0505
MOD pensions bill costing the taxpayer
Mon, 21 Jan 2008
Recommended links
Pension enquiry formPension top results
Pension introduction
Self invested personal pensions
Tranferring pensions
MP pension cost soars
Pension deal for striking workers
| pensions news |
|---|
| Warning on pension annuities - Thu, 22 Jul 2010 |
| Government reforms pension annuities - Tue, 20 Jul 2010 |
| Pension holders set to benefit from energy rebate scheme - Tue, 13 Jul 2010 |
| More News |
Pensions Newsletter
Monthly pensions news, provider info & more.
Transferring a Pension
Learn more about pension transfers and enquire about transferring your pension.
SIPPs
Read up on Self Invested Personal Pensions and take control of your pension fund.