Chancellor must take the rap

摘要

You report that AP Hydraulics has gone into administration solely because of its pension fund problems (News, PE 25 January). Six weeks ago the national press reported on the problem of inadequate funds in the Rentokil Initial pension scheme. The comment was that many schemes could soon be in the same position. In 1997, in his first budget, the Chancellor of the Exchequer introduced a tax on pension funds.