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They will not have to sell, but offering them the option to do so will help level the playing field between past and future pension savers.
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Catherine Howarth, CEO of ShareAction said: "Few investors face as acute a risk from climate change as pension funds, and the current and future security of pension savers relies on urgent action to address climate risk now.
Any decision to alter the current RPI index, so that it rose more slowly, would have reduced the future pension increases of millions of private sector pensioners and cut the income of investors in index-linked government bonds and savers with index-linked savings certificates.
These pension savers fall into two camps.
Future pension benefits will be reduced sharply.
This will affect the top 1.5% of pension savers.
Nearly 400,000 pension savers reach retirement every year, with pension pots averaging £30,000.
On Monday David Cameron said he would keep "a careful eye" on companies' treatment of pension savers.
Pension savers reaching retirement were urged by the industry to purchase their annuities before rates plummeted.
The welfare report also highlighted the growing cost of providing pension benefits and tax relief for pension savers.
Yet pension savers lost out as the government moved to scale back the means-tested pension credit.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com