Part-timers ruling will cost £500m, not £17bn

Investment consultant William M Mercer has estimated that the cost of Thursday's House of Lords ruling, permitting part-time employees to backdate pension claims to 1976, will be less than £500m (€781m).

The liability arises from Thursday's ruling, which stated that former part-time employees could backdate their membership of pension schemes to 1976 provided they bring the claim within six months of leaving the employment.

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