Quantitative Easing a disaster for pensions, says Saga

The Bank of England has defended its policy of quantitative easing against accusations that it has made pension savers worse off.

Since March 2009, the Bank has tried to stave off recession by buying £375bn of government bonds, known as gilts.

The aim has been to cut their returns, forcing investors to put their money elsewhere, such as in shares.

But director general of Saga, Dr Ros Altmann, claims savers and pensioners have been negatively impacted.