It doesn't do savers, or anyone with a pension any favours, as it suppresses interest rates, reducing possible returns.
I do worry about the long term affects of theses short term fixes. If you increase the money supply, you must devalue the assets of everyone in the country. It's parasitic, rather like short term stock traders. Taking value, while providing little or nothing in return. Do it enough times and the people providing services, or manufacturing cant sustain the drain and everything will come tumbling down.
Where do you think Banks get there loot from? They only pay out when there arms are twisted. It's such as share Holders and the above where Current account interest goes. instead of them paying the account holders on what they keep in there bank. Banks was Bailed out by the Taxpayer in the first place, they being too greedy lending Mortgages to those who could not afford it among other things, Selling PPI without asking people. It's only the Gov that's picked up on that and making them pay it back