Peat ash on the compost heap?

The old man (82) that I frequently pop in to and do the odd bit of shopping for, has told me to put peat ashes on the compost heap, apparently he says it helps break it down faster?
Peat ash is very fine and red, we have an abundance of the stuff, we burn it on the Rayburn and the rest of the fires in the house, the only trouble I can see is our peat for burning is black peat (almost like coal) and peat is very acidic raw!
I don't want to ruin a good compost heap by trying it, it may just be an old wives tale, and something they used to do just to get rid of the stuff, so was wondering if anyone has ever put ash on their compost heap or knows any thing before I try.

Thanks in advance  

I'll revise my last post.  I researched some available scientific literature and I found a few studies into soils at St Kilda. The findings can be summarised as:

Arable soils [on Hirta] were considerably elevated in lead and zinc compared to non-arable soils.  Analysis of the waste streams, determined that this pollution came from peat and turf ash (Pb and Zn) and from bird carcases (Zn). The pollution of such a remote island may be typical of other ‘bird culture’ islands, and peat ash contamination of marginal arable soils at high latitudes may be widespread in terms of geographical area, but less intense at specific locations due to lower population densities than on Hirta.

Meharg et al., 2006, Ancient manuring practices pollute arable soils at the St Kilda World Heritage Site, Scottish North Atlantic, Chemosphere, Volume 64, Issue 11, September 2006, pp 1818-1828

The question is whether the amount you put on your compost would build up in the soil over time to significant levels.