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Harriet Harman is right - longer working lives are inevitable Press Release offering support to Harriet Harman for her comments about the benefits of longer working lives, but pointing out that policy needs to be changed to support this. Empty NESTs and cracked eggs Press Release commenting on the Government's new name for personal accounts - NESTs - but explaining that many people's NESTs will be empty and their nest-eggs cracked. British Airways in deep trouble - pension scheme cannot close, what will the Regulator do? Press Release highlighting the challenges facing the Pensions Regulator, trustees and management in connection with BA's pension scheme. Most BA staff are covered by employment terms that do not permit any pay cut (or pension reductions) so the pension scheme cannot be closed. This poses major challenge for the Pensions Regulator - will it use its powers? Public sector pension costs - hiding the truth Ros comments on the Chancellors Pre Budget Report and highlights that the public is being misled about future costs of public sector pensions. She also wants personal accounts abandoned and policy moves to promote longer working lives. Personal accounts should be abandoned, not delayed
Press Release commenting on recently announced delay to implementation of personal accounts, calling for a radical rethink because personal accounts are more likely to make pension provision worse, rather than better. Taxpayers rescue bank pensions 100%
Press Release asking how it can be right that bankers' pensions are 100% underwritten by taxpayers, while Government has always said taxpayers could not 'afford' to restore pension victims pensions in full, despite Parliamentary Ombudsman, High Court and Court of Appeal verdicts.
Turner wishes he had
been more radical - so do I!
Lord Turner gave an interview to the BBC explaining that he wished he had been more radical and called for a resident's pension and a faster rise in the state pension age. These are measures which Ros has been calling for since 2002 and radical reform is long overdue.
Incentives and
conflicts of interest in RBS remuneration Ros expresses her concerns about damaging conflicts of interest at the heart of Government policy for dealing with the banks. Incentivising RBS management to get share price up cannot be good for social objectives of wider lending.
Press Release for
MetLife Retirement Planning Reform
Report Press Release announcing the publication of Ros' independent report examining the issues facing ordinary people trying to plan their retirement. Ros explains the huge risks and uncertainties they face and how the credit crisis has worsened the pension outcomes for millions of pensioners.
Quantitative Easing
– more misery to come Press Release explaining why the Bank of England's latest announcement about extending Quantitative Easing further is misguided and dangerous. Such short term thinking is not in our interests and the sums involved as more than the entire annual revenue from council tax and national insurance!
UK budget pension
measures Ros gives an overview of the measures announced in the Spring 2009 UK Budget, as they relate to pensions.
Employers pulling out
of pensions – with Government
blessing Press Release expressing concern that a major UK pensions advisory company is halving its contributions to its money purchase pension scheme and leading the way for other employers to follow. This risks pensioner poverty and worsens our pensions crisis.
Why buying gilts for
QE is so wrong Press Release explaining that the Bank of England's decision to print money to buy gilts will not work, the money will either leak abroad or not get to where it is so urgently needed – and pension funds and annuity rates will be severely damaged too.
Dangers of
Quantitative Easing Press Release highlighting the dangers of 'printing money' in an environment where inflation is still above the Bank of England's target.
Sir Fred's
pension should be around £20,000 a
year Press Release explaining that Pension Protection Fund rules should apply to failed bank pension schemes, which would reduce Sir Fred's pension to around £20,000.
Pensions Regulator
talks tough on putting pensions above
dividends Press Release supporting UK Pensions Regulator's statement highlighting that companies should not prioritise dividends to shareholders ahead of making up pension deficits.
FSCS Bank depositor
protection can disappear without
notice Press Release warning that FSCS protection can disappear if a bank decides to pull out. Investors will no longer be covered and FSA is not warning of this risk. Investors who take care to make sure they are covered by UK protection are being let down.
Whitewash report on
personal accounts and means testing
Press Release critiquing the Governments report which claims to show that saving in personal accounts will make almost everyone better off. Ros suggests the conclusions are misleading, ignore the employer contribution, are highly dependent on over-optimistic assumptions and that the report does not stand up to proper scrutiny.
Rate cuts worsen
pensioner poverty Press Release warning that cutting interest rates again will worsen the economic outlook and worsen poverty for pensioners. Ros urges the authorities to stop cutting rates and focus on fiscal policy.
Crisis policy
response carries big dangers Press Release critiquing Government's emergency policy measures, explaining dangers and highlighting unfairness for pensioners of pension credit assuming they still earn 10% interest on their savings.
Cutting interest
rates is like a tax increase or a pension cut -
it's wrong! Ros explains why cutting interest rates even further from here is not sensible and causes significant damage to pensioners living on their savings. She recommends bringing back the 10p tax band to improve incomes for all taxpayers and improving the state pension to help all pensioners over age 75.
Bring back the 10p
tax rate! Government reforms in the pre-budget report will not solve our problems and Ros suggests an alternative approach.
Critique of measures
in Pre-Budget Report Ros critiques measures in Government's Pre Budget Report, explaining why cutting VAT will not work and recommending reducing direct taxes and increasing pensions instead.
Crazy to bail out
IceSave retail deposits 100% Press Release highlighting the dangers of printing money to bail out retail bank depositors 100% while long term savings remain maximum 90% safe. There should at least be some quid pro quo for taxpayers protecting above the £50,000 limit.
Credit crisis
measures will worsen the pensions
crisis Press Release explaining why the panic measures aimed at stabilizing the banking system will make the pensions crisis worse and lead to a serious pensioners crisis soon. Ros calls for the Government to issue more long-dated gilts and longevity or mortality bonds.
Credit crisis results
from duration mis-match, short-term thinking not the
answer Press Release suggesting the credit crisis is due to short-term policy which borrowed from the long-term and will have to be paid back. Until policymakers understand this, they will not solve the problem and short term panic measures are not the answer.
Women state pension
reforms more spin than substance
Latest proposals to reform state pensions by allowing women to buy extra years of national insurance entitlements will allow more women to receive a full basic state pension, but there are many hidden dangers to beware of.
Transparency needed
urgently on public sector pensions
Press Release highlighting the generosity of public sector pensions relative to private schemes and calling for transparency in the costs and accounting for these significant future liabilities.
Final salary scheme
deficits soar again Press Release commenting latest figures showing rise in final salary scheme deficits for FTSE 100 companies caused by falling equity markets and disappointing corporate bond returns.
Victory again in
Judicial Review Appeal Three appeal court judges delivered a stunningly strong verdict against the UK Government. They dismissed the Government's appeals against the Judicial Review High Court ruling and upheld the verdict that its behaviour in this case has been irrational and unlawful. They also found that the maladministration caused more than just financial losses, but also led to non-financial injustices which have not yet been recognised at all.
Victory – A
decent FAS settlement at last! Wonderful news! Press Release welcoming the announcement from Peter Hain, Secretary of State at DWP, that the FAS will be extended to put it on a par with the Pension Protection Fund, following publication of the Young Review.
Press Release: FAS
time to sort it out, not string it
out Ros' comments on what would be required for a reasonable settlement of the problems of the FAS to stop the issue dragging on any longer.
Scrooge lives on
– Government must
compensate Ros highlights rumours that Numbers 10 and 11 Downing Street are refusing to allow the DWP Ministers to offer a proper extension of the Financial Assistance Scheme before Christmas, despite previous commitments. There seems to be a row in Government over this issue.
Announcing an
all-night vigil outside Downing
Street Release explaining that – despite the winter weather - desperate pension victims will spend all night on the pavement in Whitehall outside Downing Street and deliver a letter begging for justice.
Prime Minister's
answers to David Cameron at Question
Time Ros' comments on extracts from Hansard showing the answers given by Tony Blair to questions from David Cameron which called for improvements to the FAS, asked for a Treasury emergency loan to be given to help his constituent who has leukaemia, is 68 and has had no pension and no FAS.
Breathtaking double
standards offering 100% compensation to Northern
Rock depositors Release highlighting the injustice of Government immediately rescuing Northern Rock savers with a 100% guarantee, while continuing to maintain that taxpayers can't compensate pension victims who have been struggling for years with no pension.
Release welcoming
Young Review report Ros points to the interim Report of the DWP Review of FAS scheme assets, which validates her long-held view that not annuitising these assets would be much better for members, would save money for the taxpayer and would allow increased compensation without extra taxpayer costs. Appendix E in the review also highlights how a scheme to collect unclaimed life policies such as from Ireland, could raise £230m initially and then £70m a year thereafter.
Press Release
criticising ABI scaremongering about the cross-party
Lifeboat amendments Ros explains for the press that the cross-party Lifeboat plans would not entail taking any money from other pension schemes or from orphan assets and that the ABI has misunderstood the proposals. Assets with owners and orphan estates need not be touched.
Release commenting on
FAS 2006 annual report Ros comments on the FAS annual report which shows this 'assistance' scheme has paid more for official costs of running it than it has to those who lost their pensions. She calls on the new Prime Minister, Gordon Brown, to draw a line with the past, move away from spin and end the shambles of the Financial Assistance Scheme.
Press Release on FSA
Retail Distribution Review Ros' comments on FSA Retail Distribution Review consultation paper on selling savings products in the UK. Ros suggests the only people called 'independent advisers' should be those who can sell across all products.
Announcement of a
Tory Fringe meeting at Labour Party Conference
before fifth 'Stripped of our Pensions'
annual demonstration Release announcing that the Tories will hold their first-ever fringe meeting at the LABOUR party conference on 25 September 2007, to call on the Government to compensate victims at least to PPF levels, then followed by another 'Stripped of Our Pensions' demonstration.
Comment on Pension
Regulator's issue of its first
FSD Ros' comments on the new Pension Regulator's issue of its first Financial Support Direction against Sea Containers.
Lords expected to back amendments for
fair compensation Release about the expected defeat for the Government in the House of Lords when Tories and LibDems, backed by a number of cross-bench peers will vote on the amendments to Clause 18 of the Pensions Bill, calling for a Lifeboat fund to be established to help pay Pension Protection Fund level benefits to those currently in the inadequate Financial Assistance Scheme.
Announcement of second Judicial Review
against Government Release announcing that victims of scheme wind-ups are being forced to go back to the High Court to Judicially Review the Government's recent budget announcements of extensions to the Financial Assistance Scheme which do not comply with the High Court ruling in the first JR.
Release on Gordon Brown's removal
of ACT relief Ros' initial reaction to revelations about the advice given to Gordon Brown in 1997 ahead of his decision to remove dividend tax relief from pension funds, explaining that the decision was irresponsible.
Press Release cautioning against
euphoria about FAS extension Press Release explaining that the extension to the FAS announced in the Budget is not all it seems.
Press release on Budget FAS
extension Press Release giving Ros’ reaction to the FAS extension announced in the Budget – more fiddled figures and spin.
Press Release – High court
verdict Government irrational and unlawful Press Release explaining that the Government has been found guilty of maladministration and that the High Court says ‘no reasonable Secretary of State could rationally disagree’ with the Ombudsman that the public was badly misled by official pension ‘guides’.
Press Release – Hurray,
Government is guilty! Press Release welcoming the verdict in the High Court Judicial Review which found against the Government and ruled that the rejection of the Ombudsman’s report was unlawful and irrational.
Press release announcing 7th Feb demo
to coincide with JR Press Release announcing that there will be a demonstration on 7th February – to coincide with the Judicial Review hearings. MPs will join their constituents on Parliament Green to show the Government their support for the victims and to demand compensation be paid.
Press Release - Government
summoned to High Court Press Release announcing that the Government has been summoned to appear before a High Court judge immediately to explain their failure to comply with the court timetable for the Judicial Review case. The DWP has effectively disqualified itself from the case and has had to seek permission to remain able to participate!
Press release welcoming PPF levy
announcement Press Release giving Ros’ reaction to the PPF levy announcement which seems prudent and responsible.
Press Release on Government rejection
of PASC report Press Release expressing disappointment at the Government’s rejection of the recommendations of the Parliamentary Public Admninstraton Select Committee (PASC) report.
Press Release announcing date for
Judicial Review hearing on 7th Feb 2007 Press Release announcing that the Judicial Review hearing will take place in the High Court on 7th February 2007 and that the hearing has been expedited due to the suffering of the victims who have lost their pensions.
Press Release on Pension Protection
Fund investment principles Press Release giving Ros’ view on the Statement of Investment Principles announced by the Pension Protection Fund Board
Press release announcing
‘Strippers’ demo in Manchester Announcement of ‘Stripped of our Pensions’ demonstration at Manchester Labour party conference and asking how we can expect Gordon Brown to be trusted to introduce a new constitution, when he has not upheld our old one.
Press release welcoming the PASC
report Press release issued after release of the Public Administration Select Committee report, which is strongly critical of Government and calls for urgent compensation to be paid, including to those whose employers are still solvent.
Government bullying victims of pension
wind-ups Press Release highlighting the Government’s shameful attempts to frighten pension wind-up victims into dropping the Judicial Review and also trying to exclude tens of thousands of people from any successful outcome of the European court case.
Judicial Review of Government’s
unlawful and irrational rejection of Parliamentary
Ombudsman report Press Release announcing the launch of a Judicial Review against the Government claiming its rejection of the Parliamentary Ombudsman’s report is both illegal and irrational.
Continued injustice of Financial
Assistance Scheme – even after extension Note explaining why the announced ‘extension’ of the Financial Assistance Scheme is little more than a public relations exercise, designed to buy backbench silence, rather than helping those who have lost their pensions.
Comments on Pensions White Paper Ros’ views on the reform proposals contained in the Government’s pension reform White Paper.
Press Release announcing Parliamentary
Ombudsman’s verdict Press Release welcoming the Parliamentary Ombudsman’s report and hoping that Government will comply with the recommendations.
Press Release about Judicial Review and
European Challenges Press Release announcing that the Pensions Action Group will challenge the Government both in the UK and European Courts. The Govenrment faces a Judicial Review of its rejection of the Parliamentary Ombudsman’s report and a challenge in the Petitions Committee of the European Parliament.
Press Release welcoming Parliamentary
Ombudsman report Press Release announcing Ros’ reaction to the Parliamentary Ombudsman’s report and welcoming the findings and recommendations.
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