This site is being updated. However because of the immense amount of material on the site it is taking me some time. When the new site is populated this site will be closed and the updated site will be launched. In the meantime new information is only being added to the new site . You can see how the updated site is coming along here.
Ron Haas bought this to our attention...but it is behind a paywall
ABOUT 50 former British Airways staff are taking the airline to court in a dispute over pensions. They say a decision in 2011 to change how annual increases are calculated has left them out of pocket.
The Airways Pension Scheme, the older of BA’s two retirement plans, switched from raising payments in line with the retail prices index to the lower consumer prices index. The change has left typical APS members worse off by up to £1,000 a year.
The row led to a bust-up and the resignation from the APS board of trustees of Mike Post, a former pilot and seasoned pensions campaigner. BA rejected calls for reinstatement of the higher rises, saying t
The move was in line with that imposed on civil service pensions at the same time.
This very useful press release from the unite union on public sector pensions, which although not directly relevant to Connect members does demonstrate the context of the attack on our pnsions.
21st April 2010
The ‘deliberate repetition of myths’ about public sector pensions needs to be challenged, Unite, the largest union in the country, has said in a new leaflet.
Unite has published ‘Public Sector Pensions – Let’s set the record straight’ to combat the media, private employer bodies, right-wing lobbyists and opposition politicians who keep on claiming that public sector pensions are out of control and need to be cut back.As the general election campaign hots up, Unite believes this onslaught is based mostly on ‘the misinterpretation of facts and the deliberate repetition of myths.'
BT Group PLC
BT provides update on pension
RNS Number : 5929V
BT Group PLC
04 November 2010
November 4, 2010
BT Group plc
IMPACT OF THE GOVERNMENT'S DECISION REGARDING FUTURE PENSION INDEXATION ON THE BT PENSION SCHEME
BT today announced the impact of the Government's decision that the Consumer Prices Index (CPI), rather than Retail Prices Index (RPI), will be used as the basis for determining the rate of inflation for the statutory revaluation and indexation of occupational pension rights.
Following a detailed legal and actuarial review, BT and the Trustee of the BT Pension Scheme (the Scheme) agree that under the Scheme Rules the decision has the following impact:
FOR IMMEDIATE RELEASE
FROM THE OFFICE OF RACHEL REEVES MP
CONTACT: NICK QUIN, 020 7219 7097
15 December 2010
CONSUMER PRICE INDEX INAPPROPRIATE AS MEASURE OF INFLATION FOR PENSIONS AND BENEFITS
Last month, Rachel Reeves MP, Shadow Minister for Work and Pensions, wrote to Steve Webb MP, Minister for Pensions asking him to publish the evidence behind the decision to switch from the use of the Retail Price Index (RPI) to the Consumer Price Index (CPI) for the uprating of pensions and benefits. This letter was copied to the Royal Statistical Society, who have now written to Rachel in response.
Commenting on the response, Rachel Reeves said:
“The Royal Statistical Society have said in their letter to me that ‘while the consumer price index (CPI) is acceptable for macroeconomic purposes and for international comparisons within the EU we do not believe its coverage is generally appropriate for inflation compensation purposes’. I have now asked Steve Webb what measures he is taking to investigate how to improve CPI as a measure for inflation and have asked him again what evidence he has that CPI is a better measure of inflation than RPI for uprating pensions. Given that the data released yesterday by the ONS showed that RPI increased by 4.7% in November while CPI increased by just 3.3% it is clear that this is just a money-saving device rather than an attempt to improve the measurement of inflation for pensioners and those on benefits.”