NI Presbyterian mutual society, Short of funds for withdrawal?

pensiongone

quote from George on Stafford Carson's blog

"I just don’t understand the reasoning behind “big saver bad, small saver good”. Despite everyone lobbying, the “big” savers are the people who are paying for this. The flawed perception being that they can well afford it. No consideration has been given to the fact that small savers may have had other savings, or that the big savers may have had their whole future/children’s education/family commitments/retirement plans sunk into the PMS (let’s not forget - on the enthusiastic endorsement of PCI).
This is far from a just and fair solution. Also I don’t understand the reasoning that if savers generously opted to defer part of their savings, that now becomes part of the “Churches” contribution. It’s ironic how when this all kicked off the Church didn’t want to know us. Now when we opt to defer payment, suddenly we are Presbyterians again. Funny old world."


Well put George

100% correct

expat68

pensiongone wrote: »

quote from George on Stafford Carson's blog

"This is far from a just and fair solution. Also I don’t understand the reasoning that if savers generously opted to defer part of their savings, that now becomes part of the “Churches” contribution. It’s ironic how when this all kicked off the Church didn’t want to know us. Now when we opt to defer payment, suddenly we are Presbyterians again. Funny old world."

100% correct

I would suggest that those savers who have lost out may wish to develop their own recovery scheme and review their level of contribution to the PCI FWO, property funds and endowments i.e. cease future contributions until they have fully recovered the original level of their savings (if they havent already done so that is .....).

brick

Result of vote at www.presbyterianmutualsociety.co.uk

ballyblack

NEWS LETTER today

http://www.newsletter.co.uk/news/local/smaller_pms_savers_will_get_all_savings_back_1_2684676

abeliever

Looking back, the thing that disturbs me is that folks have forgotten that some of those who took out loans with PMS have defaulted ! What about the notion that we are personally liaible for the committments that we take on; if everyone paid back what they owed, the 3986 posts on this forum would not have been necessary. I accept that the property portfolio could not have been sold immediately .....but, at today's date, it is the main cash generator.

Grrrandad

ballyblack wrote: »

NEWS LETTER today

http://www.newsletter.co.uk/news/local/smaller_pms_savers_will_get_all_savings_back_1_2684676

I notice in the comment attached to article it states that the £1M provided by the church is only a loan - is this correct???

D.A.

Grrrandad wrote: »

I notice in the comment attached to article it states that the £1M provided by the church is only a loan - is this correct???

Not as far as I've heard?

By the way, it appears that some departments in Church House have had their budgets for this year slashed; I'm guessing this is partly to pay for this £1m.

expat68

Grrrandad wrote: »

I notice in the comment attached to article it states that the £1M provided by the church is only a loan - is this correct???

The £1m from the PCI is repayable in the event there are sufficient funds in the future to do so and only after govt loans repaid. This is as stated in the scheme of arrangement from the administrator - no gifts from the PCI.

ballyblack

NEWS LETTER Letters

Minister praised for PMS efforts


Published on Monday 23 May 2011 09:03

THE Presbyterian Mutual Society Lobby Group (PMS) NI & ROI, which represents a very high proportion of PMS savers across the province, in the Republic of Ireland and beyond these shores, would confirm our appreciation for the extremely hard work which, over the past two-and-a-half years, the Northern Ireland executive (NIE) through the office of minister Foster of the DETINI has carried forward, in concert with the society’s administrator Mr Arthur Boyd and representatives of the Presbyterian Church in Ireland (PCI) headed up by the Very Rev Dr Carson, in securing for all PMS savers an excellent outcome to our financial difficulties.

Despite minister Foster’s heavy workload in the NIE, the assembly and in her untiring and successful efforts to bring employment and prosperity to all the people of our province, she has not spared herself in pursuing every possible avenue to bring closure to what at times must have seemed to her, as it did to us, an intractable problem.

While we have had excellent support from many quarters; for example, members of the House of Lords, the Commons at Westminster and cross-party support in the Assembly, in the final analysis, minister Foster and her officials were crucial in achieving this very positive result.

It is a result which will give over two-thirds of PMS savers access to all their funds while many of the remaining one third shall have up to 90% of their monies restored to them with the prospect of the deferments and balances being made good, (depending on an upturn in the property market), over time.

Such a result is worthy of the highest commendation and our members, and indeed the vast majority of PMS savers who voted by over 99% approval of the Scheme of Arrangement, which was devised by minister Foster, her officials, the administrator and the representatives of the PCI, do herewith, without reservation or equivocation record our sincere thanks to minister Foster, her officials, the Administrator Mr Arthur Boyd and his team and the representatives of the PCI so ably led by the Very Rev Dr Carson.

We also take this opportunity to thank the News Letter for the many supportive letters and pieces on behalf of the PMS which have appeared in its columns over the past years and months.

WA McGimpsey

Lobby Group Chairman

anotherDonald

ballyblack wrote: »

Such a result is worthy of the highest commendation and our members, and indeed the vast majority of PMS savers who voted by over 99% approval of the Scheme of Arrangement, which was devised by minister Foster, her officials, the administrator and the representatives of the PCI, do herewith, without reservation or equivocation record our sincere thanks to minister Foster, her officials, the Administrator Mr Arthur Boyd and his team and the representatives of the PCI so ably led by the Very Rev Dr Carson.

Pass the sick bag!

:mad: