BT Pension Index Linking

Ripoff_2

Total signatures as of today Thursday 25th at 18:30 is 23,305 but we need lots more!!

Ripoff_2

This is an excellent site for showing exactly what we have been saying for months now http://www.straightstatistics.org/article/rpi-vs-cpi-row-goes and it is easily put in that most non financial people can understand what we have been saying. WE are being cheated and robbed and the proof is here to see.

fwor

Ripoff wrote: »

This is an excellent site for showing exactly what we have been saying for months now http://www.straightstatistics.org/article/rpi-vs-cpi-row-goes and it is easily put in that most non financial people can understand what we have been saying. WE are being cheated and robbed and the proof is here to see.

Interesting site. I just did a quick & dirty spreadsheet comparison between RPI and CPI during the period 2000 - 2010, and it shows that if CPI had been used from 2000 onward, a person with a state pension would by 2010 have been over £2500 worse off overall and receiving at least £300 a year less in pension. Perhaps not large amounts, but significant if you are trying to live on £5k/year.

Approaching 27,000 signatures on the petition, so the momentum still seems to be there...

Ripoff_2

fwor wrote: »

Interesting site. I just did a quick & dirty spreadsheet comparison between RPI and CPI during the period 2000 - 2010, and it shows that if CPI had been used from 2000 onward, a person with a state pension would by 2010 have been over £2500 worse off overall and receiving at least £300 a year less in pension. Perhaps not large amounts, but significant if you are trying to live on £5k/year.

Approaching 27,000 signatures on the petition, so the momentum still seems to be there...

For the first 10 years the loss is what you indicate and appears to be not that huge but bad enough as you say but due to the compounding nature of this change, the greater loss is incurred in the next 10 years (over a 20 year period) and for anyone retiring early and therefore collecting their pension longer, say 30 years the later years see the loss increase 10 fold due to the exponential nature of this change. i.e. as time goes on the loss is far greater

So over a 30 year period the loss runs into thousands of pounds and thus later in life when you need more care and have to pay people to do more things for you as you become less able with age, you actually have less money. Thus paying for any care costs will prove impossible even on a modest pension as inflation takes it's toll, and your income declines with CPI indexing, it will be hard enough to just pay the utility bills and buy food.

I was going to fund any care costs from my pension but that will no longer be viable as I lose more and more money over time, thus now instead of me trying to fund it, I will have to rely on the taxpayer, or charity. A really clever long term policy this by this Gvmt. I think not!

ExBT_Bob

BA Pensioners have just elected 3 new Trustees who are committed to restoring RPI indexation! BTPS Section A&B members - get writing!

The Trustee Directors are:

Adrian Askew
David Barford
Donald MacDonald
Billy McClory
Andrew Parker
Beryl Shepherd
Paul Spencer CBE (Chairman)
John Wroe

Write to them at:
BT Pension Scheme Trustees Limited
Lloyds Chambers
1 Portsoken Street
London
E1 8HZ

Ripoff_2

All, just to let you know that the signature count has hit nearly 43k......we still need many more people to sign and as people are returning from holidays, now might be the time to refresh any emails you sent around to gain support.

Just a quick reminder might do the trick and get the count rising even faster but what a good effort so far. Together we CAN hit the 100k plus target, WE just need to make the effort to get the message out there.

fwor

ExBT_Bob wrote: »

BA Pensioners have just elected 3 new Trustees who are committed to restoring RPI indexation! BTPS Section A&B members - get writing!

Sorry if this sounds negative, but what should we say if we write to them?

They already know that it was their duty to "act in the best interests of Scheme beneficiaries", yet apparently the only thing they did about it was to cave in immediately.

Does it not make more sense to start a campaign to get rid of them, and replace them with Trustees that actually intend to do something on this issue?

ExBT_Bob

Well Fwor, for a start if they hear nothing from anybody then they'll think that they got away with it!

Write to each telling them how you feel and how you are looking to them to make all possible efforts to restore this robbery of your already accrued benefits. If all current/deferred and actual pensioners from Section A&B wrote then that would give them something to think about!

Ripoff_2

Just thought you would like to know that we are half way to 100k signatures as of today, 50,302 to be precise. Well done to everyone but there is still lots more to do, we need to get more signatures and to that end please remember to push the issue when you can. We will make 100k and we will show this Government that we mean business and that we are not going to sit back and be robbed by them.

Ripoff_2

Do I detect a chink of light here
http://www.guardian.co.uk/business/2011/sep/18/cpi-review-benefits-pensions-office-national-statistics?CMP=twt_fd

Office for National Statistics agrees to review use of CPI in benefit calculations
But do you trust them?

Lets get that 100k plus signatures first and then take it from there because clearly as we have been saying for months, CPI IS NOT FIT FOR PURPOSE and does not represent pensioner inflation.