RPI to CPI Early Day Motion 1032

viridens

http://www.telegraph.co.uk/news/politics/9073317/Elderly-told-go-back-to-work-and-downsize.html

It is clear we are now expected to work until we drop. Mr Halpern and his sinister 'Nudge Unit' have been given the job of convincing us that this is for our own good.

"Mr Cameron said he supported plans to increase the retirement age in line with life expectancy which could see workers remaining in employment until well into their seventies."

-Or being starved back into work by the progressive erosion of their pension by the RPI/CPI swindle.

teacher_retired

Can we dare to hope the court appeals may help us?

viridens wrote: »

http://www.telegraph.co.uk/news/politics/9073317/Elderly-told-go-back-to-work-and-downsize.html

It is clear we are now expected to work until we drop. Mr Halpern and his sinister 'Nudge Unit' have been given the job of convincing us that this is for our own good.

"Mr Cameron said he supported plans to increase the retirement age in line with life expectancy which could see workers remaining in employment until well into their seventies."

-Or being starved back into work by the progressive erosion of their pension by the RPI/CPI swindle.

Ripoff_2

BaldGringo wrote: »

Email response received from Gregg McClymont, Labour's shadow pensions minister.

Looks like I shall be voting for the Raving Loony Party at the next election.

Dear Paul,

Thank you for the email which you sent to Rachel and which she has passed to me. The Labour Party position is that we do not agree with a permanent switch from RPI to CPI. We do accept it as a temporary emergency measure for the duration of this parliament. But as Ed Miliband and Ed Balls explained earlier this month, ongoing mismanagement of the economy by the Conservative-led government makes it impossible for us to commit to reversing the switch during the next parliament.

Best wishes
Gregg

Totally misses the point of course. Using an inflation measure that under estimates inflation is wrong, justifying doing so for deficit reduction is also wrong, it can never be justified to fiddle inflation in this manner. To reduce a deficit you need growth and to raise money you use taxes, VAT, NI, Income Tax, you do not pick on one section of society, pensioners and steal 15% of their pension income. How can any Party justify this even for one Parliament, MP's are just a bunch of thieves by endorsi, ng this robbery. If the Appeal fails then it will be time for us to voice our anger by other means. They ignore us at their peril, the grey vote is a force, a powerful force and we must use that force

Ripoff_2

If you're free tomorrow morning at 8:30 why not join CWU & other unions protesting against pension changes. Royal Courts of Justice London

MEY_3

http://www.bbc.co.uk/news/business-17097730 Probably the best general summing up of the issue so far from the BBC.

bigfreddiel

boe pensions remain linked to rpi - old news i know but they know which side of their bread is buttered! oh and mp's as well!

http://www.efinancialnews.com/story/2011-05-31/bank-of-england-pensioners-escape-inflation-cut

and

http://citywire.co.uk/new-model-adviser/mervyn-king-defends-bank-employees-pension-boost/a507269

don't you just love it!!

fj

hugheskevi

boe pensions remain linked to rpi - old news i know but they know which side of their bread is buttered!

In fairness to the Bank, it is not within their power to change to CPI, at least not for historic accrual anyhow.

The scheme rules set out that indexation is RPI linked. The Government decided not to give a legislative power to such schemes to override links to RPI. Hence, the Bank cannot change to CPI for historic accrual.

This is a good summary of the position.

oh and mp's as well!

They changed to CPI - reference here.

Although I wouldn't mind being in a 1/40s final-salary scheme with a 11.9% contribution rate

BobQ

BaldGringo wrote: »

Email response received from Gregg McClymont, Labour's shadow pensions minister.

Looks like I shall be voting for the Raving Loony Party at the next election.

Dear Paul,

Thank you for the email which you sent to Rachel and which she has passed to me. The Labour Party position is that we do not agree with a permanent switch from RPI to CPI. We do accept it as a temporary emergency measure for the duration of this parliament. But as Ed Miliband and Ed Balls explained earlier this month, ongoing mismanagement of the economy by the Conservative-led government makes it impossible for us to commit to reversing the switch during the next parliament.

Best wishes
Gregg

To be fair no opposition can commit to reversing this change three years before an election. They will have to judge this at the next election and based on the economic sitution at the time. If they did commit to this and other changes their opponents would use this to claim that their policiess were unaffordable.

MEY_3

I completely disagree BobQ. The Labour Party position is absurd. Why do they say they support a temporary move to CPI but not a permanent one. Presumably because they deem it a less meritorious measure. If that is the case though, how come there is any logic for even a temporary change? If they cannot commit to restoring it immediately they take office (if they do take office) effectively they are saying that it is valid to use CPI wherever it saves money. Precisely the same position the Tories take.
To restore RPI is not about being affordable and no one could lay claim with any justification that restoring the status quo is unaffordable. It just returns matters to where they before the Coalition did their dirty deed. Inflation linking would just be another item that isn't for trimming - and if it is serving its purpose that's just how it should be.

Thicko2

http://www.parliamentarystandards.org.uk/transparency/Current%20Consultaions/February%202012%20-%20Pensions%20Consultation%20Document.pdf

Poor MPs contributions only going up by 1.85%, mine by 2.4% in 2012/13.

It does make me laugh the concern IPSA makes on whether MPs will stop contributions. i dont see so much concern across the wider public sector.

Very clearly its CPI now for the boys and girls.