CPI/RPI Consultation

wotsthat

It definitely IS about right and wrong.

Arguments about right/ wrong and unfairness won't cut the mustard if anyone makes a legal case. A judge will be assessing the case on whether it's legal.

RichandJ

wotsthat wrote: »

Arguments about right/ wrong and unfairness won't cut the mustard if anyone makes a legal case. A judge will be assessing the case on whether it's legal.

Afraid I won't be joining in on this thread again. Some people have decided that the proposal is 'unfair' etc etc and that's it, no argument or even explanation will be brooked. I have no real axe to grind either way, apart from how this will impact on my job.

As I said upthread I really just put the link out for others working in pensions as I couldn't see that anyone else had done it.

SnowMan

RichandJ wrote: »

Afraid I won't be joining in on this thread again. Some people have decided that the proposal is 'unfair' etc etc and that's it, no argument or even explanation will be brooked. I have no real axe to grind either way, apart from how this will impact on my job.

As I said upthread I really just put the link out for others working in pensions as I couldn't see that anyone else had done it.

Thank you for posting up the consultation document. I found it interesting reading and may not have come across it otherwise.

In terms of who the document is aimed at, the DWP website says

The consultation is aimed primarily at pension industry professionals and others with an interest in occupational pension schemes. However, the Government is mindful that the matters covered in this consultation will affect a wider range of individuals. Therefore, the Government would welcome feedback from those who may be affected, and their representatives.


So I do think it is reasonable for people who are affected but who are not pensions professionals to comment.

Certainly there are strong views. But the point of a consultation is to provide a mechanism for those views to be aired. That is what has happened here.

This is a major development that affects people's lives and pensions and throws up all sort of issues on fairness and on when is a guarantee not a guarantee and so on.

Ripoff_2

RichandJ wrote: »

Afraid I won't be joining in on this thread again. Some people have decided that the proposal is 'unfair' etc etc and that's it, no argument or even explanation will be brooked. I have no real axe to grind either way, apart from how this will impact on my job.

As I said upthread I really just put the link out for others working in pensions as I couldn't see that anyone else had done it.

RichadJ, thanks for the heads up on this, it is very much apprieciated.

Don't let the comments in the thread put you off providing any other information you come across.

The right/wrong issues and the legal concept on all this will no doubt be challenged in court at sometime in the future but in the meantime, this issue is so important to peoples future on a BT/BA and other private pension schemes that it is bound to be a big issue and cause heated debates.

I do hope your job is secure and really hope that you are not impacted by any of this.

Thanks again

regards
Ripoff and Others

RichandJ

Ripoff wrote: »

RichadJ, thanks for the heads up on this, it is very much apprieciated.

Don't let the comments in the thread put you off providing any other information you come across.

The right/wrong issues and the legal concept on all this will no doubt be challenged in court at sometime in the future but in the meantime, this issue is so important to peoples future on a BT/BA and other private pension schemes that it is bound to be a big issue and cause heated debates.

I do hope your job is secure and really hope that you are not impacted by any of this.

Thanks again

regards
Ripoff and Others

Ripoff, don't worry, I have far more work than I really want. :eek: The 'impact' I meant was to do with (maybe) having to record yet another different tranche of pension and how we actually do the job, not whether I'd be getting binned.

What I try to do on these boards is look for and help people posting general questions on final salary matters if I can. So, whilst I understand the depth of feeling some have on the RPI/CPI issue, it's just not an argument I want to get involved in on this board. Especially when I don't know the rules of the schemes involved.

SnowMan

RichandJ wrote: »

Ripoff, don't worry, I have far more work than I really want. :eek: The 'impact' I meant was to do with (maybe) having to record yet another different tranche of pension and how we actually do the job, not whether I'd be getting binned.

What I try to do on these boards is look for and help people posting general questions on final salary matters if I can. So, whilst I understand the depth of feeling some have on the RPI/CPI issue, it's just not an argument I want to get involved in on this board. Especially when I don't know the rules of the schemes involved.

Thanks. I can understand you don't want to enter the debate. However if you come across further info such as this document to help inform others would be grateful if you can post it up.

By the way I don't think anyone should be blaming pension administrators or pension managers for the way that booklets and other communications have been worded, invariably the objective would have been to keep things as simple as possible so saying something increased at RPI (without mentioning another index might be substituted) is entirely understandable.

chris_m

Ripoff wrote: »

Originally Posted by chris_m
One shot across the bows - email sent to HR requesting an up to date copy. Let's see what comes back.

If they say that March2009 is the latest available my second shot will be asking why. It's almost 2 years since we voted to accept the changes and 19 months since they were implemented, so the rules must have been updated by now.

It will be very interesting what if anything you get back, please keep us all informed.

Well, I've had a reply - not surprisingly all it says is that the rules available from the BT internal HR and Hermes external pensions websites are the most up-to-date available.

I've now replied asking when I can expect to be able to get a proper up-to-date copy, in view of the fact that the currently available rules are 19 months out of date following significant changes to the scheme.

If HR can't tell me that, I'll be off to ask the HR Director and the trustees.

Haybob

I get the distinct feeling that unless all affected parties unite in demonstration and protest against this government decision then we are all shafted.
The only complications that might lead to a legal challenge will be did people enter into a contract that their pension increases will to be linked with the RPI when buying added years or when volunteering for redundancy.