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Pension Wind Ups Scandal - so do only 144,000 get in, or is this just the start?

Great news yesterday - for those whose companies went bust and took the pension scheme down with them. And some seriously focussed lobbying has to be congratulated.

Now then, what about the rest of us who were members of unprotected Defined Benefit schemes in the 90s and up to 2005?

I have been ripped off by unscrupulous employers two or three times in this regard. They didn't go bust. Far from it. One in particular froze us out within 30 days of buying our very successful company, sold us a pup in its place, finally put us in a little rowboat, kept us tagging along with no proper news for four years, meantime negotiated with a few chosen members to allow their funds to be transferred out, did the legal minimum for the existing pensioners with an annuity, and finally cut the rope on the rest of us deferred members just before the new law came in.

Now we have money purchased buy out arrangements with insurers feasting their eyes on what's left of our funds because they are in With Profit funds that they think they can pillage in everso devious ways :rolleyes: Yes I AM talking about you, Norwich Union. I was hardly surprised when AXA did it a number of years ago, but now even the old names are up to it also ... et tu, Brute?

So whilst I do feel for those Engineering Workers who struggled but got the best part of their pensions in the end, at least most of them had solid contribution records over many years and have got seriously useful pensions to look forward to. I do of course sincerely sympathise with those who have lost loved ones due to the worry of it all, or who have simply died without seeing a penny.

However, moving onwards and upwards, what about those of us who have been victims of multiple takeover activity (with scant regard for TUPE regulations), made redundant several times, and who don't just have one wind up in their portfolio of funds but two or three which were not sunk by accident but scuttled on purpose by people who called themselves Trustees but whose real loyalties lay somewhere diametrically opposed to our well-being?? :mad:

Anyone who believes that 144,000 is the limit of the suffering has their vision rather severely restricted (as I have been known to tell black suited types who ring my doorbell at the weekend :p)

Time to spread the word and get ALL the Defined Benefit wind ups reviewed and losses quantified. I rather think that the total "damage" bill will total something rather more than the £30M?? touted so far.

This is going to be the next really big scandal I think. Probably THE biggest. If you were a pension scheme trustee or an "IFA" involved in a dodgy wind up, your days of comfort are coming to an end ... feeling a bit twitchy now, are we? Don't let it spoil your Christmas ...

Comments

  • peterbaker
    peterbaker Posts: 3,083 Forumite
    Cats lost your tongues? :p:p:p

    I see Unite and PCS (unions) are at this very moment announcing ballotted mandates for strike action which will close the UK's seven BAA airports on January 7, 14, 17, 18 in protest at Ferrovial's deliberate degradation of BAA's Final Salary Pension Scheme (closing it to new starters is, we know, always the thin end of the wedge).

    I FULLY agree with their recommendation even though I shall be adversely affected in my travel plans.

    I recommend that all other Final Salary Scheme members also fully support this industrial action.
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