GKN Pension

Retired_I.F.A.

That maybe so Ed but it still stems from Maxwell and admittedly I was out the country attending my columbian "cough" coffee plantation for a few years so pray tell what measures were introduced following Maxwell? I remember only minor ones virtually nothing till the government got their finger out with the current compensation scheme and it was never mentioned in Columbia

EdInvestor

OK if you were out of the country fair enough.Post Maxwell there was something called the "minimum funding requirement" but this was a hopeless policy very poorly enforced by a body called "OPRA", which was without question the worst regulator in the whole financial services industry and that's saying something.

Numerous pension schemes fell over following the dotcom crash which exposed the extent of their inadequate funding and the Govt was eventually forced to set up the PPF to sort out the mess.

heddwch

I worked for GKN , Allied Steel and Wire for 8 years, just 2 days a week ( weekends) nursing then made redundant and returned to the NHS. Am I entitled to a pension. There has been a lot in the press of late as employers in Cardiff have been fighting for thier pensions. Thank you.

EdInvestor

THe ASW scheme is under the FAS which applies to schemes which wound up before the PPF started.

Details here:

http://www.dwp.gov.uk/lifeevent/penret/penreform/fas/pension_schemes.asp

Retired_I.F.A.

EdInvestor wrote: »

OK if you were out of the country fair enough.

Jeeze Ed can't you see I was joking or do you really think I'm a drug baron?

When I got out the business I switched off completely from it. Doing so is commonly known as retirement. I'd had my fill. Having had to look into a plan of my own which I had completely forgotten about I found my way here. Now I just stick around mainly to wind you up and read your often hilarious posts.

Post Maxwell there was something called the "minimum funding requirement" but this was a hopeless policy very poorly enforced by a body called "OPRA", which was without question the worst regulator in the whole financial services industry and that's saying something.

Couldn't agree with you more there, Someone from OPRA I think it was called me up and said they had a complaint from someone who told them that I had said in writing that final salary schemes were not guaranteed and they were as stroppy as hell with me till I told them: "sod off and learn what your regulating !!!!!!!" and slammed down the phone . Never heard from them again so they must have learned something.

Numerous pension schemes fell over following the dotcom crash which exposed the extent of their inadequate funding and the Govt was eventually forced to set up the PPF to sort out the mess.

Yes but it still all stemmed from Maxwell such is the way Parliament works. Politicians took years to finally say we the taxpayers must guarantee final salary scheme members but I've no doubt it took so long because many many palms had to be greased first with offers of directorships after their political career by the owners of such schemes.

Haven't you ever seen Yes Prime minister on TV? It's more real than reality.

wishingmoon

Retired IFA and EDInvestor .. get a room .. gosh! :beer:

ffacoffipawb

wishingmoon wrote: »

Retired IFA and EDInvestor .. get a room .. gosh! :beer:

Given that EdInvestor passed away a few months ago, that is a bit of a sick comment.