Following yesterday’s reminder of how Labour – and Alistair Darling and Gordon Brown in particular – swindled thousands of British pensioners, I asked the main campaign group, the Pensions Action Group if there had been any recent progress. This is the reply from them.
As you probably know, the Labour Government did compensate in part by setting up the FAS scheme which was subsequently improved in 2008. After that very little progress was made. We had hoped the Coalition and Steve Webb in 2010 would improve the scheme. In fact they definitely led PAG to believe they would. But…they broke their promises and to be honest we were duped.
We are still fighting on. We stopped directly negotiating with Steve Webb (the Pensions Minister) in March of this year who was on public record in criticising the FAS scheme for its inadequacies.
I think this matter calls for greater broadcasting transparency. The Daily Mail and the Mail ion Sunday have been great at exposing the problem. But more needs to be done.
If you want to make your blood boil, do get a copy of “The Great Pensions Robbery” by Alex Brummer (Financial Editor) who no doubt you know personally. The sub heading was “How Labour Betrayed Retirement”. You may need to download it.
Just so you know we believe there are 15,000 people affected by FAS pension failure in Scotland and some 140,000 nationwide. In addition to that we understand some 450,00+ are trusting in the PPF pension promise via legislation that is funded through a levy and therefore not guaranteed 100% by government funds. It suffers in the main from the same inadequacies of the FAS.
I am sure you may have also read in the last few days that “thousands” of Bank of England staff are however protected through their final salary scheme to which they make no contribution whatsoever. The cost of this scheme which is absolutely brilliant is around 50% of their total payroll bill. I wish my employers were able to fund at that level in the past. Instead they went Chapter 11 and the UK funds called well short although nobody has been brought to account for their actions. It was a company well known to Clydebank. You may know it.
It was called the Singer Sewing Machine Company
FAS Pension Campaign