Luke Akehurst MP for North Durham, takes up the cudgel on pre-1997 pensions.
Pressure is mounting on the Government to put right the wrongs of the 1995 Pension Act.
Here is an extract from his article which can be found here
“Alongside colleagues, I have written to Ministers calling for them to support NC22, or similar legislation to address this injustice. The Bill is now with the House of Lords, where I hope similar amendments will be tabled. I understand that the Bill is completing its final stages, meaning the Government must act swiftly if it wishes to remedy this problem with this law.
Time is running out to correct this injustice. Most pension schemes are bought out with an insurer in the long-term, meaning trustee discretion is removed entirely. Without legislative reform, thousands of pensioners will lose even the faint hope of an increase to their pension to keep up with inflation.
Securing increases to Defined Benefit Scheme pensions wouldn’t just benefit the over one million pensioners affected. It would also mean greater tax receipts for the state, boosting public services and allowing for more investment in communities like the ones I represent. The only losers here would be the companies who are underpaying retired workers who dedicated their careers to hard work.”
In addition the whole argument that the surplus funds will be invested into British Industry is a complete fallacy, in particular for the oil industry which is banned from investing in offshore developments! Instead they will be funneled abroad or into dividends and executive bonuses. If the government wants these funds spent in the British economy give them to the pensioners!
We still have to import thousands of barrels of oil putting an immense burden on our balance of payments when we could provide it from our own resources with no net increase in global consumption.
If you feel inclined to write to your MP once more please do. We are not providing a prewritten letter this time as we believe now is the time for something more personal. The article and information above provides ample ammunition. Even write direct to The Chancellor, as well.
CUKPA Fighting for your pension