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Prospect Pension

@ProspectPension

Twitter account for @ProspectUnion Pension Officer. Union for professionals, managers & specialists. Join us today at https://teapawt.net/t.co/Z4cm4vzS5D or call 0300 600 1

 UK
prospect.org.uk/topic/pensions-and-retirement/
Joined September 2019
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The government has today published the terms of reference for the first phase of the pensions review gov.uk/government/publicatio…
Pensions Review – Terms of Reference: Phase One

Pensions Review – Terms of Reference: Phase One

The Chancellor has launched a landmark pensions review. Phase one of the review is focussed on investment.

gov.uk
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It’s Gender Pension Gap Day – and we need to talk about Carers Credit tuc.org.uk/blogs/its-gender-…
It’s Gender Pension Gap Day – and we need to talk about Carers Credit

It’s Gender Pension Gap Day – and we need to talk about Carers Credit

Today is Gender Pension Gap Day – the point of the year from which, if women received their pension at the same rate as men, they wouldn’t get another penny until January.

tuc.org.uk
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Prospect Pension retweeted
Jack Jones (@jjonesTUC) profile picture
Jack Jones@jjonesTUC14 Aug 2024
Today is gender Gender Pension Gap Day - the point of the year at which the average woman would stop getting any money if she took her pension at the same rate as the average men. Which is a long-winded way of saying the gender pension gap is HUGE.
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Civil servants already have this choice. They can join Partnership, pay no contributions, increase take-home pay, employer pays lower pension contributions. I do not recommend doing this (if opting for Partnership at least consider if you can afford matching contributions).
Civil Service World (@CSWnews) profile pictureCivil Service World@CSWnews31 Jul 2024
Would you like to have the choice of taking higher take-home pay at the expense of less-generous pension contributions? civilserviceworld.com/news/a…

Let civil servants sacrifice pension contributions for higher pay, IfG says

New controls on job-hopping and scrapping success profiles also feature on think tank's 20-point plan to "fix civil service"

civilserviceworld.com
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Hard to disagree with anything in this thread.
Guy Opperman (@GuyOpperman) profile pictureGuy Opperman@GuyOpperman31 Jul 2024
Thread 🧵 on the Labour reduction in #WinterFuelPayments. I was the Minister in charge of this policy at DWP from 2017-2022. Labour are making a big mistake 1/
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Is today 'National Bad Takes About Means-Testing Benefits By Political Journalists Who Dont Have A Deep Understanding Of The Issue Day'? Do Hallmark do a card for it?
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"To ask the Minister for the Cabinet Office, whether he has plans to amend the Civil Service Pension Scheme in addition to implementation of the McCloud judgment." I wonder what the former Minister for the Cabinet Office could be getting at?!
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Because I couldnt fit the link in the previous tweet: Written questions and answers - Written questions, answers and statements - UK Parliament
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I'm struggling to see this as a good case to argue for compensation. By 2018 (when she retired), the WASPI campaign itself had been going for years. Even if she was unaware of it then, she had the option of returning to work a year or so later when she found out (which she did).
#WASPI Campaign (@WASPI_Campaign) profile picture#WASPI Campaign
@WASPI_Campaign24 Jul 2024
I’m a Waspi woman forced to sell half my house - Labour must compensate us inews.co.uk/news/waspi-woman…
I’m a Waspi woman forced to sell half my house - Labour must compensate us

I’m a Waspi woman forced to sell half my house - Labour must compensate us

Julie Hince warned the Government against kicking the issue of compensation into the 'long grass'

inews.co.uk
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This is the kind of example that might actually make MPs lean towards the lower end of the range of compensation recommended by the Ombudsman (or even require a process for people to apply for compensation and demonstrate their losses).
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"MPs will not reform public sector pensions" Except when they changed how they increased from RPI to CPI (2010). And when they increased member contributions by 3.2% of pay (from 2012). And when they changed them from final salary to CARE and increased pension age to SPA (2015).
Luke Johnson (@LukeJohnsonRCP) profile pictureLuke Johnson@LukeJohnsonRCP23 Jul 2024
But as you note, MPs will not reform public sector pensions because they enjoy generous defined benefit pensions themselves. They know the media and public never focus on this. Yet the total cost of public sector pension commitments is £2.3 trillion.
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But if @LukeJohnsonRCP thinks the problem with the schemes is that the accounts measure the real value of total future payments at £2.3 trillion, then he's in luck. If he waits a few months he will find the estimate will reduce by about £1 trillion and the problem will go away!
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If I were the Adam Smith Institute (@ASI) I wouldnt go around making the ridiculous claim that an unfunded pension could go "bust".
Adam Smith Institute (@ASI) profile pictureAdam Smith Institute
@ASI22 Jul 2024
📺 As @sam_bidwell mentioned on @GBNEWS this morning, our calculations showed that the State Pension could go bust as early as 2035! 📝 Read more here: adamsmith.org/research/up-in…
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The amazing thing about this article is that a Treasury official is quoted referring to the OBR projections showing that the cost of public sector pensions is expected to all. The public sector pensions Ponzi scheme is an insult to taxpayers telegraph.co.uk/money/pensio…

The public sector pensions Ponzi scheme is an insult to taxpayers

The inequity of this £50bn-a-year system will bankrupt Britain

telegraph.co.uk
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I cant remember Treasury officials ever making this obvious point in response to the hysterical (and completely inaccurate) description of these schemes as a "Ponzi".
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Absolutely no idea where the £5 trillion estimate comes from though - that's over double the out of date figure from the latest Whole of Government Accounts (which itself will fall by another £1 trillion or so when the following year's set are published).
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This person was an MP. How is it possible to be so obtuse?
Miriam Cates (@miriam_cates) profile pictureMiriam Cates@miriam_cates16 Jul 2024
If you didn’t know there had been a global pandemic, you wouldn’t spot it from this chart of UK deaths. Draconian lockdowns might be justifiable in some circumstances but for Covid they were completely out of proportion to the threat.
Image from Miriam Cates (@miriam_cates)
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The Court of Appeal has upheld the High Court ruling. The BBC will not appeal any further. Still uncertainty about the future though.
Prospect Pension (@ProspectPension) profile pictureProspect Pension@ProspectPension29 Jul 2023
Relief for @bectu members in the BBC Pension Scheme (the DB scheme). The judgment interprets the amendment rule very restrictively (making detrimental changes to future service or scheme closure impractical). But the wider issues remain so still much uncertainty.
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More on this: outertemple.com/success-in-c…
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I can't imagine Treasury officials will be happy about this. It would reduce income by tens of millions. If other trusts followed it could hundreds. United Learning to offer alternative pension and boost starter salaries to £45k schoolsweek.co.uk/united-lea…
Pension scheme alternative to be offered by United Learning

Pension scheme alternative to be offered by United Learning

But unions slam 'alarming' proposals - threatening potential strike action

schoolsweek.co.uk
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This would make it harder to meet fiscal targets. Treasury would never approve major central government employers taking this approach. They do allow some to do it on a small scale. Surely academies employ too many people for Treasury to be comfortable with it.
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