Pensions

Who profits from your pension fund?

Author: 

Rhodri Evans

Railpen is the pension scheme covering 500,000 current and former railworkers in Britain. According to a new book, What they do with your money, reviewed in the Financial Times on 18 June, it used to believe it was paying £75 million a year to financiers to manage its funds.

Then it probed further, and found that £290 million was being sucked out of the pension fund each year in fees for “fund managers”. Over 30 years, for example, that would be £9 billion, or over 40% of the total value of the fund.

The whole of high finance should be taken into public ownership, and its machine for enriching a few financiers should be replaced by a public, democratically-controlled, banking, insurance, and pension service.

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Who profits from your pension fund

Author: 

Martin Thomas

Railpen is the pension scheme covering 500,000 current and former railworkers in Britain. According to a new book, What they do with your money, reviewed in the Financial Times on 18 June, it used to believe it was paying £75 million a year to financiers to manage its funds.

Then it probed further, and found that really £290 million was being sucked out of the pension fund each year in fees for "fund managers". Over 30 years, for example, that would be £9 billion, or over 40% of the total value of the fund.

A huge chunk of workers' pension contributions go not to pay pensions, but to enrich "fund managers"

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Stop the steel pension rip-off!

Author: 

Ralph Peters (former steel worker)

The sell-off, or potential closure, of Tata Steel will affect not only the 14,000 current UK steel workers but also at least 110,000 former steel workers. All former workers will have their pensions reduced.

The sell-off, or potential closure, of Tata Steel will affect not only the 14,000 current UK steel workers but also at least 110,000 former steel workers.

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Industrial news in brief

Author: 

Gemma Short, Charlotte Zalens, Tom Harris, Dale Street and Anne Field

Strikes over privatisation continue at Bromley Council.

Workers are on strike between 10-20 June in a series of selective strikes. Unite members in adult services and transport workers will strike from 10-15 June, library staff between 13-20 June and central council workers on 16 June.

The council's cuts plan involves outsourcing most of its services, reducing the number of council employees from 4000 to 300, and privatising 14 libraries. Unite, Unison and community campaigns organised a march through the borough on Saturday 13 June.

Strikes over privatisation continue at Bromley Council; steel workers strike; reinstate Candy Udwin; solidarity with Robert O'Donnell; Glasgow homelessness caseworkers fight on.

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Re-start the pensions fight; save the NHS - AWL UNISON activists' bulletin, June 2006

The first-ever issue of an activists' bulletin for UNISON members produced by AWL UNISON members is now available. Covering the latest developments in the local government pension scheme campaign, and the urgent need for UNISON members to organise to defend the NHS, it is essential reading for UNISON members.

The first-ever issue of an activists' bulletin for UNISON members produced by AWL UNISON members is now available. Covering the latest developments in the local government pension scheme campaign, and the urgent need for UNISON members to organise to defend the NHS, it is essential reading for UNISON members.

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Step up the fight to save the NHS / vote no to pensions deal

A leaflet produced by AWL healthworkers for the NHS Together / TUC lobby of parliament on November 1st, 2006.

A leaflet produced by AWL healthworkers for the NHS Together / TUC lobby of parliament on November 1st, 2006.

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One law for the rich...

The Government has cut future pensions for public sector workers by saying that entitlements will be upgraded for inflation only by the consumer price index (CPI) instead of the retail price index (RPI). The apparently fiddly adjustment will lose some pensioners 20% or more of the value of their pensions.

How the Government treats rich and poor pensioners differently.

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Airport workers face pensions fight

On 26 November, National Air Traffic Services (NATS) staff were faced with a grim announcement from management: their Defined Benefit pension scheme was in deficit to the tune of £1bn, and threatened to bring down the company (again).

Part of the solution is a change from RPI to CPI, following the well-worn path of the public sector. In a letter sent to the homes of all 4,500 employees, the CEO assured members that there will be “measured and proportionate contributions from all stakeholders”, though no details have been given as to how any other party is to contribute.

Air traffic control workers at Heathrow are facing a fight over management attempts to attack their pension scheme.

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Tubeworker 03/11/12 - No job cuts!

An industrial bulletin for Tube workers, by Tube workers. This issue discusses the fight against job cuts, the Tube Lines maintenance and engineering workers' strike for pensions and travel pass equality, and your local and workplace stories.

Click here to download PDF.

An industrial bulletin for Tube workers, by Tube workers. This issue discusses the fight against job cuts, the Tube Lines maintenance and engineering workers' strike for pensions and travel pass equality, and your local and workplace stories.

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