Pensions

Four times more unequal

Author: 

Colin Foster

According to the Financial Times (13 February), even big business people are starting to think that top-manager pay has gone over the top. Don’t expect anything too socialistic, but “long-term incentive plans” are being looked at more sourly, as research results heap up to show that the “incentives” have little correlation with business success.

The FT reports that top bosses now get an average of £4.3 million a year.

The FT reports that top bosses now get an average of £4.3 million a year.

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Phillip Green: the face of capitalism

Author: 

Theodora Polenta

Senior MPs have savaged ex-BHS boss Sir Philip Green for running the high street chain into the ground while amassing “a fortune beyond the dreams of avarice.”

While MPs branded Philip Green the “unacceptable face of capitalism” his actions show him to be the “normal face of capitalism,” Capitalism is a system based on the ruthless maximisation of profit, whatever the human cost.

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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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Around the world: 

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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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