Magazine article Public Finance

Letters

Magazine article Public Finance

Letters

Article excerpt

Keeping an eye on our pensions

In his desire to identify motes in Peter Scales' eye (Letters, August 1-14), Cemlyn Foulkes (Letters, September 5,) has missed a few in his own.

First, monies held in trust belong to neither employer nor employees. Trustees' duty is to administer them in accordance with the trust deed and rules. If employees wish to 'own' their pension provision, they should lobby for defined contribution arrangements and shoulder the investment risk personally.

Second, his implication that member-nominated trustees have no conflicts of interest is unjustified, as any MNT on a final salary scheme can attest.

Third, the financial underwriting of a pension scheme must confer rights as well as obligations on an employer. Otherwise why should any rational employer take on such an onerous responsibility? And why, in the case of the Local Government Pension Scheme, should the taxpayer continue to support it? …

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