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Update on CPI
UPDATE ON CPI
At the Association`s annual meeting on 12th April, 2011 the Hon. Sec. was asked if he could clarify the question of CPI instead of RPI in regards to the increase on the GMP part of the Society`s pension scheme.Letters and emails were sent to both the Pensions Ombudsman and the Pensions Advisory Service.Below are the replies received.PENSIONS OMBUDSMANDear Mr. Whitlock,Thank you for your recent letter. I apologise for my delayed response.I understand that you are seeking advice or an opinion about your pension scheme. However, the Pensions Ombudsman cannot offer advice or opinions. His role is to act as an independent adjudicator of complaints and disputes about the running of pension schemes. (Complaints about sales and marketing are dealt with by the Financial Ombudsman Service.)We often find that people benefit from using the services of The Pensions Advisory Service (TPAS) before bringing their application to the Ombudsman. TPAS provide free independent advice and can help you resolve your complaint. They can also help you make sure you have completed all the steps which are required by law before the Ombudsman can consider a matter. They share a building with this office but are completely independent.ENDPENSIONS ADVISORY SERVICEDear Graham,Thank you for your recent email of the 15th April, 2011.Our understanding of the switch from RPI to CPI is that if the pension scheme documentation (i.e. trust deed/rules/regulation) in effect refers to a guarantee that RPI would be used for existing pensioners, it would be extremely difficult to change to CPI for the future without member consent. However, if the pension scheme documentation refers to the statutory minimum or some other wording where a change is possible, then in our opinion a pension scheme could change from RPI to CPI.The pension scheme documentation should set out whether or not the pension scheme trustees have to agree to any proposed employer change.ENDThe Hon. Sec. was also asked to make enquiries about a possible £75 Christmas Bonus to qualifying superannuitants but this had been delayed until after the merger had been completed for obvious reasons.I am now able to give more information on this important matter.A Christmas bonus is no longer paid to pensioners(this practice stopped in 2007 but following an appeal by the association it was replaced by a spring bonus for certain pensioners with 20 years service and an income of less that £5000 per year in 2008) The bonus is a discretionary payment made by the company and did not come from the pension scheme. Royal London have taken over all the Royal Liver funds and it now falls to them whether or not the payments will be made in 2012.The cost will be calculated at the beginning of 2012 and the information will be submitted to Royal London`s board for consideration. A decision is expected by either late January or early February.Graham Whitlock.Hon. Sec.UPDATEWe are pleased to report that the payment was paid on 01st March 2012 to all those that qualifiedAlso see Changes to CPI
Royal Liver Superannuitants Association