Wednesday lunch time fringe with Pension minister, Mike O'Brien (far left) and Jeannie Drake from the TUC. First time I have seen Mike in action.He seemed to deal very effectively with “Cheeky Chappie” Chair, Liam Halligan (Sunday Telegraph) over the compensation for the 250,000 pensioners whose schemes collapsed before present day safeguards. He gave a hint that there could be further help for these pensioners.
In the Q&A I was able to make a plea to Mike to ensure that the future Pension Personal Accounts scheme has proper independent (trade union) trustees on the board.
In order to explain why I and many others have such a mistrust of most (not all) financial practices and institutions in this country. I shared with the meeting my past, less than glorious, financial acumen. For example I was “sold” a low cost, low start, with-profit Endowment policy to pay off my first mortgage and had a company AVC pension policy with the Equitable Life!
I suppose as UNISON London Finance Convener I really should keep such things quiet?
However, this amongst other reasons is why I am extremely suspicious of our financial service industry in general and also I think the Northern Rock fiasco is just the latest in a number of scandals that could result in a complete collapse of confidence and the failure of the vitally important PPA. People will not join the PPA if they do not trust it and think it is not properly run. Please keep industry interests well away!
