Pensioners and Pension News...

This is a recently introduced page to update members about Pension news and conferences. If you would like any further information or would like to see further information here on the web site then contact the branch. 

You can contact the branch via phone on: 07979 684494

SERTUC - Pensioners Conference...

11th March 2009 - Congress House, Great Russell Street, London.

The conference concentrated on the need to get pensions brought up to a realistic level and to address the position of fuel poverty found amongst pensioners.

Kelvin Hopkins MP for Luton North spoke on his hopes and concerns for pensioners at this time and concluded that in his opinion there were three main things that needed to be introduced to help pensioners at this time.

 1) All banks should be nationalised with immediate effect to safeguard pensioner savings.

2) Pensions should be increased to a basic minimum of £165.00 per week.

3) Government should take control of pensions funds in the future to avoid the fluctuations of the stock market.

 Charlotte Potter of Age Concern gave a talk on the role of the charity and explained that in 2010 Age Concern and Help The Aged would be joining forces into one unit but as yet a new name for the charity had not been agreed.

Charlotte stressed that should anyone have any concerns or wanted any advice that they could e-mail her direct at charlotte.potter@helptheaged.org.uk

 The conference issued the following two motions for all unions and support groups to consider to be put forward to the TUC.

 1) FUEL POVERTY.

 Fuel poverty is generally defined as when an individual or household spends at least 10% of their disposable income on fuel.

Conference notes that the Warm Home and Energy Conservation Act 2000 and the Governments Fuel Strategy requires the Government to end fuel poverty for vunerable people by 2010 and for everyone by 2016.However, the Governments own figures and a report from its official advisory group on fuel poverty predict that neither target is likly to be achieved. 

Conference further notes that fuel poverty affects many low-paid workers and their families as well as many pensioners and other vunerable groups living on fixed incomes.

It is estimated that the number of fuel poor rose to 4.4 million in January 2008 whilst a recent National Right to Fuel Campaign report shows that the energy industry is profiteering from wholesale energy prices with estimates suggesting that these profits may be as much as £33 billion.

Conference therefore instructs the National Executive Council

1)    to call upon the government through all appropriate channels to levy, as a matter of urgency. a windfall tax on energy companies.

2)    to urge the government to provide a realistic and urgent increase in the help available to those people and groups suffering from fuel poverty

3)    to support the National Right to Fuel Campaign and to urge branches and regions to do likewise

2) THE PENSIONS ISSUE.

On April 6th the basic state pension will rise by just £4.55 a week and £2.70 for millions of women who rely on their husbands contributions. This will raise the pension to a mere £95.25 for a single pensioner. Such a low state basic pension means millions of pensioners remain on means-tested benefits and todays workers face poverty when they retire.

Only a decent state pension provides an effective and reliable way of guaranteeing real financial security in retirement.

For years successive governments have relied on means-tested benefits for existing pensioners and good quality occupational pensions for todays workers as a way of avoiding having to pay a decent state pension, but this approach is now unravelling.

*  2.5 million existing pensioners live below the official poverty line of £165 a week and millions more are struggling just above that level to meet the rising cost of living.

*  Between 1997 and 2006, the number of people living in severe poverty - defined as living on less than 40% of median population income - increased by 600,000. The poorest quarter of pensioner households saw their income rise by less than 1% last year, well below inflation. The poorest single pensioner saw their real income drop by 4%.

*  Around 62% of pensioner couples have an annual income of £15,000 or less, and 45% of all single pensioners have an income of £10.000 or less

*  Means - tested benefits fail to reach 1.8 million pensioners who are eligible to claim.

*  At least 75% of final salary occupational pensions have closed to new entrants.

*  The current economic crisis is estimated to have wiped £250bn from pension funds.

*  The average private pension pot will eventually give a single man of 65 an annual income of £1960. A pension pot of £100,000 will give you a yearly sum of just £4,500

*  Up to 9 million existing workers have no pension provision other than the state.

Despite government suggestions that they have reformed pensions - our state pension system needs urgent attention in order to ensure real financial security for everyone in retirement, and end the over -reliance on private pension schemes which are governed by a volatile stock market.

The meeting, while grateful for TUC support for Composite 6 asks all TUC affiliates to press the government and the TUC for urgent action to raise the State pension to the official poverty level now.