Latest news with #FinancialAssistanceScheme
Yahoo
a day ago
- Business
- Yahoo
Workers who lost pensions call for surplus to be used
Pensioners from a plant in Cardiff who lost their pensions when it went bust more than 20 years ago have called for surplus money to be used to compensate them. Workers from Allied Steel and Wire got 90% of their pensions back, but that has been eroded because payments are not linked to rising prices. One of them, John Benson, said "retirement dreams" had been "destroyed" but that using a small portion of a £13bn surplus in the Pension Protection Fund would be enough to fully restore the pensions. The UK government said it was considering the matter but warned "these are complex matters requiring a balanced approach". Minister to 're-consider' steel pensioners' plight Steelworkers say pension loss like Horizon scandal Pension protections were strengthened after the Maxwell Scandal, when newspaper tycoon Robert Maxwell stole more than £400m from the pension funds of his Mirror newspaper group to prop up his ailing businesses. His pensioners lost half of what they had paid in. As a result of his action, the Financial Assistance Scheme was set up as a safety net to protect pensioners when the companies they worked for went bust. It was this scheme that helped bail out a group of Welsh workers from Allied Steel and Wire (ASW) in Cardiff who lost out when the company went under in 2002. Although the ASW workers got 90% of their pensions, their value has fallen since that time as they are not linked to rising prices. Mr Benson, from Dinas Powys, Vale of Glamorgan, has led a long campaign asking the government to make up the shortfall, which he said has had dire consequences. "It's destroyed retirement dreams. Some colleagues have had to downsize," he said. "One lady who was seriously ill herself couldn't afford a funeral after her husband died, and a couple of months later she died herself. "It's soul destroying. It's destroyed me. "There are some horror stories, too many to tell." Now a cross-party group of Senedd members has written to the prime minister urging him to pay the pensions in full, among them the former Conservative leader in Cardiff Bay Andrew RT Davies. "This is a massive injustice that's been inflicted on ASW pension holders and other pension holders across the UK," he said. "Through no fault of their own, they've lost their entitlement to a full pension which they paid into, and we believe the system should be corrected and that's why we've signed this letter." It has been revealed that the scheme which replaced the Financial Assistance Scheme, the Pension Protection Fund (PPF), has a surplus of £13bn. Mr Benson said paying a tiny amount of that money to him and his fellow pensioners to make up the shortfall would not be a hardship, but would make all the difference to them. "This money, this surplus in the PPF, should be paid to restore our pensions in full. "They've got a £13bn surplus in the PPF – use it! "Stop making excuses that it's public money – it's our money. This money is meant for us, not other government policies." The matter was also raised with Pensions Minister and Swansea West MP Torsten Bell at a meeting of the Commons Work and Pensions Committee earlier this month. Committee chair Labour MP Debbie Abrahams asked: "I cannot understand the reason for not making a decision to enable them to spend the last few years of their life in some comfort, can you give us any hope around this?" Bell replied: "It does need to be looked at properly. "It needs to be considered in the round of those wider impacts, as all public policy matters are, but I am absolutely aware of the issues. "I am also aware of the average age of the people that are affected. "The best thing I can do is to say that I am aware and I am looking at it, but the public finance implications are more complicated than you set out." In response, concerning its £13bn surplus, the PPF said it deliberately had what it called a reserve to protect it from future claims or in case people live longer than expected. The Department for Work and Pensions said it recognised members' incomes may have been eroded in recent years. "However, these are complex matters requiring a balanced approach," it said. "The government is continuing to consider what we have heard from the Pension Protection Fund and Financial Assistance Scheme members on this issue." More on this story on BBC Politics Wales at 10:00 BST on Sunday 22 June
Telegraph
2 days ago
- Business
- Telegraph
How Rachel Reeves prioritised growth over Britain's pension savers
When Labour swept to power last year, around half a million pensioners held their breath. Members of the Pension Protection Fund (PPF) and the Financial Assistance Scheme (FAS) had spent years fighting for their full pension entitlement. Months earlier, the Tories had indicated they might finally be restored. The PPF and the FAS step in to pay people's pensions when their defined benefit schemes can no longer afford to, often because a firm has gone bust and cannot afford to keep it running. The increasing costs of such schemes, partly due to increased life expectancy, have also put them under pressure. Over the past 20 years, more than 2,000 schemes have been bailed out. However, the payments members receive are rarely the same as the entitlements they had built up – for some, it isn't even close. Strict rules mean that when a scheme goes bust, anyone who is not already drawing their pension will only be entitled to 90pc of it when they retire. Crucially, payments for any years built up before 1997 also won't rise with inflation, while any after that are capped at just 2.5pc. As a result, some members' pensions never increase, while others fall as low as 50pc of what they should have been. Savers were hoping a Tory intervention would rescue them from retirement poverty while others could have seen six-figure losses reversed as they finally received the full pensions they'd worked decades for. In July 2024, the power to change lives fell into the hands of the Labour party, bringing fresh hope that a battle stretching across two decades could finally be won. Yet 12 months on, Chancellor Rachel Reeves continues to ignore their plight, instead choosing to hand a major financial boost to pension providers in her relentless pursuit of growth. A fortnight ago, she announced plans to tweak rules that would mean they no longer have to pay a multi-million pound levy to sustain the scheme, which has raised £10bn over two decades. Those whose pensions rely on the PPF and FAS called the decision 'shameful', 'morally corrupt' and 'pandering to the industry' as they continue fighting for their full payments. After years of lobbying, campaign groups are animatedly pointing to the £13.7bn in reserves that the PPF now holds. It would cost just £10.1bn to restore the pensions of its 293,000 members, including awarding inflationary increases of up to 5pc and repaying arrears. However, the fund is powerless without a change in legislation. After the election, with hopes growing that Labour would make that change, eyes were keenly trained on the Pension Schemes Bill. When it was published earlier this month, it did contain a major legislative change – but for pension schemes, not members. The Bill gives the PPF greater powers, but only to reduce the levy that pension schemes pay to sustain it. First collected in 2006-07, it has already fallen significantly since its record level of £720m in 2010-11. It now sits at just £45m, and the PPF will soon be able to reduce it to zero. The levy can be reintroduced again if needed. The move will give schemes extra cash at a time when they are being pushed into increasing their UK investment by the Chancellor's recent Mansion House reforms. Saving wealthy pension schemes money when individuals are struggling doesn't sit well with Maurice Alphandary, 70, from Abingdon, near Oxfordshire. He worked as a chemical engineer for AEA Technology, the commercial arm of the UK Atomic Energy Authority, which was privatised before going bust. He now runs the AEA Technology Pensions Campaign, which has spent 13 years fighting to restore pensions. The current PPF rules will cost him around £100,000. He said: 'It just shows how toothless the PPF is in protecting the interests of its members against the Government. The Government can just ride roughshod over them. 'On the one hand, the Government says, 'We really care about our pensioners', but they don't. They're just pandering to the industry and it's a way of just running down the surplus instead of giving to the people who have suffered. There's enough money to compensate us.' His former colleague, 73-year-old Andrew Turner from Abingdon, receives just £18,000 per year from a pension that should pay £29,000. He said: 'For a Labour government who are supposedly focused on those who are less well off, this seems to be exactly the opposite of what they should be doing. 'The question is why should pension companies be rewarded when we're being penalised. If the Government or the PPF had any moral responsibility, it's those who are in greatest need should have first call on this surplus.' The Bill contained no news for the 140,000 FAS members either. With no levy, any changes would be funded by the public purse. David Page, 73, lives in Chelmsford and worked for Bradstock Group, a commercial insurer that went bust in 2003. He only receives around half of the pension he paid for, and is not confident of any progress. He said: 'It still hurts. It's typical of governments. They don't want to spend money. This one will be the world's worst. It's morally corrupt, but morals don't count do they?' Terry Monk, 81, from Camberley in Surrey, also worked for Bradstock. He said the Government's decision to pursue growth with members' money was 'shameful'. He said: 'What they're forgetting, or choosing to ignore, is how that surplus has arisen in the first place and it was a combination of schemes' assets and members' contributions. 'They're trying to get money that they don't own to fund projects. I'm suspicious of the people we have in power at the moment.' For its part, the Government is expected to address retirement poverty in part two of its pensions review. It has already given £1.5bn back to retired miners and is considering handing over £2.3bn more. Ministers have also met with PPF and FAS members to hear their concerns, and accepted it was an 'important issue'. A Department for Work and Pensions (DWP) spokesman said: 'The Government is continuing to consider what we have heard from the PPF and FAS members on this issue.' A PPF spokesman said it welcomed the fresh consideration that the DWP was giving to compensation levels. They added: 'Given our financial strength, we think it's the right time to reduce costs for levy paying schemes and their employers and to consider the levels of indexation we pay our members.'
Time of India
08-06-2025
- Politics
- Time of India
Women-led development journey under PM Modi's leadership transforming India: Uttarakhand CM Dhami
Dehradun: Uttarakhand Chief Minister Pushkar Singh Dhami on Sunday said that the State is celebrating 11YearsOfSashaktNari--a transformative journey that has empowered crores of daughters, sisters, and mothers across the country, elevating them to new heights of self-confidence, self-reliance, and leadership. He added that this progress is the result of Prime Minister Narendra Modi 's visionary leadership and effective governance, which not only aims to empower Nari Shakti but also recognizes it as a central pillar of nation-building, according to a CMO statement.. Highlighting various flagship initiatives of the Central government over the last 11 years, Dhami said that from Beti Bachao-Beti Padhao, Ujjwala Yojana, Jan Dhan Yojana, Nari Shakti Vandan Act, providing pucca houses to women, Lakhpati Didi Yojana, Namo Drone Didi, Stand Up India, Sukanya Samriddhi Yojana, Matritva Vandana Yojana to the appointment of women in military services, increasing participation of women in every field and political representation - in these 11 years, women have got respect, opportunity and rights on every front. "Today, India's daughters are not just dreamers, but achievers. They are flying in the sky, guarding the borders, making strides in science and playing pivotal roles in democratic leadership," Dhami said. The Chief Minister said that this change was possible not only by schemes but by the faith of a public leader who believes that India will develop only when the daughters of the country are empowered. "This is not empowerment but the dedication of the Prime Minister to take forward half of India's population and put them on the front line of nation-building," he added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Afvallen tijdens de overgang leek onmogelijk… Tot ik dit recept probeerde! Femme Weekelijks Meer lezen Undo In a separate incident, earlier today, Dhami said that the state government is committed to the preservation and promotion of literature and culture. He said the government has initiated steps to honour eminent litterateurs through the 'Uttarakhand Sahitya Gaurav Samman' and is providing grants under the 'Financial Assistance Scheme for Publication of Books in Various Languages'. Addressing the Dera Kavi Sammelan organised by QUA at the Himalayan Cultural Centre in Garhi Cantt, Dehradun, CM Dhami said, "Our government is also working to honour outstanding litterateurs of the state with 'Sahitya Bhushan' and 'Lifetime Achievement' awards.
&w=3840&q=100)
Business Standard
08-06-2025
- Politics
- Business Standard
Women-led development under PM Modi transforming India: Uttarakhand CM
Uttarakhand Chief Minister Pushkar Singh Dhami on Sunday said that the State is celebrating 11YearsOfSashaktNari--a transformative journey that has empowered crores of daughters, sisters, and mothers across the country, elevating them to new heights of self-confidence, self-reliance, and leadership. He added that this progress is the result of Prime Minister Narendra Modi's visionary leadership and effective governance, which not only aims to empower Nari Shakti but also recognizes it as a central pillar of nation-building, according to a CMO statement.. Highlighting various flagship initiatives of the Central government over the last 11 years, Dhami said that from Beti Bachao-Beti Padhao, Ujjwala Yojana, Jan Dhan Yojana, Nari Shakti Vandan Act, providing pucca houses to women, Lakhpati Didi Yojana, Namo Drone Didi, Stand Up India, Sukanya Samriddhi Yojana, Matritva Vandana Yojana to the appointment of women in military services, increasing participation of women in every field and political representation - in these 11 years, women have got respect, opportunity and rights on every front. "Today, India's daughters are not just dreamers, but achievers. They are flying in the sky, guarding the borders, making strides in science and playing pivotal roles in democratic leadership," Dhami said. The Chief Minister said that this change was possible not only by schemes but by the faith of a public leader who believes that India will develop only when the daughters of the country are empowered. "This is not empowerment but the dedication of the Prime Minister to take forward half of India's population and put them on the front line of nation-building," he added. In a separate incident, earlier today, Dhami said that the state government is committed to the preservation and promotion of literature and culture. He said the government has initiated steps to honour eminent litterateurs through the 'Uttarakhand Sahitya Gaurav Samman' and is providing grants under the 'Financial Assistance Scheme for Publication of Books in Various Languages'. Addressing the Dera Kavi Sammelan organised by QUA at the Himalayan Cultural Centre in Garhi Cantt, Dehradun, CM Dhami said, "Our government is also working to honour outstanding litterateurs of the state with 'Sahitya Bhushan' and 'Lifetime Achievement' awards.
The Star
08-06-2025
- General
- The Star
Mum of six who juggles three jobs starts free breakfast club for children in Ang Mo Kio, Singapore
SINGAPORE: With six children and three part-time jobs to juggle, Lydia Susiyanti Sukarbi, the 36-year-old sole breadwinner of her household, may not have much. But what she has – compassion, generosity and grit – she gives freely. Three times a week before the crack of dawn, she dishes out free breakfast to underprivileged children who live in her Ang Mo Kio neighbourhood. Lydia, a former school canteen stall vendor, started her Breakfast Buddy initiative in February as she had seen first-hand how some students went without recess so that their younger siblings had money to buy food to eat. 'How can we, as neighbours, step up for these kids? I feel I should help to fill this gap,' said Lydia, who lives with her family in a two-room Housing Board rental flat. 'Breakfast Buddy is more than giving them breakfast. It's to let the children know there are resources for them, and I'm here to share my resources. If it's within my capability, I will give. 'I'm like an auntie, mother, teacher to them. And they share many things with me.' Lydia juggles two jobs and also runs a home-based bridal business, while her husband stays home to look after their six children, aged between one and 15. She earns about $3,000 a month on average. Her modest means did not stop her from pursuing her 'dream' of providing breakfast to children, although she was initially uncertain how long she could keep the initiative going. Lydia Susiyanti Sukarbi (right) and Halinah Yatim with the items they have prepared for breakfast. - Photo: ST She said: 'I have just enough with three jobs and government subsidies. Though I'm concerned about money myself, I went ahead as I thought: Just do it.' Her children are on the Education Ministry's Financial Assistance Scheme, which helps lower-income families with basic schooling expenses. In the first month, she forked out $300 to $400 out of her own pocket to buy breakfast items for the children. She also asked her friends and extended family members if they wanted to pitch in. Through word of mouth, more donors came to donate in cash or kind, such as cereals. Most of the breakfast cost is now covered by donations, she said. More than just breakfast Breakfast starts at 6.30am at the void deck of Block 228A Ang Mo Kio Street 23, where the children gather at tables to eat. Lydia and her partner for the initiative, Halinah Yatim, prepare a variety of cereals, bread with various types of spread such as peanut butter and Nutella, and biscuits. Drinks include hot Milo, milk and juice. About 15 children show up each time, she said. They include Aina Adrianna Mohammad Fareez, 11, and her seven-year-old brother, who come three times a week. Their mother, a single mum, works in childcare. Aina, the second eldest of five children, said of the free breakfast: 'It fills my stomach. We don't eat much at home, as my mum needs to rush to work (in the morning). 'And it has some of my favourite things such as Froot Loops (a type of cereal), Nutella and Milo.' Halinah, a 52-year-old divorcee, helps Ms Lydia as often as she can with the breakfast initiative, despite her own mobility problems – she has knee and nerve issues. 'It makes me happy when I see them eating together and going to school together. They also share with us what they are facing,' said Ms Halinah. Using a mobility scooter, it takes her 20 minutes from her two-room rental flat in Ang Mo Kio to reach the breakfast venue. 'We ask them what they want (to eat) to make them feel they have the privilege of choosing. That they can choose also brightens their day.' She speaks from experience, recalling not being able to afford the food her children – aged 10 to 22 – wanted to eat when they were younger. Three of her four children are now working, easing her financial burden. When Breakfast Buddy first started, Lydia and Halinah served up dishes such as scrambled eggs and hot dog rolls, but were surprised to find that the children did not like such fare. One child told Lydia he always ate sausages at home and wanted something different. So they asked the children what they really wanted. The answer: cereal, especially Froot Loops, and bread with Nutella. One issue Lydia faced was the lack of space, given the small size of her two-room flat, to store the food items. So the Singapore Government Partnerships Office (SGPO), which was set up to strengthen the Government's partnerships and engagements with Singaporeans, linked her up recently with the People's Association (PA) to secure a storage space at the Teck Ghee Palm View Residents' Network. Breakfast starts at 6.30am at the void deck of Block 228A Ang Mo Kio Street 23, where the children gather at tables to eat. - Photo: ST The SGPO learnt about her efforts through Skillseed, a social enterprise Ms Lydia works at. Skillseed is currently helping Ms Lydia to apply for a community grant to fund the breakfast items, with the SGPO and PA facilitating the process. 'Everyone in the community can be a change maker. We are completely inspired by Lydia's spirit of wanting to help others,' said an SGPO spokeswoman. 'Lydia's Breakfast Buddy initiative is a heartwarming citizen-led, ground-up effort that brings the neighbourhood together, anchored in the spirit of gotong-royong (communal help),' she said. At Skillseed, Lydia is a mentor guide, where she leads learning journeys in her neighbourhood and shares about her life, as well as the experiences and strengths of the rental flat community. Phua Huijia, founding director of Skillseed, said Lydia is paid per trail as a community guide, and earns an hourly rate for mentoring new guides. Lydia also works on an ad hoc basis at social service agency Allkin Singapore, where she organises activities and programmes that bring people together. Her giving nature started early, around the age of 10 or 11, when she would invite children she met while playing home for a meal. The eldest of five, Lydia recalled: 'If they looked haggard or looked like they were not well taken care of, I would ask them if they want to eat. And my mum never said no when I asked if we could feed another mouth.' She describes her mother, a retired hawker, as her inspiration for compassion and generosity. Lydia said of her growing-up years: 'People say, 'oh you don't have enough, then you are poor'. But we don't feel poor. We had just enough, probably less than normal, but that doesn't make us less of a person. I feel that the word poor shouldn't be used to identify or label people. All of us are under-resourced, with time, money and love.' - The Straits Times/ANN
