Pensions

Whereas the trade union movement has sought for over ten years to impress upon various governments the imperative of addressing a huge potential crisis in pensions provision, no sustainable long-term policy has materialised. To the contrary, the use of the National Pensions Reserve Fund to socialize bank debt has undermined the position further. Moreover, guidance given by the Pensions Regulator in relation to de-risking has proved to be ill-judged in the context of quantitative easing undertaken by the ECB. The acute nature of the impending crisis has been demonstrated in the wide range of industrial disputes which have arisen over the last two years. Adverse demographic trends are likely to compound the problem including in relation to tier one state pensions. Specifically the elongation of the period before entitlement and the changes in eligibility rules for the state pension will cause serious hardship. Conference calls upon the incoming Executive Council to: 1. Prioritise this matter with government.2. Campaign to extend second-tier pension coverage. 3. Commission research into the contribution levels required to fund a secure national second-tier pension for all employees in both the public and private sectors. 4. Campaign for an effective pension regulation system that prioritises the interest of scheme members. Adopted

Executive Council