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- The latest issue: April 2009
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Pensions News
Pensions News April 2009
PENSIONS NEWS
The Secretariat
February saw the end of Richard Williamson’s three year term as Chairman of the P.N.P.F. Read the rest of this entry »
Pension News January 2009
Happy New Year to you all. I am sure 2009 will present a challenge to us all.
The Secretariat
I am pleased to report that there have been no changes within the Secretariat and Loretta is fast approaching her first full year with the P.N.P.F. Read the rest of this entry »
Pension News October 2008
PENSIONS NEWS
The Secretariat
There is not much to report in respect of the Secretariat, except that Loretta has successfully completed her six month probationary period and appears to be settling in well. Loretta has become a firm favourite of the pensioners and widows who have dealt with her. Read the rest of this entry »
Pension News July 2008
This is a summary of my presentation given to the U.K.M.P.A at their annual conference held in Harrogate in May 2008. Read the rest of this entry »
PENSIONS NEWS
The Secretariat
The month of March saw changes in the Secretariat’s staff with Thursday the 20th being Richard Wiscombe’s last day with the P.N.P.F. before staring his new job up in London. Read the rest of this entry »
PENSIONS NEWS
PENSIONS NEWS
The Secretariat
Buckhurst House
In August of this year the lease on Buckhurst House came up for renewal and I am very pleased to say that the Trustees agreed to the new terms and that the upheaval of another move has been avoided for the foreseeable future. Read the rest of this entry »
Pension News 04/07
PENSIONS NEWS
The Secretariat
Well, both Richard Wiscombe and I are still located at Buckhurst House in Sevenoaks. The lease comes up for renewal later this year and I am very pleased to say that the Trustees have agreed that we can stay, a Read the rest of this entry »
Pension News 01/07
PENSION NEWS
Richard Williamson Chairman PNPF Trustees
As a result of comments from members Richard has identified a need to explain the role of trustees and hopes that the following will clarify the key issues. Read the rest of this entry »
Pension News 10/06
PENSION NEWS
The Secretariat
Those of you who ring the Secretariat may notice that there has been a change to the staffing levels. As part of an ongoing reduction in costs the Trustees decided to make the part-time position of Secretarial/Administrative Assistant redundant. This has resulted in Vicki Apps leaving the Secretariat and taking up a life of leisure with more time to spend enjoying her numerous hobbies.
This leaves Richard and me to carry on with the day to day running of the Fund and the reduction in staff should not affect the standard of service you have been receiving.
Trustees
There have been changes in the Trustee Board, as well, with Stewart Lee (Forth pilot) resigning from the Board and retiring from pilotage. Tony Anderton (
On the Port side David Holmes has retired as an Alternate and Graeme Clark,
Investment Strategy
The Trustees are continuing to implement their investment strategy with the last £10m tranche disinvested from the equities portfolio and transferred to Quellos at the end of October. This completed the second phase of the strategy and the Trustees will be discussing the third phase at their November quarterly meeting.
Summary of Funding Statement
In accordance with current legislation and Government dictates the Summary of Funding Statement was sent out to all P.N.P.F. members on
Benefit changes
Flexible Retirement
From
· You must be over age 50 (age 55 from B2010)
· Once your PNPF pension has been put into payment you will not be allowed to continue to contribute to the PNPF or accrue any future pensionable service. Your entitlement to death in service and ill health benefits will also cease.
· You must have the consent of your Competent Harbour Authority.
The Association’s Payment Proposal
The Trustees have been in consultation with the Association of Participating Bodies in the PNPF (the “Association”) regarding the Fund’s level of funding. This culminated in the Association putting forward a voluntary payment proposal to the Trustees. The proposal has the support of the majority, but not all, of the CHAs with employed and self-employed active pilots, is voluntary and is not legally binding on either the Trustees or the CHAs.
Following actuarial and legal advice the Trustees agreed to accept the Association’s proposal, which is retrospective from
News in General
Disclosure Regulations
The Department for Work and Pensions (DWP) announced that the draft regulations which were due to come into force in October have been dropped. The new regulations would have introduced annual benefit statements for defined benefit (DB) schemes (the PNPF already provides these) and the concept of information disclosure within a
“reasonable time”.
Age Discrimination
New laws covering age discrimination are to be postponed for two months and will now come into effect on
Age Regulations
Judicial review proceedings have been commenced by Heyday, on behalf of Age Concern, to challenge the Government’s introduction of a national default age of 65.
Contributions up, Membership down
A recent survey by the Government Actuary’s Department (GAD) reveals that employer pension contributions rates in the private sector are increasing while the number of members of schemes is falling.
Pensions experiment
A recent experiment challenged 26 households, aged between 30 and 50, to live off the equivalent disposable income today’s pensioners received if they relied on the state pension. All but one household, overspent their state pension allowance by 158 per cent. The majority spending their weekly entitlement within three days.
Debbie Marten
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