Forum 09: Public Sector Pensions – Composite 2.

(This post is a little late – it’s the speech I made while moving this composite supporting Public Sector Pension schemes on behalf of London region at the UNISON Labour Link forum the other weekend. It was to no real surprise passed unanimously)

"Chair, Forum...Firstly can I say that I am speaking as someone who had invested nearly 20% of his pay for over 20 years in Public Sector Pensions. For the last 16 years I have also been a member nominated representative on my scheme investment panel.

Forum, it is a strange, strange world we live in and think it is only now that we fully understand and appreciate the job of work that was done in recent years by our Labour Link and UNISON to save our pensions. If there had not been a Labour Link, arguing with facts and passion to defend our pensions, we would not now have a guaranteed, safe, final Salary pension scheme.

To be frank Forum, the battle to save our pensions is not over. The vultures are gathering. Let us be crystal clear – the Conservative Party even under cuddly Cameron will abolish our pensions. The Liberal Democrats even under Saint Vince Cable will abolish our pensions. They will abolish our pensions and replace them with insecure, unstable personal pensions with massive cuts to employer contributions.

Forum, our enemies, for that is what they are; our enemies’ attacks on our pensions are based on two things – Lies and Spite. The first of the many fibs are that public pensions are in some way “fat cat” pensions! Now all of us here, today, know that to be a lie. But what you need to do is let all your branch members, your friends and families, know that in reality the average public sector pension is under £5,000 per year. £100 per week is not a “fat cat” pension. Especially when compared to the millions paid to Royal Bank of Scotland “Fred the Shred” for actually losing our pension funds hundreds of millions of pounds of our money.

The 2nd lie that is being told by our enemies is that our pensions are in some way “unaffordable”. Forum, this is rubbish. This is untrue. We must do everything we can, at every opportunity to refute such porkies. Let me explain further.

I am a member of the local government scheme (LGPS) and was tupe transferred to a housing association who only offers a Group private pension to their other staff. My membership of the LGPS costs my employer 13.8%, repeat 13.8% of my salary. They even put that figure on my pay slip each month. Now if I was to transfer to the Group private pension scheme it would cost them 16% of my salary. Not only this they would have to contributions more for pensions since they would have to pay more for life assurance to replace our “death in survive benefits”, and even more to pay for a Permanent Health Insurance policy (PHI) to replace our medical early retirement benefits.

Forum, this is the truth of the matter not the lies. It is that Pensions are an expensive business. It does cost money to provide decent pensions. No matter what system is actually used. Remember also that the best public pensions cost less than 0.5% in running costs per year while personal pensions can swallow up to 40% of contributions in commissions, administration and fund managers profits.

So in fact our public pensions are affordable, cheap to run, secure and safe. So why do our enemies attack our pensions? The answer, Forum, can only be ideological spite. The traditional open Tory belief that Public=Bad; Private=Good; Collective= Bad; Markets= Good.
Forum, there is 5 million of us in the public pensions, in local government, in heath and in utilities. Forum we desperately need to work for the re-election of a Labour government, for its faults to save our pensions. There is clear red water on this issue. Please support this composite.

(this is an off the wall thought and not in the motion - If you are really serious about ending poverty for all in old age? – How about compelling all employees, employers and self employed to join their local council pension scheme? Contributions collected either direct from all or the Inland Revenue? Just a thought).

Ground Control to Commissar Jon: your circuits dead, there’s something wrong

It is a shame to wash our dirty clothes in public but I note that the renowned witch hunter and red baiting UNISON NEC member has complained on his blog that the Ultra Left cultist, Glen Kelly, was “howled down” at yesterday's NEC meeting. I understand from people who were actually there and live on the planet earth that nothing of the sort actually happened.

It is interesting that he indicates that what he calls “gentle heckling” by Ultra Left extremists at this year’s NDC conference was okay? ...and he has the blooming cheek to calls his NEC colleague “hypocrites”?

Now I come from a rough and ready tradition of public political debate and can be as passionate about things as anyone. Sometimes, in the dim and distance past I will admit, even I, have overstepped the mark somewhat at meetings for which I have then apologised (never at our Conference of course).

But the continual screaming, shouting and booing in some Conference debates this year by Ultra Left delegates who at the top of their voices yelled - “Liars” and “Rubbish” at speakers they happened not to agree with is completely unacceptable. It is not “gentle heckling” This appeared to be organised and pre-planned behaviour and gave the clear impression that it was done quite deliberately to physically frighten and put off ordinary members from speaking at our Conference.

But I think that most people have a different view of heckling than Trotskyite entryists who always want to shout down opponents since they don’t actually believe in such bourgeois concepts such as democracy. Instead they think shouting loudly and being indignantly outraged all the time will bring about the revolution.

Remember: This is from people who quite deliberately wreaked a sensible rule change (and wound up others with untruths and smears) at Conference which would have assisted the union with throwing out of membership Racists and Nazi’s. Some speakers against the rule change did have a principled argument but why the Ultra Left actively organised against it is beyond me? I cannot think of any other reason than to score points to suit their own narrow, pointless and sectarian purposes.

3. The TORIES and how to beat them

Iconic Labour Movement. Hat tip thingy Col. Roi

M&S Owners are Revolting

Some of my earliest memories are of being really bored to tears while out shopping with my Mum and sisters in “Markies”. They would it seemed to me at the time spend hours and hours deciding what to buy, queue to try stuff on, then queue at the tills. Then the following week come back and queue to return the same clothes as unsuitable and start the whole long laborious process all over again.

I now depend on MS for their black socks and lovely pre-cooked grub.
So I have a sort of “love-hate” relationship with “Marks and Spencers”.

Today I was at a meeting of the Local Authority Pension Fund Forum (LAPFF). My Pension scheme is a relatively new member of the Forum.

According to its mission statement “LAPFF exists to promote the investment interests of local authority pension funds, and to maximise their influence as shareholders whilst promoting corporate social responsibility and high standards of corporate governance amongst the companies in which they invest.

Formed in 1990, the LAPFF Forum brings together a diverse range of local authority pension funds with combined assets of over £75 billion”.

Later that day LAPFF Representatives were going to move and vote on their resolution at the M&S shareholders AGM about splitting the role of its Chairperson and CEO, Sir Stuart Rose, who currently holds both positions in the company.

This combined role of the two most powerful positions in a company is a complete nonsense and goes against all good modern day governance advice. Not because Sir Stuart is doing that bad a job but it is very poor practice for a modern day top public company to have a management structure that you are more likely to find in an overseas company run by the Russian mafia than our dear old M&S.

In the long run, such poor governance is bad for the company, bad for the shareholders, bad for pension funds and therefore bad for my members. By definition Pension investments should be in for the long term.

The LAPFF resolution was very successful. They never expected to win but they received nearly 40% of the vote which is unheard of in such an AGM. The BBC reported here that the vote was twice as high as any other shareholder resolution in a top FTSE 100 company.

I expect M&S to "take on board" this message.

LAPFF members only hold less than 2% of the total shares of M&S so this is a great result for them and for better governance of our investments.

It is only a pity that they were not in the past able to challenge the rubbish governance of the risk management and remuneration committees of our Banks and other Financial institutions. If they had we would not be in the mess we are in and many pension schemes would not be under threat.

Check out Tom P at Labour and Capital for some great analysis here, here and here

An Evening with Ken Livingstone – Newham Young Labour.

Newham Young Labour have arranged this event at East Ham Town Hall (on by coincidence Bastille Day!).

We have an active, organised and well supported Young Labour section in Newham (East and West Ham).

These activists have been at the very heart of campaigning in recent elections. This is probably one of the reasons that we have been doing so well relatively in Newham.

I'm going to miss the London Progressive conference this Saturday. So this can be a chance to catch up on Ken's latest views on Boris and the wider political scene.

All Labour Party supporters welcome.

Why the Clown left the SWP Circus

Comrade Mercader has drawn my attention to the Harry’s Place post on Comedian Mark Steel’s book “What’s Going On?”. Mark left the SWP “rabble” last year after being a member since 1978 and in this book he explains why.

Check out here for a early ultra analysis of Mark and SWP bonker madness.

Apparently Galloway's antics on Big Brother was the final straw. Who said there was no good at all in the "Gorgeous One"!

Enjoy!

A Million Voices for Change

Please share this UNISON million voices message

Newham Independent Selection Team Says...Yes!

Last week I received notification from the London Labour Party panel for Newham Borough Elections 2010 that I had been “recommended for inclusion” as a prospective Labour candidate. (i.e. passed).

I had the interview the week before in East Ham Town Hall. This was the first formal interview I have had for over 10 years (I think?)

There is still a long, long way to go. Next thing is to get yourself adopted as a Labour Party candidate for a Newham Ward. Usually you have to make a presentation to the local Labour Party ward members and answer their questions. Then there is a secret ballot and the top 3 are selected as candidates (one at least has to be a woman). This is likely to begin in September.

If the local ward selection meeting is not quorate then the Regional Party selects candidates.

If you get selected as a candidate you then of course have to pass the final “big test” and get yourself elected by the good people of Newham!

(see previous post on original application here)

2. Labour Victory 1964

Iconic Labour Movement 1964. Hat tip thingy Col. Roi.

Happy Birthday America – The Revolutionary British Republic

Once again I am wishing all my American cousins a very happy Independence Day while thinking that this celebration should also be important on this side of the pond.

Since “Today is the day when the British freed themselves from a despotic monarchy and declared Independence. Unfortunately, they were unable to liberate their homeland of the British Isles, but those Britons willing to stand up to a tyrannical king went on to become “Americans” and created a world superpower, invented the corndog, and gave the world Bob Dylan”.

Hat-tip thingy to last year’s Harry’s Place and this post.