Dear HPPA member
The current HPPA campaign team wants you to know that the government’s Bill 255 could present a major opportunity for change. And we need to work together to seize the moment before 7 July.
Now Bill 255 is heading for its second reading on 7 July and on to the House of Lords.
Please read the below message to find out the HPPA view of the Bill.
It is our considered position that we must get the bill amended. We cannot write the amendments. We must identify the areas we see that require amendment and the MPs & clerks will take that further.
On 7 July, we want as many MPs as possible to know our views of the Bill so they can enter the debate informed of our view.
Please note that Bill 255 does not reference our Pre-97 situation. The scope and purpose of the Bill is different and much larger than Pre 97.
Please write to your MP using the attached message. Please “top and tail” the message by adding why this change is important to you. Specifically ask the MP to take this important matter forward on your behalf.
Include your case number if you have one and be sure to include your name and postal address.
If you wish, ask for a meeting. HPPA can help you prepare or even be with you online.
And please make sure to send me a copy and forward to me any reply you receive.
If you need any help, just contact me.
Thank you and kind regards, Patricia@ hppa.org.uk
MESSAGE FOR SENDING TO YOUR MP
HPPA View of Pension Schemes Bill 255
Bill 255 enables the modification of existing Defined Benefits (DB) pension schemes to give Trustees the power to pay surplus to the employer/sponsoring company.
It is the view of Hewlett Packard Pensioners Association (HPPA), that amendments are required to ensure that Trustees will have the power to pay surplus to pension scheme beneficiaries, not just the sponsoring company.
Bill 255, Chapter 2, Clause 8, Powers to Pay Surplus to Employer
· Will enable the modification of existing schemes to allow for payment of surplus to employer
· “Pension Schemes Bill Explanatory Notes”, Powers to Pay Surplus to Employer, Clause 9 states “Through this change, trustees will also be better placed to negotiate with sponsoring employers to get additional benefits from surplus for scheme members”. There is no mention in the Bill of use of surplus to improve member benefits. “Better placed to negotiate” guarantees nothing.
· Thus, not fulfilling the requirements of the Pension Act 2004, Trust Law nor TPR guidance to act fairly and impartially in the interest of all beneficiaries of a scheme.
