In Reply to: News from South Africa posted by Alan Murphy on 17 April 2004 at 05:14:44:
: Although legislation in South Africa is a little different, comments are welcome as to how this relates to the UK. Is the pattern of behaviour the same? What can we learn from PFAG?
Interesting to say the least.
Here we have another trust being controlled by the Corporation.
So far we have learnt from the many postings on the message board over the years, the following story.
Two Corporate directors are appointed to the Trust.
Ann Grinstead pitches to the board the benefits to the company of DC - vs - DB, followed by the same pitch to the trust.
The 'Trust Deeds' get changed to accommodate DC.
Mysteriously D Child is moved from the chair of the trust and
B J Morgans is put in.
Member elected Directors see the 'New Deeds'
No member of the pension fund is informed of what's happening, and why.
B. Morley resigns and states that he thinks that the Corporation acts as if it is their money.
The membership 'finds out' what's been happening and go through grievance channel to the Ombudsman.
Ombudsman takes four years plus and the members are still awaiting results.
Members write to many MP's. Rumour has it that IBM addressed a number of MP's on the subject.
Members, is this story, a question of Pensions or more likely a question of Corporate control.
Should that be the case, maybe we should be addressing a case of 'Dereliction of Duty' in the High Court on behalf of the Trust, or more precisely individual trust directors.
From a member's point of view the trust is there to safeguard our interests and to inform us of the situation not be subservient to the demands of the corporation.
Is there anyone out there that has chapter and verse on Trust Law?