Was the C - Plan missold?

Posted by Colin Clark on 03 December 2000 at 18:30:49:

I always understood that increases under the plan were discretionary and that in practice the Plan had given increases of about 70% of RPI.
I also understood and understand the risks and expense of guaranteeing RPI increases.

I was certainly not told that surpluses generated by my or the company's contributions would not be used to maximise benefits. And certainly not told either then or since that they might be used to fund other pension plans.

The logic of this seems to be that the 70% awarded historically might be withheld to create even bigger contributions to other plans.

It does look as if the Trustees are agents of the company rather than of the C - Plan menbers.

Has anyone explored whether this line of argument might have some force with the Ombudsman?