Election update 9 March 2003 - Mike O'Sullivan replaced. (Updated further 22 Mar)

This one relates how the Trust had no plans for what to do, when an employee retired after being elected.  It sheds what light there is on the Trust's dubious assertion that it had no powers to keep Mike O'Sullivan as a trustee.  It describes the best method of using the voter preferences from the original election to determine a replacement - something the Trust did not do (or even mention the possibility of doing).

You will recall that at election time we were told there would be a Jan 2003 issue of "It's your pension" featuring the successful candidates.  That did not happen.  The reasons given for the delay did not mention Mike O'Sullivan but they were not very convincing reasons so you may prefer to believe that Mike was a factor.  Anyway, if you were eligible to vote you should now have a "It's your pension" issue dated April 2003 which tidies up the situation, as if the selection of the fourth MED had been an election.

Hursley Retirees AGM - Brian Marks expanded on his election statement. 18 March 2003

This covers the difficulties for elected trustees, why AMIPP exists, what you might expect from the Ombudsman, the national organisation COPAS, and the "New IBM".

There is a report of a Trustee Training Course your MEDs went on.

Newsletter12 commented on IBM buybacks of shares.  As a result of legal action by shareholders the US company "Sprint" has agreed to ban its directors and senior executives from selling shares in Sprint while the company is buying back its own stock. "They can't use company money to prop up the stock while they sell their own stock," said the law firm that was successful.  Details in a New York Times article.  

The Sunday Times has published its list of 100 best companies to work for in the UK.   Such lists often don't have much scientific basis.  This one has Microsoft at number 1 and IBM not in the top 100.   Times have changed - it is now Microsoft that can trumpet valuing its staff.

If you are receiving a state pension you will be getting advice from the government on how it is calculated. (Form BR2199(RP)).   The "Additional Pension" relates to increases in your Guaranteed Minimum Pension component and that GMP shows on your retirement payslips from the Trust.   If you want to understand the detail of how the two sources of information relate, see recent message board activity.

There are new regulations (published in May 2002 and coming into action now) that require (for money purchase schemes) an illustration, ie forecast, of the value of the pension you will get under some regulated assumptions.  This applies to "illustrations prepared on or after 6 April 2003".  Nationwide, illustrations are now being issued under the regulations.  Some show forecasts lower than previous illustrations.   One Sunday newspaper described this as "pensions slashed" although it is in fact only a different calculation of the value of an existing accumulation.

In newsletter 13 we told you of a legal case with a new twist on the "use of surplus" issue.  That is resolved now - the company, Lonrho, lost and will get none of the surplus.

Over a period, AMIPP has lost contact with a number of people, listed in Lost Members.  They might have changed their email address and not told us, or they might have lost their jobs and no longer have an email address. If you can help by reminding them of the need to re-register, or by being an "e-mail buddy" for them, please do.

AMIPP, the Association of Members of IBM UK Pension Plans       www.amipp.org.uk