Sunday, February 28, 2010

The Pension Legacy of Arthur

As a trustee of the Sun Pension scheme, it is "highly encouraged" by the Pensions Regulator that I undertake the web based training available at The Trustee Tookit. I have done worse. Robert Maxwell managed to contribute a significant amount to the way Pension Schemes are administered today, though I doubt by intention. There are some other colorful characters who also helped shape the way pensions are run and the underlying regulation.

One item of history which may have escaped those of us who were 15 at the start of the miners strike in 1984 may have also missed Arthur Scargil and the land mark judgement on the purpose of pension fund trustees. Arthur wanted the pension fund to avoid investing in alternatives to coal such as oil and the court judged that such a policy was against the best interests of the beneficiaries of the scheme, irrespective of the effect on the industry the pension scheme supported.

I never really though of Arthur as a long term saver, but his pension should keep him warm through the Yorkshire winter. Maybe more lessons can be learned from Arthur than I originally thought.

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