I have been following the debates on DB pensions in the House of Lords and know that there is anger with failures of Pensions, to meet their promises when they have the means to do so. On Wednesday I spent a morning with senior trustees and advisors debating what should be done with the surpluses that three quarters of the DB pension funds in this country enjoy.

It is sad that the BP Pensioner Group exists, it is the well-organised tip of an ice burg of resentment among pension scheme members that they and those who followed them and got no DB but only an inferior DC scheme are not entitled to pension scheme surpluses. These surpluses are of course also in the LGPS where the sponsors are primarily council tax payers

I will leave the rest of this blog to John who speaks for BP pensioners but in a way for everyone who loses from the non payment of pension surpluses to those who most need the money.