To: MPs, HMRC
Managers should be in same pension fund as staff
Pass company law legislation to ensure senior managers do not have special pension rights which are different from/ more expensive than those of their staff.
Why is this important?
Currently senior managers and others such as private equity funds may have a conflict of interest with the staff as it may be in their interests to run down the pension fund to pay themselves dividends. Senior managers may also be in schemes unapproved by HMRC which are far, far more expensive for the company to run. People who are paid a lot can afford to make their own pension arrangements or savings, staff cannot.
It is manifestly unfair and unacceptable for anyone to have personal financial incentives to run down the staff pension fund. See the Philip Green affair. It is also good management for managers to align their own interests with the staff and company.
