The Daily Mail Does It Again

Proof if ever it was needed that the Daily Mail can turn the most encouraging news into something negative. Something it has successfully done with pensions for years.

The ONS have just released their report which shows that life expectancy between the rich and poor is narrowing in the UK. Something to celebrate. We do care for everyone. We are a genuine democracy. We do have the best health service in the world. I could go on.... the message is we have a lot to be thankful for and a lot we are getting right.

So the report is good news, as reflected in the Financial Times headline 'Life Expectancy Gap Between the Rich and Poor Shrinks'. Not the catchiest of headlines- but it is the Financial Times!

Now read the headline in the Daily Mail, covering the same report: 'A fifth of baby boys living in the UK's poorest areas won't live to state pension age - official figures'. I guess they kept looking until they found the suitably negative statistic. I'm sure it's true. I'm sure we can do more. But the overall message is positive. Shame on them (once more) for the ability to whinge louder than the rest of us.

Democratic Pragmatism

Diageo’s pension plan has been in the news recently.

Praised in the press for enlisting pensioners in order to find the current whereabouts of deferred pensioners, they are in the press again for a change they are making to their trustee appointments.

It appears that Diageo have had to replace their Member Nominated Trustees every three years. Just as they were getting useful, I would think. It must take that long just to understand the intricacies of a Defined Benefit plan.

Now, they will no longer have to replace the trustee automatically and can have them on board for a second term and longer. Slightly less democratic maybe, but infinitely more useful for everyone.

My only concern would be the possibility of ‘Chairperson Control’. By that I mean the fact that trustees will inevitably get set in their ways to a degree. The Chair will have a considerable say in how things are managed. Having someone new in the mix that is not afraid to ask ‘daft’ questions can help improve the way a trustee group operates.

Well done Diageo, but watch for complacency.