Martin O'Neill Profile picture
Mar 8, 2018 12 tweets 11 min read Twitter logo Read on Twitter
The #USSstrike has got many people thinking for the first time about pension governance, and about the agenda for overhauling the pension system that the left is going to have to pursue in the years ahead. Here's a thread with some useful reading.

#USS #StrikeforUSS #USSstrikes
Great post by @ewanmcg on @LSEpoliticsblog on the context of the #USS strike, issues in #USS governance, and the rent-extraction of financial intermediaries.…
And an excellent piece by Christine Berry @oeufling for @openDemocracy @openDemocracyUK on the "hot mess" of the UK pension system and the iniquities of how financial intermediaries are taking us all for a ride:…
A piece from the @nytimes this week by @DHWebber1 on "The Real Reason the Investor Class Hates Pensions":…
An oldie but a goodie: Robin Blackburn on pensions in the @LRB in 2004:…
And here's @joecguinan in @openDemocracy on democratizing capital, including a discussion of pension democracy:…
Thanks to @joecguinan @oeufling @ewanmcg for inspiration on this. If anyone has any other reading suggestions on pension fund governance and democratization, and what a left agenda for pensions should look like, just reply here to add links to this thread. Thanks!
And I nearly forgot ... @joecguinan and @ThomasMHanna of @DemocracyCollab for @NewSocialistUK on "Full Corbynism" and Labour's new institutional political economy, including a section on the possible role of employee pension funds.…
A killer line from @ewanmcg " If you read into the #USS annual reports (I encourage, but don’t recommend it!) you find that USS is now paying its fund managers as a whole 482% more in 2017 (p.15) than in 2008 (p.103). Total USS operating costs increased 186%."
I realise some of those links didn’t worked because I’d copied them over from a @facebook post. Here’s the proper link to Christine Berry’s piece @oeufling @PHellermann…
Or the @openDemocracy version of Christine’s piece @oeufling…
And a functioning link (I hope) to the @DHWebber1 @nytimes piece on why the investor class don’t like collective pension institutions #UsS #USSstrikes #USSstrike

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More from @martin_oneill

May 19, 2018
On the newly-renationalized (✊😊💯👍!) East Coast rail, heading home to York after a very stimulating day at the @UKLabour #StateOfTheEconomy conference, it seemed like a good moment to reflect on this week's @TheEconomist piece on 'Corbynomics' (THREAD)…
The first thing to say is that @duncanrobinson & @econcallum are to be congratulated on a serious piece of analysis, which avoids the parade of dismal, lazy clichés that we see in so many other publications. Serious political journalism shouldn't be so rare, but it's good to see!
There's a useful analytic frame in dividing Labour's political economy thinking into fiscal policy, monetary policy, and structural reforms. And it's right to say that the third of these will actually be the most significant.
Read 26 tweets
Mar 16, 2018
Here's a THREAD on the #USS Trustees, powerful individuals whose role has been insufficiently examined, and who have been operating without the full benefits of public scrutiny.

#USSstrikes #USSstrike #WeAreTheUniversity #StrikeForUSS #DemocratiseUSS #DemocratizeUSS

As the #USS dispute goes on, it's clearer than ever that the institutions that govern our pensions have been failing us in multiple ways. They are secretive, non-transparent, marked by conflicts of interest and revolving doors. We need to open up and #DemocratizeUSS.
Of the 5 “independent” Trustees of #USS, 4 have a background working for investment and financial services companies, the 5th used to work for Rio Tinto, the mining company, running their gold mines in Papua New Guinea.

Let's have a look at them.
Read 33 tweets
Mar 14, 2018
This looks like good news from @TPRgovuk, opening the door to a #USS deal on the basis of the Sept 2017 valuation involved in the initial @UCU recovery plan, if only the remaining hold-out VCs will accept this. 1/x
But we should in any case beware one kind of mistake which comes from treating @TPRgovuk as some unmovable exogenous constraint on a #USS deal. (1) The #tPR view itself is in part a function of VC’s avowed positions on risk levels. 2/x
And, (2) as @AdamJTucker has pointed out, there is a good degree of flexibility in how @TPRgovuk operates, and its regulatory framework allows space for appropriate intervention from the government. See embedded thread:

Read 19 tweets

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