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History
of COPAS
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Our History
COPAS was established in 1993 when the vulnerability of the assets of pension funds had been highlighted by a number of major court cases, amongst which were:
- Imperial Tobacco
- Mirror Group
- Lucas
Many other smaller funds had also suffered.
The then government acted by first setting up the Goode committee and later by passing the 1995 Pensions Act. COPAS gave evidence to the Goode committee and made many representations to the government before the passing of the 1995 Act.
The formative stages of COPAS coincided with the development of the 1995 Act. Particularly helpful were the representatives of the British Airways pension funds association and pensioners owe a debt of gratitude to them and the other officers of COPAS for the work that they achieved over this period. However, only some of the aims of COPAS and its members were satisfied by that Act. It is important that COPAS continues to keep its name before government and fights for the needed changes to be incorporated in law.
The Scope of COPAS
COPAS expresses the views of all member occupational pensioners' associations whether representatives of traditional "Final Salary Schemes", or of the increasing proportion of "Money Purchase Schemes". In the former there have been problems over the legal and fair custody and distribution of fund surpluses. The problems associated with "Money Purchase Schemes" are now beginning to emerge: annuities purchased at a period of low interest rates deliver inadequate pensions.