Contracts and pension lawyers
Sally Ramage | 25.11.2005 09:16 | Analysis | World
What really comes out at conferences. If a lawyer needs to go to an annual high level conference to learn about contracts then there is no hope for us.
“CONTRACT LAW AND PENSIONS LAWYERS”
By Sally Ramage of Sally Ramage™.
I attended the Association of Pension Lawyers Annual Conference with my spouse as the Pension Lawyers Association write-up stated , not “Please feel free to bring your other half” but “MAKE USE OF THE BEDROOMS WHICH CAN SLEEP TWO”.
So any delegate could have brought a prostitute free of charge for two nights.
They went to have a five-course dinner on Thursday night at EXPLOTE AT BRISTOL, they said and returned to the Marriott Hotel Bristol at midnight.
What bothers me is this. Why, at a conference for senior pension EXPERTS did one speaker have to discuss basic CONTRACT LAW. INPLIED TERMS. ETC.?
It amazed me to see these VERY SENIOR PENSION LAWYERS ALL SCRIBBLING DOWN NOTES on cases such as BOLAM, saying it is NOT BREACH OF DUTY if the court is satisfied that “the practice “( of whatever they are being sued about) is normal practice. So he said if ten years ago the pension scheme was invested in 90 % equities and 10% real estate or property, then that was OK , because it was common practice to invest in that fashion then. So one is not liable for professional negligence.
What bothers me even more is that there were no less than FIVE PERSONS FROM THE PENSIONS REGULATORS OFFICE which seemed to be to be an over –cosy affair.
What is more, with my Accountant’s hat on, it was a mere two minute calculation to find that the APL made a handsome profit of £147,120 from the event, notwithstanding living it up like lords at the expense ultimately of the poor pensioner.
Even taking Value Added Tax into account, the same Value Added Tax that each delegate will promptly reclaim , the NET PROFIT TO THE BODY OF LAWYERS WHO work in the pensions sector is still hefty at £121,374.00. As well as this, each lawyer or lawyer’s firm will reclaim the VAT on the delegates’ fees, and so there is another gain of 17.5% of the total fees paid, which is equal to a nice pocket of money worth £42,700. All in all, these lawyers as a body, had a high class two days and a profit from the “taxman” and the “pensioners of the country” of over £164,000.00.
This must be the case for all classy jaunts at home or abroad for professionals who go away to learn or be reminded of basic contract law.
Delegates’ Fees [ ] 244,000.00
Less Expenses:
Hotel bedrooms including breakfast[ ] 54,780.00
Cost of conference hall hire 2,000.00 E
Delegates lunches[ ] 14,950
Dinner on 24th[ ] 18,675.00
Bus hire to and from dinner 500.00 E
Conference typing and organising[ ]Gifts for each delegate[ ] 0
5,980.00
Total Expenses of APL Conference 2005 96,880.00
NET PROFIT 147,120.00
INCOME AND EXPENDITURE ACCOUNT FOR THE CONFERENCE
In my humble opinion, as small businesses go, this is a very profitable way of gaining even more money from poor hard done by pensioners, caught by actuaries incompetence, lawyer’s high-class taste and the “taxman” as is put colloquially.
Poor pensioners !
By Sally Ramage of Sally Ramage™.
I attended the Association of Pension Lawyers Annual Conference with my spouse as the Pension Lawyers Association write-up stated , not “Please feel free to bring your other half” but “MAKE USE OF THE BEDROOMS WHICH CAN SLEEP TWO”.
So any delegate could have brought a prostitute free of charge for two nights.
They went to have a five-course dinner on Thursday night at EXPLOTE AT BRISTOL, they said and returned to the Marriott Hotel Bristol at midnight.
What bothers me is this. Why, at a conference for senior pension EXPERTS did one speaker have to discuss basic CONTRACT LAW. INPLIED TERMS. ETC.?
It amazed me to see these VERY SENIOR PENSION LAWYERS ALL SCRIBBLING DOWN NOTES on cases such as BOLAM, saying it is NOT BREACH OF DUTY if the court is satisfied that “the practice “( of whatever they are being sued about) is normal practice. So he said if ten years ago the pension scheme was invested in 90 % equities and 10% real estate or property, then that was OK , because it was common practice to invest in that fashion then. So one is not liable for professional negligence.
What bothers me even more is that there were no less than FIVE PERSONS FROM THE PENSIONS REGULATORS OFFICE which seemed to be to be an over –cosy affair.
What is more, with my Accountant’s hat on, it was a mere two minute calculation to find that the APL made a handsome profit of £147,120 from the event, notwithstanding living it up like lords at the expense ultimately of the poor pensioner.
Even taking Value Added Tax into account, the same Value Added Tax that each delegate will promptly reclaim , the NET PROFIT TO THE BODY OF LAWYERS WHO work in the pensions sector is still hefty at £121,374.00. As well as this, each lawyer or lawyer’s firm will reclaim the VAT on the delegates’ fees, and so there is another gain of 17.5% of the total fees paid, which is equal to a nice pocket of money worth £42,700. All in all, these lawyers as a body, had a high class two days and a profit from the “taxman” and the “pensioners of the country” of over £164,000.00.
This must be the case for all classy jaunts at home or abroad for professionals who go away to learn or be reminded of basic contract law.
Delegates’ Fees [ ] 244,000.00
Less Expenses:
Hotel bedrooms including breakfast[ ] 54,780.00
Cost of conference hall hire 2,000.00 E
Delegates lunches[ ] 14,950
Dinner on 24th[ ] 18,675.00
Bus hire to and from dinner 500.00 E
Conference typing and organising[ ]Gifts for each delegate[ ] 0
5,980.00
Total Expenses of APL Conference 2005 96,880.00
NET PROFIT 147,120.00
INCOME AND EXPENDITURE ACCOUNT FOR THE CONFERENCE
In my humble opinion, as small businesses go, this is a very profitable way of gaining even more money from poor hard done by pensioners, caught by actuaries incompetence, lawyer’s high-class taste and the “taxman” as is put colloquially.
Poor pensioners !
Sally Ramage
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