The despair Of The British nation.

Monday, 1 August 2011

Pension Scandal.

When Did It Begin?


America reflects the UK and most other Western Nations. Today a comfortable, fat cat Labour "Lord" tells us what we have known since he sang the praises of and exalted his great Chancellor, here.
In 1997 this moron above abolished the very bed rock of The UK pension stability and future capability. Not just in the private but also the public services, which had underpinned the future capability of pension savings, via funds, to deliver.
This mantra about living longer is such clap trap, deceitful spin, as ever. Since people might be fit enough to work longer, after what used to be solid pension saving disciplines, those pensions maturing at 60-65 were capable of substantial increases to more than offset the life span extensions talked about. 
Note also how Government is washing its hands of any ideas to counter the disastrous errors and stupidity of Snotty's terrible tenure. Since the tax relief on pension dividends worked so well for decades why not bring it back? Because of war, a bloated public sector and failed Government, over decades of political doctrine, dogma and yo yo administration on both sides of The Atlantic.
The paucity of intelligence and ability in our leaders is glaring. Such pathetic lack of intelligence allows entrenched bureaucracy to dominate secretly, using a Nation's wealth as their own piggy banks. I accept that the pension fund industry was and remains a greedy, selfish and deliberately obfuscatory business. Snotty was correct to seek redress from that ghastly, collaborative, rip off, ponzi monolith controlled by the financial insurance giants. Trouble was, as ever, any damage was done to the policy holders whilst the bosses and shareholders remained to this day relatively unscathed.
This subject is probably very boring for 99% of those passing by and under 40. Trust me, it comes round quicker than you think. If you are struggling to pay for your habits today your enforced withdrawal and drying out in your fifties, if you live that long, will be scary. Unless of course The NHS is happy to pick up the tab. it seems so today, why not tomorrow? That or a saline doctored drip to help!

    

4 comments:

Demetrius said...

The scale of this disaster is difficult to comprehend. Certainly, the government do not seem to understand the full implications.

microdave said...

"Unless of course The NHS is happy to pick up the tab."

Don't be silly! The NHS has been in the news over the last few days for an apparent policy of fobbing patients off, in the hope (expectation?) that they will "remove themselves from the waiting list". This is assumed to mean either:
1) Privately, by paying for their treatment.
Or
2) Permanently, by dying...

Anonymous said...

It began before Brown, although he administered the death blows. Thatcher allowed pension holidays for firms with funds in surplus, most of these holidays were taken by the firms and not the staff, there was no contribution increase when funds went into deficit, pension funds were raided by twits like Maxwell, pensions were miss sold and even went defunct like Standard life. Brown raided for tax, £5 billion a year, he also removed the cap for executives, it was £150,000 but now unlimited, see Fred the Shred.

But you are right about the Tories, they slated the tax raid but have done nothing to correct this theft

Oldrightie said...

Demetrius, our lot are rabbits frozen in EU headlights. MD, come on you know my sense of the ridiculous! Anon, pension holidays helped stimulate the economy left by Labour. Wish it were that easy today. Snotty's take, on your figure per annum since 1997 is now a reduction in private pension on this count alone, £70 billion. Where did it all go?