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Sunday, 15 August 2010

The Great Pension Swindle

Throughout the Western World those of my age and generation, the so-called 'Baby Boomers' are being told that our pensions are unaffordable, that we must work until we drop and that all the money we have paid into pension funds is no longer available. Why is this? Well, in the UK, the answer is simple. It was never invested. Instead it was used to subsidise schools, the all consuming NHS, Parliamentary pay-offs and extravagance, social security for the 'won't works' and the hand-outs to immigrants. (A recent study showed that an immigrant could get benefits totalling over £400 per week while a Pensioner on the full State Pension gets under £200.) Add to that the failed social engineering experiments and all the other money consuming projects so beloved of the Left and Labour (Like Blair's electronic government - £1 billion or more and still not working!). That is the state of the 'State Pension' but why are the 'private pensions' in such a state of collapse?

Again you need look no further than the stupidity of Whitehall and the greed of the Directors. The collapse of the Maxwell Empire (The Mirror newspaper Group) is a clear pointer. The law 'allowed' the members contributions to be 'invested' in their own company. The various Boards interpretted that as a carte blanche to use the suprlus cash in the pension fund to prop up failing businesses, fund expansion or build unaffordable corporate headquarters. Those that were invested the Blair government and that economic disaster of a Chancellor, Gordon Brown, soon took care of. He changed the tax laws and stripped the pension funds of over £8 billion - and the Treasury is still stealing £6 billion a year out of the income that was supposed to pay for the pensions staff have paid for.

Elsewhere, as in South Africa, Employers Pension Schemes were required to be invested funds. You could not do as they do and did in Britain and use contributions to pay the pensions you were currently supporting. Those had to be paid out of your investment income. So the pension funds were, until recently, healthy. Then the present government began asset stripping.

My generation spent their youth being told we were 'too young' and 'too inexperienced' to be the top dogs. Then suddenly we were pushed aside by the PC Brigade and the Socialist graduates as having been 'privileged' and must therefore stand aside to allow the 'disadvantaged' to take charge. Some of us were even told we were to 'support and guide' the peoplebeing parachuted into positions for which they were neither qualified nor trained. We were to 'make our knowledge and experience available so they could catch up and take charge.' I freely admit that I was one of those who refused. If I wasn't good enough to hold the position, then I certainly wasn't good enough to 'guide' the complete ignoramus who was appointed. I also made sure that any direction from them which was likely to have repercussions was recorded and my objection with it.

So now the chickens are coming home to roost. My pension is under threat. I'm told that because the expected population and job expansion (people being employed in endlessly expanding jobs) hasn't happened; because the expansion of the economy isn't happening; because the wars Labour embarked on in Afghanistan, Iraq and who knows where else have cost more than they thought and because the Civil Service (Which contributes nothing at all to the economy) continues to expand exponentially, I will have to continue until I am 67, 68, 69 - or drop dead - before I and all my fellow 'Baby Boomers' qualify for our pensions.

I have a suggestion. Sack half the Civil Service, on the grounds of incompetence, a charge which could be easily proved in every case from the top down. Freeze 'Benefits' and cut Parliamentary salaries and pensions - the salaries by half and the pensions to the same 'pro rata' formula as the rest of us in any employment where the pension benefits are directly related to length of service. That will save several tens of billions and that can be invested to pay the pensions we, the Baby Boomers, have paid for. Selling off all the luxurious and hugely expensive office accomodation built in the last twelve or so years to house extra civil servants and the hordes of self-important twits called MPs would also provide a vast amount of money to balance the books.

Do I expect any politican to even consider this? I won't lay any money on it.

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