What Pension Crisis?

I've said it before there is NO Pension crisis - its all smoke and mirrors. Engineered by the Government to squeeze us to pay off their incompetence. At last with Pensioner Bonds they are attempting to help out the beleaguered savers. In the end we cannot borrow our way out of the crisis. While the Bankers continue to make loads-of-money we are suffering.

If Gordon Brown had not raped the Pension funds in the last Government there would be plenty in the pot to finance industry and pay the pensioners but he's spent our nest egg.

Do I have to explain again how it works.

Let people have a level playing field for their pension savings. The money saved is used now to finance "things" later you will draw your pension. Don't worry unless they raid it again.

At least this is a good idea - long time coming. Next we need to regulate the charges that are levied and the rates of annuities that are paid should be kept within realistic ranges. Not to make Bankers FAT!

Pensions - sCAmeron up to tricks

So you know when the £140 flat pension comes in? Well we're paying for it.

More news on  what the osBorne Conspiracy is really up to.

Those of you like me in Local Government have a "contracted out" pension. WE forego the earnings related bit and thus get a discount on our NI (National Insurance). Well I 've just found out that whe the new pension comes in the Discount is abolished so all of us on "contracted out" pension will face at least a 1.6% rise in our contricbutions and if, like me you've not had a pay rise for 3 years, that'll be another PAY CUT. 

More money off the hard working top pay for the Bankers Mess! 

Tiring day in the Garden

Today's task was Cut the Grass. Well its done.
Beginning with fixing the caravan cupboard door. The trim had started coming off. Just needed sticking back, but it had to be the door next to the Microwave which was partially covered so necessitating me taking the whole door off. any way glued, but it curves so had to "bend" it around. Some tape stuck along would hold it in place. then grass cutting. Finally disaster a gust of wind took the poly tunnel door and broke it. Granted the wood is ageing but so I spent an extra 45mins fixing it. Now sat with a  glass of wine and poacher cheese.

So the Government have heeded my advice and moving in the right direction and announced measures to ensure one's pension pots move with you when you move jobs.

As I have said before its a scandal that if you move jobs (frequently - and who has a job for life these days) each company pension you have is worthless if you've oly got a few years in it. Less that 2 and you can cash in but then you end up with no pension hence the Pension Crisis we're in now. If you add up all the years then if you were in one scheme it should be quite good. So if the Government puts its foot down and MAKES the Bankers (Pension funds) play fair then transferring should not be penalised (so much), In the long run the Government benefits as we all get fairly decent private pensions, we all want to join a scheme and thus don't need to depend on handouts.

Lost Pensions Scandal

I've said this before people pay into pensions and then change jobs and its lost. This is the biggest scandal. We need the Swiss system, where your pot goes with you for life.

The Government should not let the Bankers make millions yet again at our expense. Capped fees and if people know their pension is safe they'll be more inclined to save. Saving helps the Government and we all share in the benefits.

Come on don't let this go on as another osBorne Conspiracy!

Pay in little and the bankers take their share and make millions out of us all.

Everybody IN Pensions

So at last everybody is to be IN a Pension. You will have to Opt out if you don't want to be in.

Good idea. The pensions crisis has largely been forgotten in the Economic Crisis but its not gone away and in fact could be both the cause and the solution to both.

What is good - the theory is every one is in a Pension and contributing while they work is actually paying the pension of those retiring. Unfortunately recently its worked the other way - too many retiring and not enough paying in.

Largely the Government's fault. Remember Gordon Brown's raid on Pensions? If the money was in the Funds then they could invest it in business and thus create the jobs and growth we need. But no GB wanted to spend it - now its gone.

To put it right the Government need to address the issues that pension funds are ripping us off (after all they're the same financial folk who run the Banks). They are purely in it to make money, loads of money. The Government needs to ensure money in a pension is fairly invested - minimal and fair charges. If you change jobs you should be able to take your pension with you and not lose out.

Truth – civil service don’t have a pension scheme

Why is the Government so concerned about Public Sector pensions? The truth is because you may not realise that there is no such thing as a Public Sector Pensions Scheme!


Really - yes.


Because  a long time ago the Government (not this one) decided that they would pay Civil Servants (Policemen, @Health workers, Teachers etc.) from the Treasury (yes out taxes). They pay a Pension contribution but basically it is a Tax and goes to the Treasury, not like every body else into a Pension Scheme (a pot that is invested like a savings scheme) and this includes Local Government workers who DO have a Pensions scheme which incidentally is in Surplus at the moment and can meet all its pensioners needs for the next few years.


What the Government thought was that all the Civil Servants would be paying in their contributions and this would exceed what they had to pay out in pensions. It did but now there are i) more pensioners than those paying in, and ii) thanks to Labour who have doubled the number of Public servants, even more pensioners in the future who they've got to pay.


So basically it wasn't even Gordon Brown's fault. Just a gamble a long time ago that has gone wrong.


Solution? Like the Bank Bailout - the Government should immediately setup a REAL pension fund for Public Servants - a one off sacrifice, and then keep all contributions going into it and all pensions paid out of it. Then get the Trustees to manage it.


Of course they will have to ensure that the Bankers (who will look after the money) don't rip us off again but hey do we trust Politicians?