Wednesday, September 22, 2010

Britain's pension disaster!

The UK pension gap is now reported as the worst in Europe, this comes on top of another detailed report on Briton's woes linked from the posting beneath this earlier this morning. This quote comes from The Herald of Scotland, linked here, fittingly from the country where the main culprit in causing this mess now furtively mainly lurks, namely former PM, Gordon Brown: The income shortfall facing many workers retiring this year has been exacerbated by plunging annuity rates. The rates paid on annuities, bought by the vast majority of workers at retirement, last month reached their lowest level on record, according to Investment Life & Pensions Moneyfacts. It said the average annuity rate paid to a man had fallen by nearly 46 per cent since 1995, while the rates paid to women were down by 42 per cent over that period. The real disaster is not just that annuity rates have almost halved since 1995, but that the pension funds accumulated for people soon to retire have shrunk by often similar percentages during the same period due to Brown's pension fund tax grab. Many pesioners have the clear evidence of this theft easily available in their annual pension statements and eventual annuity returns all of which make a mockery of the final pension estimates provided by the pension suppliers down the years. This has been state theft, yet the main criminal walks free to sit inWestminster Hall to fete the Pope in his celebration of the takeover of his hated neighbouring country to the south. The country, which with his predecessors he has now virtually brought to its knees. Justice demands his actions be made the subject of a criminal inquiry. One area of investigation being where exactly these billions of purloined public savings actually arrived, for it clearly was not for the public good, one look at the books of our PFI mortgaged public buildings such as hospitals and schools will prove that fact. Unless Cabinet Ministers of the previous administration are brought to account and serve time, such abuses will surely continue.



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