>> Look gordon brown kyboshed pensions years ago when he taxed them, to pay for more
>> public sector.
>>
>> So my old fruits, the expansion by your public service employers will kybosh your own
>> pensions.
And that my friend is a classic example of a story repeated by the press for so long it's acquired the status of gospel. For a large part of the nineties pension funds were apparently in surplus. Employers were taking long contribution holidays, effectively transferring cash from the pension fund to the shareholders. A tax on the surpluses was a pretty logical step for an incoming government. Interesting to see what the Tories would have done had the political history played differently.
Subsequently of course the world has moved on. Changed accounting standards mean that pension liabilities are much more clearly on the books (arguably swinging to far the other way) and more conservative investment rules together with a 10yr static period in stocks has decimated capital returns.
And of course people live longer and, in some cases retire much earlier!!!!!
|
