capitulation day
+171...
...his band of merry men and women...
...with guaranteed, index linked pensions...
...who are stealing the pensions from the poor...
this robbin band
...STEALS FROM THE POOR...
...GIVES TO THE RICH BANKERS...
...AND THOSE WORKING FOR THE STATE...
...meanwhile...
...the serfs here in palookaville are all watching the football...
...or phoning in their votes for some reality tv idiot...
...they do not know about how they have been robbed...
...they have been told that...
...the boarded up stores are part of some american problem...
Retirement plans of millions of Britons at risk after Bank of England 'prints money'
The retirement plans of millions of Britons have been put at risk after the Bank of England's controversial plan to create money tore an unprecedented hole in pension schemes.
..."The Bank was accused of hammering the final nail into the coffin for Britain’s final salary pension schemes, which have seen their deficits climb in recent years, partly as a result of Gordon Brown’s decision as Chancellor to levy a £6 billion tax raid on pension funds’ dividends.
Some 2.5 million workers are currently signed up for these schemes which provide retirees with a guaranteed annual income when they reach the appropriate age.
Having enjoyed a small surplus only a year ago, these funds have also been hit by the fall in the stock market over the past year.
However, the effect of the Bank’s scheme has been to increase the deficit between what is in the funds and what is needed to pay out future pensioners by an almost instant £100 billion. Although some expect the deficits to fall in the years ahead as the economy improves, insiders warned that this could be the final straw that persuades companies to shut down these schemes altogether and turn instead to far less generous defined contribution plans.
However, experts warned that even these more parsimonious schemes, which 8 million workers are subscribed to, will suffer as a direct result of the Bank’s actions. The amount these people receive from their pension depends not only on the size of pot they amass over their working life but on the rate of the so-called annuity which provides them an annual income from the moment of retirement...."sunday telegraph
...see their share prices come under even more pressure...
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