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A new threat to our pensions
We want a system that gives us control over our pensions, not one that controls us, says Steve Bee.
As a side-effect of new changes, some people will lose the right to transfer from defined benefit to defined contribution pension schemes. But we don't want yet more of our pension rights taken away from us, says pensions expert Steve Bee.
Steve Bee is managing pensions partner at Paradigm Pensions. Visit jargonfreepensions.co.uk where you can find a simple pensions A-Z.
5 comments so far. Why not have your say?
MRG
Aug 20, 2010 at 15:12
Good point Steve, though I don't think they're listening in Whitehall.
To me the most annoying things about this is that the tinkerers are either MPs or civil servants - both of which receive gold-plated pensions courtesy of the tax-payer.
I wonder how many of them pointed out the unfairness of Pa Broon's 1997 raid.
report thissnoekie
Aug 21, 2010 at 05:24
MRG, not courtesy, forcibly ripped from our hands and pockets, with menaces.
report thisRoy Pearce (retired Senior Pensions Advi
Aug 24, 2010 at 19:06
Well said, Steve. When will Governments, of whatever creed, realise that private pensions does not need all this tinkering.
If the change goes ahead, what happens when the Scheme folds? A Scheme wind up is more than likely anyway! After all, whose money is it anyway?
report thisGraham Barlow
Aug 26, 2010 at 14:45
On the day when Blair and Brown were first elected, I am on record of saying over the Breakfast table. "It wont be long before Brown gets stuck in to the British private pension pot, along with the EU they all covate the £billions plus. Watch this space". 15 years later I can see the damage wrought by these imbeciles Labour ites who cannot leave a valuable asset alone .They just have to get their sticky avoricious hands on it. They have been the ruination of Britain.This is the third time in my lifetime. Vote Labour for hard labour is the moto.
report this4635afc
Aug 31, 2010 at 04:09
Re: Graham Barlow's ignorant comment.
On the day when Blair and Brown were first elected, I am on record of saying over the Breakfast table. "It wont be long before Brown gets stuck in to the British private pension pot, along with the EU they all covate (sic?) the £billions plus. Watch this space". 15 years later I can see the damage wrought by these imbeciles Labour ites who cannot leave a valuable asset alone.
Labour were elected by 'a landslide election' in 1997, after a catastrophic 18 years of 'Tory' misrule. I won't go into the many calamatitous events that were wrought on the working population during that period - those with long memories can testify to that. Just one final point, 2010 - 1997 = 13 years.
Where does Mr Barlow compute the '15 years later' and how can he prove his 'Breakfast table' comment?
If the huge numbers of pension schemes hadn't entered into the 'so-called' pension holidays, there would not be so many of the deficits in those schemes today.
The financial industry's engineered greed far outweigh the alleged 'theft' of pension schemes in the early period of the Labour administration.
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