European Union pension rules could spell the end of final salary schemes in Britain, experts warned last night.
Hundreds of employers may be forced to abandon their schemes under planned Brussels regulations that critics say will push up the cost of administering funds by up to 90 per cent.
The National Association of Pension Funds warned the plans would be the ‘final nail in the coffin’ of final salary pensions.
Slowly but steadily the creep of EU socialism and totalitarianism, is creeping over the land. They now want to hand your final salary scheme to the multi-national insurance companies who administer them, so that your pension is a lottery. The lottery being the state of the stock market when you retire and are forced to buy an annuity. This will have a direct effect on the income you can depend to get in your retirement and how much your wife or in these PC days, your partner, can expect to get when you pop your clogs.
I could never understand when I was in the industry, why they couldn't just give you the money that was in your retirement pot to do with what you wanted. Now, of course, I realise the relationship between politicians and large companies, with the palms of them all and in particular the EU, getting greased on a regular basis. I wish to fuck, I knew what I know now, forty years ago. My career path would have been different, believe me. I'd have married a Jewess, gone into politics and lived life high on the hog.
Too fucking late now. All I can do now, is to moan like fuck and hope some young person chances by and reads my musings. Not that there's anything wrong with you old twats, that normally pass by!
8 comments:
My older brother retired this year - his pension is three times my annual income. One of my sisters and one of my other brothers is on the same track - they will get three times my annual income as a pension. Two of them are in social work (as I am) and one is a union rep.
I chose to work in the front lines - providing direct services to folks with developmental disabilities and acquired brain injuries. Over the years my wages have been cut, my hours have been cut, all to pay for a managerial strata that does fuck all but gild their lily.
Am I cynical? Fuckin right. I was promised a job for life if I took substandard wages only for that promise to be reneged upon. Now I'm working for an "agency", meaning the government at arms length, with no job security, no benefits, and no future. My monthly income is about the same as the folks I support - I don't resent that - what I resent is that I don't have the benefits that they have. No dental, no vision care, no drug plan, no fuck all.
I didn't get into my line of work to get rich - I just wanted to help those less fortunate - but those less fortunate is me.
Good, final salary pensions are pretty well the preserve of pampered pigs in public services these days. I always knew that I would never get a state pension worth having and have taken steps accordingly.
McGonners, it must be tough when you see your siblings' income, above what your working for. My sister has got a few bob, mainly off my Brother in Law's back who was high up in the Customs and Excise as was and left to do work in Poland for one of the accountancy firms setting up the Polish VAT system. He's got two good pensions but he's over 70 and still looking to do consultancy work in the arseholes of the empire. But I don't grudge him his pensions, he's worked hard for them. What I do grudge is the guy next door who got early retirement from British Aerospace with £80k and £200 per week. All in all, I don't see why companies should provide pensions. They should be provided by the state and whatever someone has managed to save in a pension pot should be given to them to do what they want with., never mind buying this annuity shite.
Banned, certainly the final salary scheme seems knacked unless you're in the Police or the Civil Service. I don't have a problem with people getting pensions if they've paid for them, like in the police, but my argument is that a Government worth it's salt would provide a decent pension for all it's people and if some high flyers wanted to add to their pot that's up to them.
There's still time yet, get yourself a yamulka, corkscrew sideburns, change your name to Solly Lochnagarstein and a "Ava negila" ringtone on your mobile. Sorted!!
Because like me DL, you could live with the driving a volvo, not paying retail for anything and dropping the phrase "Oy vey" at any opportunity, but who in their right mind would let anyone near their bellend with a fucking razor blade?
Budvers, IT'S OK! I've been done already. I'm more than half (an inch)way there!
nice blog
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