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Realistbear

Telegraph In Another Expose: Banksters Skimming Pension Funds

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http://uk.finance.yahoo.com/news/sneaky-practices-are-killing-our-pensions-tele-9823ece056b9.html?x=0

Mr Pitt-Watson, who helps to manage the country's biggest pension scheme for BT (LSE: BT-A.L - news) , decided to speak out after The Daily Telegraph revealed on Saturday that more than £7.3 billion was being skimmed off the value of Britons' savings by bankers and fund managers. He recognised that pensioners were being subjected to the same treatment. Legal it may be, but that does not make it ethical. The word that comes to mind is "sneaky". Clearly, the Government needs to regulate pensions more carefully. Until that happens, the worst offenders must be publicly embarrassed and those of us with private pensions must remember to examine the fine print very closely indeed.

"Skimming" reminds me of the program about the Chicago "families" and their skimming operations in Las Vegas during the 1960-70's. Our bankster fraternity are really not much different.

Get ready for monster bonuses again this year. Until regulation kicks in the robbery will continue.

_____________________

http://uk.finance.yahoo.com/news/charges-and-fees-cutting-50-per-cent-from-british-savers-pension-pots-tele-9bb943783e54.html?x=0

..../

In an article for todays Daily Telegraph, Mr Pitt-Watson says: If a typical British and a typical Dutch person save the same amount of money for their pension, the Dutch person will end up with 50 per cent more income in their retirement than the Briton.

There is no trick here. No special tax considerations. No clever investment strategies. Its just that the Dutch have an efficient architecture for their savings. We do not.

According to Mr Pitt-Watson, someone saving £1,000 a year throughout their working lives could expect to retire on an inflation-protected pension worth £16,080 a year if they did not pay fees.

However, the typical fees levied by British pension funds which include several in addition to the annual management charge familiar to many investors would reduce the payout to just £9,900 annually.

The Daily Telegraph has established that many popular pensions will be worth between a third and a half less for those retiring because of fees and practices. Although perfectly legal, they may be regarded as unfair for consumers..../

Edited by Realistbear

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It will be interesting to read the details of the comparison. When it comes to bloated, inefficient banks, the Dutch are pretty much top of the tree.

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Again this is another bankster scam and is the result of another Government subsidy, in the same way as LHA is a subsidy for landlords.

If you want you tax relief (especially at 40%) and if you want your employers contribution then you have to pay into the bankers scam.

They should create a series of ultra lower charge tracker funds (0.01%) for various indexes and just have people stick money in those. With dividends and market increases over time, you'd still beat anything the banksters manage.

For now though I'd settle for a 0.05% cap on managed fund fees.

Edited by Mikhail Liebenstein

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Guest sillybear2

The Lid has been totaly lifted on them now.............scams they pulled for 20+ years will suddenly hit the headlines.............meantime in Liverpool.

http://www.liverpoolecho.co.uk/liverpool-news/local-news/2010/08/02/many-merseyside-families-set-to-lose-tax-credits-100252-26977585/

Another SCAM hits the buffers!

Mike

Hey, those bank bailouts didn't come cheap, the government can only afford so much charity at one given time.

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Remember Stakeholder Pensions? I remember their launch, an IFA (salesman by another guise) told me they were crap because they "didn't pay enough broker/introducer commission, how could they possibly sell them to the masses"?

Tells you something doesn't it?

topliner

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The Lid has been totaly lifted on them now.............scams they pulled for 20+ years will suddenly hit the headlines.............meantime in Liverpool.

http://www.liverpoolecho.co.uk/liverpool-news/local-news/2010/08/02/many-merseyside-families-set-to-lose-tax-credits-100252-26977585/

Another SCAM hits the buffers!

Mike

Must be big news across the North of England,; http://www.newsandstar.co.uk/news/ten-thousand-cumbrian-families-set-to-lose-child-tax-credits-1.741142?referrerPath=home

It is the comments that surprise me. People on good salaries seem to be dependent on all this 'free' money. No money so many vote Labour, when someone is effectively giving you money why would you vote for anyone else, its just a shame it is everyone else that has to pay for it.

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Guest sillybear2

Must be big news across the North of England,; http://www.newsandstar.co.uk/news/ten-thousand-cumbrian-families-set-to-lose-child-tax-credits-1.741142?referrerPath=home

It is the comments that surprise me. People on good salaries seem to be dependent on all this 'free' money. No money so many vote Labour, when someone is effectively giving you money why would you vote for anyone else, its just a shame it is everyone else that has to pay for it.

That's the idea, bribe people with their own money and make them think they have something to lose, I think this comment is interesting :-

"It's a joke anyway.

collectivly, myself and my patner earn more than the threshold, and yet despite telling HMRC we still recieve the basic £5xx a year into an acount we no longer use! So far there is nearly £2000 in that account, all of it from Tax Credits and none of it ours, yet HMRC seam incapable of stopping payments.

We've wrote to them, we've stopped sending in the forms, we've telephoned them, yet they still give us money - money we neither asked for, wanted of need."

Why should HMRC care, it's only tax payers money, eh? :ph34r:

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Legal it may be, but that does not make it ethical. The word that comes to mind is "sneaky"

"Does not make it ethical" - "sneaky". Farcical. How to put lipstick on a pig.

Crooked and bent but in the UK still legal in its devil take the hindmost, crooks charter, rob and thieve from the thrifty and hard working, led by donkeys economy.

Edited by billybong

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why is this a surprise to anyone

where are the customers yaughts

Exactly. It's common knowledge that the financial sector is as corrupt and crooked as it gets. It doesn't need the papers to say so.

For pensions a lot of it has been officially highlighted in Ombudsman investigations and such like but the papers are still trying to keep up the pretence as if they're revealing something new - as if all the crookedness and corruption ripping off the thrifty and hard working had suddenly just happened in the UK.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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