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Bank Of England Boosts Mervyn King's Pension By £1.4M

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http://www.telegraph.co.uk/finance/personalfinance/pensions/8294253/Bank-of-England-boosts-Mervyn-Kings-pension-by-1.4m.html

The deal was settled shortly after Mr King negotiated a second five-year term at the Bank following a fraught reappointment process in the wake of the Northern Rock crisis. In his final 16 months as a member of the generous final-salary scheme, the Governor's pension pot grew by a third from £3.95m to £5.36m. By comparison, in the prior 12 months, it rose by £378,700.

The Bank could offer no explanation as to why the Court of the Bank decided to bring the Governor to full pension accrual before starting a second term, though it may have been for administrative purposes. Once he leaves the Bank, when his current term expires in 2013, he will be eligible to draw an annual pension equivalent to £198,200 today.

Questions about the Governor's pension have surfaced shortly after he warned that UK households face the most dramatic squeeze in living standards since the 1920s. In a speech last week, Mr King said disposable incomes will fall to 2005 levels as wages fail to keep pace with inflation and tax rises and benefit cuts bite.

Nice, everyone else is being told their pensions are unaffordable and changes have to be made.

And yet the top scum get to have a nice hefty payout and a pension which is about 50% of their current salary, and they get that after only 10 years in the job. What's the betting he ends up in the employment of a bank afterwards?

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http://www.telegraph.co.uk/finance/economics/8294293/UK-government-should-rethink-cuts-and-raise-pension-age.html

The economy is operating at around 4pc under its potential, signalling the need to rethink the fiscal tightening, according to the National Institute of Economic and Social Research (NIESR).

"Given that margin of spare capacity, there is a case for promoting the recovery by postponing at least some of the austerity programme," the think-tank said as it unveiled its quarterly forecasts. "As an alternative to swift consolidation, it (the government) could raise the state pension age faster so that it reaches 68 rather than 66 by 2020."

Adding three years to the average working life would boost growth by 0.3 percentage points a year for a decade, said NIESR, as the labour force grows and money otherwise stashed away for retirement stays in circulation.

The state pension age is 65 for men and will reach 66 for both sexes by 2020, under current plans.

And the proles get told to work longer.

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£1.4m? Hrm, that should just about buy half a loaf of moudly bread in 2025.

Don't the BoE now hold their pensions in index linked bonds?

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Don't the BoE now hold their pensions in index linked bonds?

Yes, they do, which is a sick joke. Why would anyone go to a restaurant where the chef refuses to eat his own food? Why trust a central bank that puts all of its savings in inflation proof investments?

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http://www.telegraph.co.uk/finance/personalfinance/pensions/8294253/Bank-of-England-boosts-Mervyn-Kings-pension-by-1.4m.html

Nice, everyone else is being told their pensions are unaffordable and changes have to be made.

And yet the top scum get to have a nice hefty payout and a pension which is about 50% of their current salary, and they get that after only 10 years in the job. What's the betting he ends up in the employment of a bank afterwards?

Don't forget last week he was enforcing wage deflation and inflation on the masses so the elites could charge more for their goods and pocket more of the profits.

Meanwhile he had a 2.5% rise in 2010 according to the remuneration report:

http://www.bankofengland.co.uk/publications/annualreport/index.htm

Cash equivalent of pension Feb 2009 Feb 2010 Increase in year

Mr C Bean 1,435,700 1,972,600 536,900

Mr P MWTucker 2,300,900 3,017,100 716,200

A private business with secret shareholders printing money out of thin air, maximising the returns for their banking colleagues' speculative activities. Changing the rules so the UK taxpayer now carries all the risk and not the shareholders.

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Light fingered Merv!

Much more of this theft from the public and people will be taking to the streets. They no longer have any sense of shame because they have nothing but contempt for the people they "govern."

Anyone up for starting a mass public demonstration?

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Light fingered Merv!

Much more of this theft from the public and people will be taking to the streets. They no longer have any sense of shame because they have nothing but contempt for the people they "govern."

Anyone up for starting a mass public demonstration?

Burning effigies of the MPC outside The Bank of Theft from Savers in England?

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"The Bank could offer no explanation as to why the Court of the Bank decided to bring the Governor to full pension accrual before starting a second term,"

Look who is on this "Court" - Brendan Barber of the TUC!!

http://www.bankofengland.co.uk/about/people/court.htm

Plus Tucker and Bean who both had the cash equivalent of their pensions whacked up!!

António Horta-Osório Chief Executive of Santander UK plc has to stand down at the end of Feb because of a conflict of interest now he is taking over at Lloyds -

but....

Ms Susan Rice, FCIBS D.BA Managing Director of Lloyds Banking Group Scotland is there until May

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Remember, "we are all in this together."

The system continues to be looted by the elites while the populace embrace serfdom.

In Tunisia and Egypt they've got some sort of solution to this elite/looting problem.

Maybe we should learn... B)

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In Tunisia and Egypt they've got some sort of solution to this elite/looting problem.

Maybe we should learn... B)

IMHO it's the elite who need to learn something.

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Don't forget last week he was enforcing wage deflation and inflation on the masses so the elites could charge more for their goods and pocket more of the profits.

Meanwhile he had a 2.5% rise in 2010 according to the remuneration report:

http://www.bankofengland.co.uk/publications/annualreport/index.htm

Cash equivalent of pension Feb 2009 Feb 2010 Increase in year

Mr C Bean 1,435,700 1,972,600 536,900

Mr P MWTucker 2,300,900 3,017,100 716,200

A private business with secret shareholders printing money out of thin air, maximising the returns for their banking colleagues' speculative activities. Changing the rules so the UK taxpayer now carries all the risk and not the shareholders.

he is a tosser

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Again HPC collectively called this bang on. As soon as I saw the BoE make a massive shift in to index-linked gilts, I loaded up on both issues of the NS&I linkers. I'm sure plenty here did the same.

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We should donate all our savings and future earnings to the top 5%, then wait for the trickle down effect to make us all wealthy :lol:

What do you mean "donate" - the City wallahs wacked up their Fees and Charges as soon as their money-go-round bubble blew - they thieve from your future ie your Pension and any meagre investments you may have!

They also swapped to extra salary (doubled for City workers) from bonuses as they knew bonuses would fall (by various means)

Any Proles now on bonuses built into annual wages are onto a hiding in a recession (never agree to it unless you are on a big salary) coz they take a greater strain for the company they work for as less remuneration comes in no matter how hard they try

Post 'it' note/Eton

The Establishment 'Poetic metre'

'Lamb' UNSTRESSED > STRESSED

"In plain sight" City Financial paper THE FT - THEFT! :P

Edited by erranta

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he is a tosser

Establishment 'symbolic' WOLF put in charge of the sheep's cash actually! :ph34r:

Wolverhampton Grammar School, King's College, :rolleyes:

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A nice little earner for doing the Rothschilds' dirty work.

Are they the suspected "hidden by UNLAWFUL Laws" shareholder/owners of B.O.E.?

Roth means RED - thorny demons!

Tim Roth and others in their "Evergreen" Holly-Wood films occultly 'symbolises' them!

Edited by erranta

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  • 276 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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