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Portugal raids pension funds to meet deficit targets

the 2010 budget was met by shifting three pension plans from Portugal Telecom on to the public social security system.

Hungary, Ireland, now Portugal. Another few years, will this be the UK too?

That's the trouble with pension saving - your money isn't really yours. You can't take it out of the system, as least without large penalties.

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Portugal raids pension funds to meet deficit targets

Hungary, Ireland, now Portugal. Another few years, will this be the UK too?

That's the trouble with pension saving - your money isn't really yours. You can't take it out of the system, as least without large penalties.

this was public sector pension assets nationalised, really not the same thing as you are inferring

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:lol: Too late - look up the Royal Mail pension scheme.

EDIT: Oh and the plan to tap pension funds for infratsructure projects announced in the budget (this is where Ireland started too)

What is wrong with tapping the vast sums of cash that BTPS and the other large pension funds have? They have to invest the money somewhere, and inflation-linked assets are thin on the ground

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You've got to be pretty optimistic to hand your money over to the State and expect to get it back with interest 40 years later.

The only guaranteed 'pension' is to have loads of kids

And bring them up so well that they want to look after you when you are old.

:blink:

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Things have to be in your own name. Somebody holding it in trust for you, very rarely works out historically. Always in one way or another when you go to collect the money is gone.

In the next five years all the pensions will go from net receivers of funds to net redeemers of funds. Which is always the end game of ponzi schemes.

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The problem with this sort of thing is that rather than being an investment it ends up being a short-term stop-gap to cover up political and financial problems. This happened in Ireland where the National Pension Reserve Fund is being frittered away. Who wants shares in Irish banks at way above the market price? Apparently Irish pensioners do.....

Portugal is an economic mess as the article below highlights. So pensioners look like they are being ripped off again..

The consequence for Portugal

As we look forward to the end of the support programme for Portugal we hit the problem of trying to solve a solvency crisis with liquidity. She will emerge in 2013 in worse shape then she went in on current trends.

Portuguese economists are currently criticising the bailout package (12 billion Euros) that is proposed for her banks. They feel that it is too expensive and that it lacks any real reform.Older readers who remember the days of long playing records will understand the analogy of a scratched record here as virtually every bank bailout programme has these flaws. Actually as these economists still feel that Portugal will get funds at 3.5/4% they are likely to get a further shock as the cost of EFSF funds rises as I reported only yesterday.

Raising the subject to a matter of economic theory internal devaluations have a patchy record at best and in general IMF type austerity has had more success when combined with a devalued exchange rate. Actually the sort of devaluation that so many call a “disaster” if suggested for Greece has actually helped quite a few countries. So my suggestion for Portugal is to follow the advice of a song by Jaki Graham.

Let me go ! I said let me go ! Set me free !

I know he means no harm to me

but building walls confining me. . .

Let me go ! I said let me go ! Set me free !

Set me free

http://www.mindfulmoney.co.uk/wp/shaun-richards/summit-inflation-is-rising-just-as-italy-and-portugal-are-weakening-and-risking-deflation/

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Things have to be in your own name. Somebody holding it in trust for you, very rarely works out historically. Always in one way or another when you go to collect the money is gone.

In the next five years all the pensions will go from net receivers of funds to net redeemers of funds. Which is always the end game of ponzi schemes.

what, like MF Global?...took private funds for themselves to keep afloat another day.

I think that was a situation where the firm were TOLD to buy Euro bonds....one often wonders who actually does buy this crap...well, now we have a clue.

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  • 441 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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