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Jonathan Aitken: 'i Lost It All - Except My £33,000 Mp's Pension'

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http://www.telegraph.co.uk/finance/personalfinance/fameandfortune/11670103/Jonathan-Aitken-I-lost-it-all-except-my-33000-MPs-pension.html

Do you have property?

No. I lost it all, and I wouldn’t want a property now. I’m happy to rent. I’ve really lost interest in possessions. I haven’t bought anything of any significant value for nearly 20 years.

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So he's got a £33k pension from being an MP, an occupational pension of unknown size from the investment bank he worked at where he used to pay £20k per year into the scheme, the state pension, and his earnings from writing for newspapers - and he thinks he isn't rich?

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"After I went bankrupt, there were two very rough years when I was out of prison and on a bankrupt’s allowance. I had £200 or £250 a week to live on." I know people in the PF world who live very well on that...

"I had to make economies like travelling by bus and buying food in the supermarket after midnight, because prices halved due to sell-by dates." Sounds like a sensible frugal way to live to me, not sure why he sees it as a negative, although you can also get discounts at non-midnight times.

£33k MP pension, his banking pension, business consultant salary and writing income must still have him in the top 1% of earners in this country.

"I still take the trouble to buy handmade suits." I don't.

"What are your financial priorities for the next five or 10 years? Keeping my head above water." An idiot who doesn't know how lucky and fortunate he really is. That £33k MP's pension would have me laughing for the rest of my life.

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He is no longer an asset millionaire, but only just.

Just looked up the open market option for a superannuated annuity of 33,000 at 72 years old. It's 4.5%, so would cost £733,000. He's got his state pension to boot, worth about 300,000 no doubt with enhanced SERPs. So by generation X standard's, who don't get these unfunded freebies, he is a millionaire still.

I can understand though why the acquisition of Saville Row suits is more important to him now than starting again. He could be a multi millionaire again in twenty years by living simply and acquiring assets such as equities, but no good being the wealthiest man in the grave yard.

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They have such a great understanding of the citizenry that we are fortunate like no other. It's lucky that we still have people like this in the ruling class and they aren't all in prison for perjury.

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He is no longer an asset millionaire, but only just.

Just looked up the open market option for a superannuated annuity of 33,000 at 72 years old. It's 4.5%, so would cost £733,000. He's got his state pension to boot, worth about 300,000 no doubt with enhanced SERPs. So by generation X standard's, who don't get these unfunded freebies, he is a millionaire still.

I can understand though why the acquisition of Saville Row suits is more important to him now than starting again. He could be a multi millionaire again in twenty years by living simply and acquiring assets such as equities, but no good being the wealthiest man in the grave yard.

Is that annuity inflation-indexed in the way his pensions presumably are? If not, the MP's pension would be worth considerably more.

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One of the few traitors from the Thatcher era actually tried for his thieving. And still he ends up richer than 99% of his countrymen!

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Is that annuity inflation-indexed in the way his pensions presumably are? If not, the MP's pension would be worth considerably more.

Well it would have been worth a lot more when he first got it, I guess his life expectancy is falling and some of it is gone now. I googled a purchase at 72.

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Well having read the article properly, I see he not only has his final salary pension and his state pension but also a private pension and consultancy work. and he does manage to invest the full £15240 ISA allowance.

Penury is very relative.

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Just goes to show if he can afford his annual £15240.00 isa tax free allowance each year from a £33k pension.....other pension say pays the rent.....£18 to £20k cash disposable a year for one old person to live is well plenty enough.....can't take his rented place or his isa with him......plenty put aside for the rainy day emergency and a holiday here or there....what is the problem?

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So he's got a £33k pension from being an MP, an occupational pension of unknown size from the investment bank he worked at where he used to pay £20k per year into the scheme, the state pension, and his earnings from writing for newspapers - and he thinks he isn't rich?

He's retired, he lives in Kensington, and given his stated pension and savings abilities, it's probably a conservative estimate to assume he has a better income than 90% of the UK working population.

The fact that he thinks he's poor and also thinks that Osbourn is doing a fantastic job should tell you all you need to know about how out of touch our ruling class are.

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