Brown Knew Cost Of Pension Fund Raid

[OnlyMe]

Crook.

http://www.thisismoney.co.uk/news/article....98&in_page_id=2

GORDON Brown was warned he would rob pension funds of nearly £12bn when he decided to bring in a tax on private pensions in 1997.

The Chancellor's raid on funds is widely blamed for creating the crisis which has left huge shortfalls in pension pots and forced hundreds of firms to wind up their final salary schemes.

Tony Blair is now considering raising retirement age to 67 or 68 to plug the gap left by Mr Brown's decision - which abolished tax relief on income from share dividends, a key source of cash for pension funds.

.............

Documents in the Treasury archive show the tax, introduced in the Chancellor's first Budget, could cut the income of private pension schemes by up to 10%.

..............

[/i]The Treasury refused to release the full background documents, memos and assessments behind the decision to tax pension funds on the grounds that 'there are obvious sensitivities about the release of this particular information'.[/i]

Edited February 15, 2006 by OnlyMe

[Realistbear]

The "Miracle" is starting to be laid bare for what it was: a con of the first order. :angry:

[OzzMosiz]

Pension age increase was inevitable anyway

To help the pension crisis, you need more of the younger generation than older generation.

For this you need to raise the level of briths from 1.5 per family to 2. Thus you have the

problem of over population (which doesn't seem to be bothering the developing world).

Edited February 15, 2006 by OzzMosiz

[pyewackitt]

I think our great leaders TB and GB should be required to work until their late 60's...

Would love to see Gordon 'would you like fries with that' Brown working at a McDonalds until 68 because he fekked it all up and his own pension pot was empty...

The thing is he's stupid, but not that stupid.

- Pye

[Marina]

Pension age increase was inevitable anyway :So that makes stealing our pensions all right then?(

To help the pension crisis, you need more of the younger generation than older generation.

For this you need to raise the level of briths from 1.5 per family to 2. Thus you have the

problem of over population (which doesn't seem to be bothering the developing world).

The idiot Brown said, when first elected, he would not preside over booms in house prices.

He has and he could have done something about it. Forget globally low interest rates - if you see one half of society gradually buying up all the housing stock to rent to the other half, if you see a boom in house prices as a result - you could, as a Labour government, do something about it - like a windfall tax on the increase in the price of second homes. Or you could, like our Labour Prime Minister, and half the cabinet, become BTL landlords yourself.

If you tax second home ownership the property market reverts to normal affordability levels. People can afford homes at a younger age and have more children. Pension crisis solved.

[OzzMosiz]

Marina,

I don't disagree with you, but I never said stealing pensions from us was alright did I?

[last ninja]

Psychopaths:

"intraspecies predators who use charm, manipulation, intimidation, and violence to control others and to satisfy their own selfish needs. Lacking in conscience and in feelings for others, they cold-bloodedly take what they want and do as they please, violating social norms and expectations without the slightest sense of guilt or regret."

[The Masked Tulip]

Don't forget that the birth-rate issue has a lot to do with feminism and how it has screwed up one or two generations of women into believing they can have it all, that they have to turn themselves into men, that being a housewife and a Mother is something to be ashamed of and that running around the High Street on a Saturday night wearing nothing but your knickers whilst puking up half a dozen bottle of lager is the ideal way to be a woman...

[MarkG]

"intraspecies predators who use charm, manipulation, intimidation, and violence to control others and to satisfy their own selfish needs. Lacking in conscience and in feelings for others, they cold-bloodedly take what they want and do as they please, violating social norms and expectations without the slightest sense of guilt or regret."

The perfect politician in a mass democracy.

[BuyingBear]

Pension age increase was inevitable anyway

To help the pension crisis, you need more of the younger generation than older generation.

For this you need to raise the level of briths from 1.5 per family to 2. Thus you have the

problem of over population (which doesn't seem to be bothering the developing world).

They'd be no where for all these new young workers to live even if they had gone on a mass bonking spree.

[jonlar]

Surely the tax on private pensions was ameliorated by the decrease in corporation tax from 33% to 30%. After all, the pension tax was paid out of the same company pot that the reduction in corp tax replenished. Indeed, the saving in corp tax was worth £3.75 bn in 2001-02 alone (see reference, p. 2)

www.ifs.org.uk/election/ebn6.pdf

[Guest Riser]

Brown has stiched the Pension funds up like a kipper:

First he removes tax benefit on dividends received by the funds raising around £5 Billion per year

Then he (through the actuaries) forced the pension funds to buy a government debt in the form of long term government Bonds in order to meet higher future liabilities. In the past two weeks alone the combined FTSE 100 pension deficit has risen by £35billion to £110billion as a result of tumbling yields, according to accountants Deloitte. Thats a £75 billion increase in the deficit in January alone, thats £75 billion out of pension funds into the governments back pocket.

How bonds are bleeding the nation's pensions dry

[backtoparents]

running around the High Street on a Saturday night wearing nothing but your knickers whilst puking up half a dozen bottle of lager is the ideal way to be a woman...

You really are from Swansea, aren't you!

btp

[tekken]

Don't forget that the birth-rate issue has a lot to do with feminism and how it has screwed up one or two generations of women into believing they can have it all, that they have to turn themselves into men, that being a housewife and a Mother is something to be ashamed of and that running around the High Street on a Saturday night wearing nothing but your knickers whilst puking up half a dozen bottle of lager is the ideal way to be a woman...

Isn't that the way to be an ideal man? Well, bar the wearing nothing but knickers bit. And we could do without the puking.

Seriously I hear what you are saying, but who gave feminiism it power in the first place?

[BuyingBear]

Seriously I hear what you are saying, but who gave feminiism it power in the first place?

Drugged up students from the 60's, with hairy legs.

[?...!]

Seriously I hear what you are saying, but who gave feminiism it power in the first place?

The Spice Girls

[BoredTrainBuilder]

Seriously I hear what you are saying, but who gave feminiism it power in the first place?

I believe the problem originated with the Guardian newspaper and subsequently spread wider than its limited readership.

[frugalista]

Seriously I hear what you are saying, but who gave feminiism it power in the first place?

Whoever invented the contraceptive pill.

frugalista

[Jason]

Why is this man not in prison?