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Observer: Cabinet's Golden Pension Pot.

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'Cabinet's golden pension pot':


Tony Blair and his cabinet are sitting on a gold-plated pension pot worth in excess of £25m that will allow them to retire at 60, The Observer can reveal.

The disclosure will be embarrassing coming days ahead of the publication of the government's Pensions White Paper that will propose raising the retirement ages for both men and women to 68 to alleviate widespread pension poverty.

An analysis of the cabinet's very generous pension packages show that ministers can retire at 60 with lucrative million-pound-plus pension provisions paying them at least £50,000 a year inflation-proofed for the rest of their lives. The packages have been described by experts as 'beyond the wildest dreams of ordinary people'.


Chancellor Gordon Brown, who has been arguing that Britain cannot afford to increase the state pension, is sitting on pension savings paid for by the taxpayer equivalent to £1.75m. This will ensure he has a pension of at least £53,000 a year for life. If, as expected, he becomes Prime Minister after Blair leaves office, Brown will see his guaranteed pension entitlement more than double, even if he only serves a few months as leader. This month, The Observer revealed that, despite being stripped of many of his departmental responsibilities, Deputy Prime Minister John Prescott's pension pot is worth the equivalent of more than £1.5m.


In total the most senior 15 cabinet ministers have a pension fund equivalent to £25m, more than the £20m the government has put into the Financial Assistance Scheme this year to help the 85,000 retired workers who have no pension at all because their companies went bust.

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So much for the great redistributive Labour party.

Oh, they have redistributed - just out of the pockets of the ordinary man and into their own coffers....

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  • 301 Brexit, House prices and Summer 2020

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