Novelist. Author of APSARAS and tales from the beautiful Saigh Valley. First person to quantify spiritual values.

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Tuesday, 5 October 2010

Pension Funds

For those of us who have wondered where the money from people's pension funds has gone, we had some of the answers on last night's Panorama programme on the BBC. Once again it's the parasites in the City of London who are creaming off excessive commissions and high charges, not only in the good times but also during the recession. Hard working people are routinely seeing their hard earned money taken by the greedy chancers who sit at computers in air conditioned offices, creating no wealth other than their own.
It's not only Pension funds; its ISAs as well. I remember buying two, investing the maximum I could, £7000, for two years running. Four years later they were worth less than £1500 each but still the thieving bastards were taking fees. Why? Having watched the programme, it's no wonder that now, during a recession with the Banks having to be rescued by the taxpayers that bonuses estimated at £70 billion will be paid to Bank staff.
The Banks point out that £35 billion will go to the Customs and Revenue as tax, benefitting the economy. But these ill-gotten gains are made, not by manufacturing anything but by moving other people's money about. People who often can ill afford to being exploited.
There has to be a better way; a way where people can save for their retirement without losing vast amounts of their hard earned cash. The programme mentioned a scheme in Holland and I hope others will follow.

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