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By (user no longer on site) OP
over a year ago
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We saw it with BHS. We’ve seen it with others in the past. Now it’s happening with Toys’R’us. Pension regulator (at last trying to do something) blocking the “rescue” package unless they put £9million into the fund.
Why is there not a law that says companies cannot post profits, pay dividends or bonuses in any year if the pension scheme is not fully paid up and funded? This should be a fundamental of company law! |
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The fact is all pension schemes are the same, and the hint is in the word scheme. Regardless of who runs it is is a scheme run by schemers. You pay your money in and hope the schemers leave you enough to live on in your twilight years.
All pension funds are run by trustees appointed by whoever has set up the scheme and managers appointed by the trustees. None of them work for the people putting money into the scheme, they all work for the organisation that set up the scheme, and after they take their not inconsiderable cut of the profits from trades, capital growth and dividends they then pass the 'surplus' on to the schemers in chief. Of course that surplus is someones future pension, but hay ho they wont notice that their pension pot has been raided time and time again until it is too late. This con started when the pensions 'market' was opened up to private companies and expanded when the Tories under Thatcher removed the barriers stopping the financial markets raiding surps, civil service and local government pension funds. Of course now 35 to 40 years later when all those people who were convinced by tory politicians to transfer their government administered pension pots to the private sector they now find there are massive shortfalls and they have nothing substantial to rely on for their retirement. |
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