Printing money deals blow to pensions

The debasement of the country's currency is about to deal a blow to the pensions of those who have carefully put aside money for decades for their retirement. The Observer has a report this morning, linked here, from which comes this:

Experts have told the Observer that those who use their pension funds now to buy annuities - which guarantee them a set income a year until they die - will receive much lower pensions than they could have just a few weeks ago.

I reach retirement age this summer so I will be able to suffer and report on the impact as it takes shape and plan to do so on this blog. Already, in an aspect not considered in the article, the fund from which my annuity will be made available has shrunk due to the catastrophic collapse in the stock market. Theft seems not too strong a word given what Brown has already wrought, another quote:

"What the government has done is effectively steal some of people's pensions on a policy that does not work," she said. "For the half a million people who are due to retire this year it is a disaster."

In my view not just this year either, for waiting will not improve things therefore it is for all subsequent years as well, the Prudent are about to be crushed!

Conservative Home blog are proposing MPs take a pay cut of 5 per cent BUT as this blog has proposed before, removal of pensions earned by our Maggot MPs since John Major's election will be the only just and logical course - that now seems only appropriate as a starter!