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People who saved for their retirement should be forced to buy poor investments because they will spend it all says shadow chancellor.
you could of course make the pension pots a defined saving scheme where the interest and repayments are better than you could get as an individual rather than a feeding frenzy for pension companies."There is a reason why there's been an expectation you would buy an annuity in our country if you've saved tax advantage in a pension - that's been there for 80 or 90 years," Mr Balls told the BBC.
"The question will be - will there be proper protections and proper financial education so people don't make the wrong choices and end up running out of their pension pot well before their retirement ends.Always forgive your enemies; nothing annoys them so much. -
If they can get their hands on large portions of their pension fund, there are hundreds of thousands of people, perhaps millions, who will brainlessly spend it.
Not necessarily all at once, but a lump here, a lump there, until their retirement income is fecked.
There was a lesson several years ago, when getting credit became easier. Many people just couldn't help but max out mortgages and credit cards for things like new houses, cars, big TVs, holidays.
Of course, preventing brainless people from doing this is nanny-statism and transgressing their rights.Comment
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indeed I think they would be better off making annuities perform to a decent standard.Always forgive your enemies; nothing annoys them so much.Comment
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Making this kind of thing rather complicated might self-regulate people doing it who really shouldn't be...Originally posted by MaryPoppinsOriginally posted by vetranComment
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The other point of view is that it's their money that they've "saved" during their working lives. If they blow it on whatever then they're back to living on the State pension.
If they'd blown as soon as they'd earned they'd be in just the same position.
Of course, think of the poor sods that buy an annuity and kick the bucket within weeks - who would you rather be?Comment
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They know what illnesses you have and with research can find out your families history
As our medical records have been given out now illicitly won't annuities be a poor deal anyway.Socialism is inseparably interwoven with totalitarianism and the abject worship of the state.
No Socialist Government conducting the entire life and industry of the country could afford to allow free, sharp, or violently-worded expressions of public discontent.Comment
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WHSOriginally posted by Goatfell View Post
It's their fooking money. THEIR.
Let them enjoy life while they at it. Effectively it's new QE 4, but what the hell - with such rule in place I am almost tempted to start saving for pension as well - want me own Lamborghini too
Why annuities is a bad deal? Simples - if it was such a fooking awesome deal nobody would be forced to buy one.Originally posted by MicrosoftBob View PostComment
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It's not their money. It's the BoE's."Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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The Tories don't care about unforeseen problems in 10-20 years when the cash runs out as long as they grab a slab of the grey vote in the election 2015.
Anyone for Bingo?Comment
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