Reply to: Rating Agencies

[darmstadt]

I'm already forced to pay into a pension here in Germany but it's not much.

Really? I don't (well a private one, not the state one.) They can't force you into a pension in Germany, I suggest going along to the BfA and having a word with them. They've got lots of pamphlets on what you must and can pay for. You do have to pay 6% of your income tax for the 'Neue Bundesländer' though

[scooterscot]

The governmin will fix that for you by making it illegal not to have one soon. Just so they can raid it later, or force you to pay for your own pension so they can cancel the state pension, despite all those NI payments.

It's already started:

Employers' guide to 2012 pension reform | This is Money

Huv already stopped paying into mine a couple of years ago instead preferring to pay off the BTL.

I'm already forced to pay into a pension here in Germany but it's not much.

[Churchill]

Are'nt we being a bit cheeky today bowser?

Just keeping you on your toes, old boy!

[DodgyAgent]

Oh dear, lost your "Consultancy" status?

Are'nt we being a bit cheeky today bowser?

[PAH]

I don't have a pension.

The governmin will fix that for you by making it illegal not to have one soon. Just so they can raid it later, or force you to pay for your own pension so they can cancel the state pension, despite all those NI payments.

It's already started:

Employers' guide to 2012 pension reform | This is Money

The government is set to introduce compulsory workplace pensions from 2012.

Initially, smaller businesses with fewer staff need not to worry, because the reform be carried out in stages.

Only employers with over 30,000 staff will be forced by law to offer their workers a company pension scheme in 2012.

However, by 2013 any employer with more than 350 staff on its books will be obliged to set up and contribute into workplace plan for its employees.

And between 2014 and 2016, those employers with less than 350 staff will be subject to the same rules.

Employees will be auto-enrolled and can expect their company to put a minimum 3% of any earnings between £5,035 and £35,540 into each worker's fund.

[Churchill]

The truth, like a paddle, hurts.

[alreadypacked]

Is it 'coz you is too old?

[Churchill]

Phew, for a minute I thought they were talking about banning recruitment agencies

Oh dear, lost your "Consultancy" status?

[DodgyAgent]

Phew, for a minute I thought they were talking about banning recruitment agencies

[Churchill]

I realised a while ago, that most pension funds would not be able to pay out by the time I retire, so I don't have a pension.

Inorder for pension funds to pay out, they would have to make changes to the retirement age, 20 years ago. They are making changes now but it's too late.

Is it 'coz you is too old?

[alreadypacked]

Which is why only mugs rob banks with a shotgun these days. The biggest criminals work in the financial industry and do it all 'legally'.


I'm seriously thinking of freezing my pension. I can see all those monthly contributions being worth feck all by the time I'm at retirement age, which will probably be 100+ soon.

I realised a while ago, that most pension funds would not be able to pay out by the time I retire, so I don't have a pension.

Inorder for pension funds to pay out, they would have to make changes to the retirement age, 20 years ago. They are making changes now but it's too late.

[PAH]

Which is why only mugs rob banks with a shotgun these days. The biggest criminals work in the financial industry and do it all 'legally'.


I'm seriously thinking of freezing my pension. I can see all those monthly contributions being worth feck all by the time I'm at retirement age, which will probably be 100+ soon.

[Mich the Tester]

Typical EU. We don't like what you're saying so we'll ban you.

Or; we don't like charlatans who are at best clueless and at worst corrupt speculating on the future of countries they don't understand and couldn't give a tulip about, especially when they've already fooked over most of the world by stamping 'AAA solid gold investment' on gold coloured boxes containing nothing but dogtulip.

It's a good job for those ratings agencies and their staff that the average bod in the street doesn't know what they do or what they did and what effect it's had on nearly everybody's investments and pensions, because if Joe Average understood it the ratings agencies staff wouldn't be able to enter or leave their offices safely without half the bloody SAS guarding them.

[alreadypacked]

Watch Inside Job for how rating agencies are embroiled in the whole financial scam. That film is truly eye opening.

IIRC One rating agency was in court after the 2008 crisis and their excuse for rating sub-prime mortgages (nicely repackaged to conceal that fact) as AAA:

"Our rating is just an opinion and shouldn't be relied on when making financial decisions".

I call that 'doing a ratner'.

Watched "Margin Call" at the weekend, a bit disappointed not much real information in the movie, like how did the start? how much did they make or lose in the end?
Guess the script was redacted to less than 10 pages, when it got back from the lawyer

Margin Call (2011) - IMDb

[Peoplesoft bloke]

Or could they have a point? Just how "neutral" are the Ratings Agencies?

I can see why they'd want to stop the clock while the sh!t is sorted out, no-one wants to chase a rolling ball down a hill.

WHS

Ratings agencies are crock of Septic tulipe