Brown’s £17,000 tax raid on EVERY private pension… as value of cushy public sector schemes soars to £1trillion

Ian Drury
UK Daily Mail
Monday, Nov 3, 2008

Gordon Brown’s tax raid on pension funds has snatched £17,000 from every worker’s retirement pot, research says today.

Yet the value of public sector schemes – funded by taxpayers – has soared to an astonishing £1trillion.

Opposition MPs, business chiefs and campaigners demanded an investigation into the growing ‘pensions apartheid’.

The report, The UK Pensions Crisis, is the work of the TaxPayers’ Alliance and Terry Arthur, a fellow of the Institute of Actuaries.

(Article continues below)

It says Mr Brown’s decision in 1997, when he was Chancellor, to axe tax relief on dividends paid to pension funds has cost private occupational schemes £175billion.

This amounts to £16,600 for each of the 10.5million retirement pots of current workers. If the pensions being paid to retired staff are taken into account, it is still an average deficit of £6,000.

Mr Brown’s decision forced companies to make up massive shortfalls and began the decline of final salary schemes.

The number of members of private sector schemes has fallen from 6.1million in 1995 to 3.6million last year. At that rate, says the report, there will be no paying-in members of occupational schemes within 12 years.

Full article here

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6 Responses to “Brown’s £17,000 tax raid on EVERY private pension… as value of cushy public sector schemes soars to £1trillion”

Rob Says:
November 3rd, 2008 at 6:57 am
I guess we will be hearing from Brits about this. They should be hopping mad unless they have nice non-productive government job.
Cruise4 Says:
November 3rd, 2008 at 10:56 am
As a Brit I’m awaiting everyone to wake up so we march on London. Screw the Neutron Bombs and any other scare story. We need to take these scum out now!
M UK Says:
November 3rd, 2008 at 12:51 pm
That is why I would NEVER invest in a pension fund, even if I could afford to (which I can’t). You cannot trust any government to leave your savings alone. I hope the people who have paid money into funds find out about this and go get their money back. Gordon Brown’s a
leech.

Money stuffed in an old sock in the drawer sounds like the most secure option for a pension fund!! Although, with the state of the world as it is, I don’t think I’ll reach retirement…. = (
zeromelty Says:
November 3rd, 2008 at 12:56 pm
this same type of thievery is exactly what obama
and his cohorts have in store for the us
Richard Says:
November 4th, 2008 at 3:01 am
It is amazing that the criminal gang in parliament continue to confiscate the wealth of the people while at the same time becoming more of a burden on the tax payers themselves.
The Brits are not hopping mad, they are dumbed down fluoride drinking TV watchers prone to bouts of apathy.
Forget some protest march that the media will refuse to cover.
The people need to start standing as independent MPs and rout out the criminal scum starting at the next election.
luke Says:
November 4th, 2008 at 5:01 am
i agree with richard and find myself in the same situation as m uk where i to would not trust a pension fund sadly(remember the daily mirror pension daylight robbery crime).we do need to realise the power of change is in our hands if we just cast independent votes and shun the three established parties who are all old school chums from eton anyhow,and peddle the same “policies”,it is just a continuation of government by the elite.
a lot of people are dumbed down sadly and are to busy trying to keep their own heads above water to worry to much about how fractional reserve banking works and how the bailout is being paid into bonuses for fat cat bosses,because its not baying at their front door with an asbo or falling through the letterbox as an extortionate fuel bill.
as long as we live in this time of constant fear and terror fed to us by mainstream media and government propganda,governments will openly rob ordinary people and just laugh,we have been rendered powerless by poisoned water and the culture of brandgate for example.
it does make me sad but its great to know YOU are out there we are not alone.