Friday, November 18, 2005

One in five men won't reach retirement if age rises to 67

Surely this is the point? The intention of the "reform" is to match pension payments to the State's ability to pay. We are such mugs for the notion that only the State can be trusted that no-one is reporting this story as they should. The press has fulminated over private sector pensions scandals. This one is seen as the fault of "society" - i.e. no-one's fault.

In fact, it is a classic case of mis-selling and fraud. Our grandparents were sold a state pensions scheme funded from compulsory contributions, with an element of socialist subsidy so that the rich would pay more but everyone would get the same. They voted repeatedly for governments which promoted this lie.

Our grandparents never discovered it was a lie. The pension funds were stolen and used for various mad schemes. Their pensions were paid from general taxation. They were the parents of the baby boomers and their fecundity provided for them, just as that of medieval peasants used to do.

Our parents realised something was up. The scheme was "reformed" by the abolition of earnings-related pensions which were unfunded by contributions and which their taxes could not sustain - except for civil servants and politicians. They never discerned the lie though. They kept trusting the State to provide.

Now we are supposed to be so stupid that we don't detect the lie either. The "pot" to pay our pensions is long since spent; given to African dictators and other more deserving sorts than us. We have been taxed to pay our grandparents' and parents' pensions, but our children are too few and too poor to pay ours. Therefore we must die in greater numbers before becoming entitled to pensions. We must be grateful that the government is raising the pension age to achieve this. They could have proposed euthanasia instead. Perhaps that will be the next stage of "reform?"

How does the conduct of successive governments differ from that of the Halifax bank manager recently jailed? He defrauded investors by paying their "profits" from other peoples' money. So did they. The only difference is in the consequences to the individuals concerned. He is now serving well-deserved jail time as a guest of Her Majesty. They are her Ministers and Privy Councillors.

Telegraph | News | One in five men won't reach retirement if age rises to 67

1 comment:

dearieme said...

Mind you, it cuts both ways: when the state old-age pension was introduced, it was paid at age 70 for both sexes. So it has since been moved both down and up, for the same purpose i.e. fraud.