The pension storm that’s a brewing; grand theft Tory

27_march_2016A letter a day to number 10. No 1,384

Sunday 27 March 2016.

Dear Mr Cameron,

Writing in Conservative Home, Harry Hill warns that the end of state pensions is nigh calling the ‘entire concept of retirement… an artefact of the welfare system’, as if it is just a bone from some already long dead animal. The end of the our welfare system is not subject to a process of natural extinction, it is being bludgeoned to death by your government.

Hill points out that older people ‘feel fully entitled to what several generations of politicians have told them is their due, they have, after all, ‘paid in’.’ He goes on to say, ‘Of course they have no(t) in fact done anything of the kind, for the most part: their tax contributions funded current expenditure, and were not squirrelled away to bankroll their retirements’.

How curious then that according to GOV.UK, National Insurance is paid in over our working lifetimes to pay for our state pensions. Having just recently retired, in applying for my state pension the Pension Service checked whether I had paid enough contributions to receive a full state pension and informed me that, indeed, I had.

If, as Hill is suggesting, the state pension pot is empty, or there is no such thing, because National Insurance contributions have been siphoned into general taxation, then what he’s telling us is that we have been robbed in what is a complete fraud. If so then employees and employers have been subject to one of the greatest scams this country has ever seen.

The BBC reported in 2010 that ‘the government can “borrow” from the National Insurance fund to help pay for other projects’. I’ve done a bit of borrowing in my time which from family and friends meant I just repaid the loan, but from banks I not only repaid the loan but also paid added interest. If Hill is correct, and I very much suspect he is, then such borrowing, by government definition, carries no obligation of repayment. That has huge ramifications, not least for every poor sucker with a mortgage on their backs, including the scandalous interest charges.

There have been a fair few pension heists over the years, not least by Robert Maxwell, called by John Major a ‘great character’, who ‘plundered £440m from the Mirror groups pension funds’, but that is a mere bagatelle in comparison to what Hill is reporting, but even that pales into insignificance in the face of George Osborne’s long term economic plan, which is the greatest robbery of public funds and state assets in history.

We should face up to the end of ‘retirement’

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