Ian, I have no problem at all about somebody who took a risk and invested money in something that appreciated in value. Well judged and well deserved... I commend you. The reason why domestic abodes have increased in price is another matter and a philosophical one at that... but we can discuss that a bit later on.
My problem with the pension fraud has nothing to do with the above. That scam was set up in the full knowledge that the underlying contributions had no chance of matching the future drawdown. What's more, there was no risk taken by the individual contributing. They paid a fee to remain within the system and when they 'retired' they were guaranteed a healthy income for the rest of their life. We're not talking about a small minority here... we're talking about a huge number of people. What's more, the scam's still in operation for government workers, the royal mail etc... Its shocking.
I agree, the state of public borrowing is mind-blowing but we'll feel the pain of that immediately and for a long time. The consequences of the pension fraud were not and will not be experienced by the beneficiaries.
|
|
