One of the deliberate evils of quantitative easing in the last few years has been the lowering of pension fund annuities. It was a conscious act of mass plunder on behalf of the politially connected.
Don’t hold out any hope then that the traitors of Westminster will do anything about new EU pension rules, due to be inflicted on January 2014. They decree that our private pensions must hold higher amounts of government bonds than now. According to the Mail’s crib sheet, these are “safer” than “riskier” corporate bonds with higher rates of return. In reality, the peons cannot be trusted to buy the debt their children must repay, so the EU assumes control over our funds to make us do so.
The effect, according to Deloitte, “suggests annuity rates will plunge by between five and 20 per cent when the directive comes into force in January 2014. A £100,000 pension pot currently gives an income of £5,837, but once the regulations come into effect they will be between £292 and £1,167 a year worse off.”
The Mail quotes Dr Ros Altmann, director-general of Saga: “The EU rules will make the value of pensions fall further. Its a series of pieces of bad news for British pensioners. As a result of these rules everyone will get much less pension out of their fund. We don’t know exactly how much less. We are anxious that the UK Government should stand up for UK pensioners.”