Politics OnLine UK
Uploaded: 05 July 2003
Pensions deceit and disgrace.
Source: The Daily Mail. Thursday July 3, 2003
Labour has messed up the pension system, and their latest move to allow British people to work till they are 70 is a cover-up for a financial disaster.
Stealth taxes imposed by Gordon Brown have cost the pension industry £100 billion, leaving them unable to cope with the stock market slump.
However, last year MP's voted themselves a 25% rise in pension payments. That means that instead of picking up one fiftieth of their £55,118 a year salaries for each year of service, they will get one fortieth.
This spring an examination of the Commons pension fund found it was £25 million short of the funds it needed to cover retired politicians' lavish benefits. So MP's voted themselves an extra £25 million from tax payers to cover the shortfall.