Sidewalk Solutions

So the UK public pension deficit is over £1.3 trillion!!! That means that there is no money in the bank for these 6 million Government employees who want to retire – mostly early. Now if they were private sector employees then hard luck chum! But no they work for the Government therefore they are allowed to accrue debt as if it were wealth. Unlike the great unwashed in the private sector who pay for all of this debt – the public sector masses get to ratchet up the UK National Debt without caring about who pays!

Stop it – stop printing money you politicians, stop creating your client state of dependant voters – whether you have conned people into relying on the State for “benefits” or “gold-plated pensions” you are nothing less than thieves – the definition of which is – “ a thief who steals whatever is readily available without using violence” – how about not paying people when you have no money to pay them with? Why not try that?

Meantime – how about starting up a new Bank – a Pension Bank. Now we will introduce all new born babies to this new arrangement.

“Dear Tom or Cloe, unfortunately there is no money left to pay for a pension for you when you grow older, so don’t expect any freebies from your Government, as we have no money left. But we have come up with a great new idea. From today we have opened a bank account for you – the money in this account (which has a balance of nil today) will be held for you in a safe place, we haven’t found a place that’s safe yet, but we think Zimbabwe might be fine. Anyway, as you grow up and start to earn a living, you will have to save – now I know your parents and grandparents don’t know what save means, but trust us, it is a cool new thing to do. What it means is that from now on, until you retire,  we will make you pay 5% of whatever you earn into your new Pension Bank personal retirement account.  Now remember, you will never have a state pension as the money has run out, and all your savings will be tax-free, and also free of Inheritance Tax, as we decided to get rid of IHT because we figured out that as you had saved all your life for retirement then any money left over should not be taxed – I know you won’t believe us but honest we won’t take your money! Oh by the way – you can put any amount of extra cash you have into your personal pension account, also tax free. We only ask that you cannot touch it until you are 60 years old, then you can have a ball!

I hope you have a long and healthy life and are able to enjoy every penny of the savings you have made for your retirement. As far as your Government is concerned, we are still trying to pay of the debts of your parents and grandparents, things are getting better though – retirement age will soon be coming down to just 75 years of age. “

Interesting how the media says that 96% of people have less than £35,000 in their cash savings. The media play this as if the problem lies with the 4% who have this or more in cash savings. When you hear the media talk about the majority – be warned – that is surely where the problem comes from! The Credit Crunch came about mainly because there is insufficient liquidity around. So despite making sure they have at least £35,000 in cash savings – it is those who have saved the most that are facing the loss of their savings. After all, with no savings you have no savings to lose! Continue Reading »

Being over 60 has it’s advantages – I remember when taking my pocket money to the Savings Bank and seeing the handwritten note in my savings book stating “paid in 10 shillings” made me feel good and pleased that I had managed to put hard to come by cash away for a rainy day. Continue Reading »