French Raid

ffacoffipawb

After Hungary and Ireland, now the French raid people's pensions ...

http://www.zerohedge.com/article/following-hungary-and-ireland-france-next-seize-pension-funds

How long before such a theft happens here?

moonrakerz

ffacoffipawb wrote: »

After Hungary and Ireland, now the French raid people's pensions ...

How long before such a theft happens here?

Sorry - you are a bit late:

"The Pension raid by Gordon Brown known as the Beginning of the End for many personal and private pensions was on 17th March 1998"

jamesd

The French FRR seems to be a state pension, not a personal pension. That's pretty different from taking people's own pensions.

moonrakerz, that's hardly theft of money that people have put into their pension pots, though, just less going in.

moonrakerz

jamesd wrote: »

moonrakerz, that's hardly theft of money that people have put into their pension pots, though, just less going in.

So the fact that he reduced my,and every one else's pension too, because he took the money before it actually got there, makes it OK

dunstonh

moonrakerz wrote: »

So the fact that he reduced my,and every one else's pension too, because he took the money before it actually got there, makes it OK

It wasnt just pensions. It was effectively all investing.

jamesd

Nationalising personal pension pots as Argentina did would be a very different and far more seriously bad thing.

Adjusting what gets or doesn't get tax relief on the way in is within the realm of legitimate things that a government can do. Outright confiscation of existing money is way different.

What was done was definitely not a good thing, since it gave a strong push to the ending of final salary pension schemes in the UK. Requiring companies to report them on company balance sheets so investment variations show up as huge variations in company profitability was another large nail in their coffin. The pensions regulator and it's approach to managing liabilities has been another one. But these things aren't confiscation, however good or bad they are.

purch

Using zeronumpty as a source of information is hardly credible.

You only have to read the comments added after these articles to see the audience they are aimed at :eek: