Let's add another £130 billion to the Kostov coffers.
Blink and you will miss the billions flashing by.
Today's billions are the cost of the pensions black hole in the UK: £130 billion reported in Personnel Today. Gripping reading for Count Kostov. Nearly as entertaining and as factually accurate as Harry Potter.
And the £130 billion is a low estimate: it only includes company pension schemes. The public sector is totally screwed with promises of index linked pensions. Those pensions will only be paid through one of the greatest acts of intergenerational theft ever: today's kids (tomorrow's taxpayers) will find themselves supporting the elders but not betters through ever bigger taxation. It used to be that parents looked after kids. Baby boomers enjoyed all that, and now they want their kids to look after them. Who says crime does not pay? Call it a public pension plan and show pictures of grannies and suddenly all sense disappears. Granny is an idle thieving sponger who should have saved for her retirement: but the lure of cheap package holidays and the summer of love was more interesting than put pennies aside for the future. So now her childrend and grand children can cough up for her while she regales them with stories of how tough it was in the days before GameBoys.
In any event £130 billion qualifies for the Kostov coffers. As ever we will go through the Kostov thre step to see what this is all about:
Step One: The venal start. Who is going to be behind a study like this? Look no further than the ACA (Association of Consulting Actuaries). These are the people that were recommending pension holdiays for firms a few years ago so that firms could artificially boost their profits, artificially boost the share price and then the CEO could walk away with huge and undeserved profits on his share options. The same dickheads now say there is a crisis because the funds they were plundering don't have enough money left in them. Duh.
Step Two: The Meadow Mayonnaise Moment. Show that there is a huge problem (£130 billion gets my attention) which gains maximum publicity.
Step three: The illogical conclusion. First you pay the actuaries a fortune for advice which ruins your pension fund. Now they want you to pay them another fortune to figure out how to rebuild the pension fund.
Actuaries are people who are catastrophically wrong, to eight decimal places.
Actuary joke one: an actuary is an accountant without the charisma.
Actuary joke two: you can tell an actuary from an accountant easily. When talking to you an accountant looks at your shoes, and actuary looks at his shoes.
Blink and you will miss the billions flashing by.
Today's billions are the cost of the pensions black hole in the UK: £130 billion reported in Personnel Today. Gripping reading for Count Kostov. Nearly as entertaining and as factually accurate as Harry Potter.
And the £130 billion is a low estimate: it only includes company pension schemes. The public sector is totally screwed with promises of index linked pensions. Those pensions will only be paid through one of the greatest acts of intergenerational theft ever: today's kids (tomorrow's taxpayers) will find themselves supporting the elders but not betters through ever bigger taxation. It used to be that parents looked after kids. Baby boomers enjoyed all that, and now they want their kids to look after them. Who says crime does not pay? Call it a public pension plan and show pictures of grannies and suddenly all sense disappears. Granny is an idle thieving sponger who should have saved for her retirement: but the lure of cheap package holidays and the summer of love was more interesting than put pennies aside for the future. So now her childrend and grand children can cough up for her while she regales them with stories of how tough it was in the days before GameBoys.
In any event £130 billion qualifies for the Kostov coffers. As ever we will go through the Kostov thre step to see what this is all about:
Step One: The venal start. Who is going to be behind a study like this? Look no further than the ACA (Association of Consulting Actuaries). These are the people that were recommending pension holdiays for firms a few years ago so that firms could artificially boost their profits, artificially boost the share price and then the CEO could walk away with huge and undeserved profits on his share options. The same dickheads now say there is a crisis because the funds they were plundering don't have enough money left in them. Duh.
Step Two: The Meadow Mayonnaise Moment. Show that there is a huge problem (£130 billion gets my attention) which gains maximum publicity.
Step three: The illogical conclusion. First you pay the actuaries a fortune for advice which ruins your pension fund. Now they want you to pay them another fortune to figure out how to rebuild the pension fund.
Actuaries are people who are catastrophically wrong, to eight decimal places.
Actuary joke one: an actuary is an accountant without the charisma.
Actuary joke two: you can tell an actuary from an accountant easily. When talking to you an accountant looks at your shoes, and actuary looks at his shoes.
posted by Count Kostov at
7:28 pm
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