MalcSB
Well-Known Member
What will Rachel Reeves’s retirement scheme changes mean for pensions?
The chancellor has announced plans to merge local government retirement schemes into eight Canada-style ‘megafunds’
The Labour government not only wants more cash for UK projects, but believes UK pensioners should benefit from any returns on investment.
Sounds a bit like when local authorities were told to invest rather than rely on their budgets.
Does she not realise the value can go down as well as up, who is covering the cost if the projected profits don’t materialise?
So if a refuse collector’s pension pot is put in to a Reeves ( the well known fabricator of cvs) inspired investment portfolio and it loses money, how will their pensions be guaranteed?This is being made out to be a problem when it really isn't. Peoples individual pensions are not going to be affected.
So if a refuse collector’s pension pot is put in to a Reeves ( the well known fabricator of cvs) inspired investment portfolio and it loses money, how will their pensions be guaranteed?
There is no refuse collectors pot in the first place. Individuals do not have "pots" in the LGPS. All this is talking about is going from having 86 funds across the country to 6 - which already started years ago and is now just being accelerated. IE in Coventry, the city council are part of the West Midlands Pension Fund. West Midlands Pension Fund are part of the LGPS central pool but need to ensure that all their total fund is transferred over to LGPS Central as opposed to the gradual transfer that has been in place since 2018So if a refuse collector’s pension pot is put in to a Reeves ( the well known fabricator of cvs) inspired investment portfolio and it loses money, how will their pensions be guaranteed?
With her CV why would you not trust her.......
I just didn’t trust Chancellors who piss about with personal pensions. Brown devastated the private defined pension with a tax raid. What’s this money going to be invested in and who is going to underwrite it if it goes pear shaped?Is this really any different to Hunt's using 5%currently for British companies or start ups?
IDK but it feels the same kind of raid!
To be followed by further uses or increases, seems to suggest they don't get offered enough from international bodies or to get extra through these means?
So Blair type Hospital's but return's for these pension pots, think Hunt may have agreed with her on this?
So if a refuse collector’s pension pot is put in to a Reeves ( the well known fabricator of cvs) inspired investment portfolio and it loses money, how will their pensions be guaranteed?
I think it is the inference that such funds will be directed to government pet projects.Am I missing something? The way I understood it was the 86 local government funds are going to be pooled into 8 mega funds, which ultimately just have more spending power. That aside they're going to work the same way, the money in the funds will be invested. How is the risk any greater or smaller than it is at the moment?
By the sounds of it the funds will also save money in investor fees, and be managed by more accomplished fund managers. Not really seeing the downside.
There was also this line in the article: -
"There could also be pushback from the reams of lawyers, asset managers, banks and actuaries who could lose out on hundreds of millions of pounds in annual fees and contracts if funds are consolidated."
Is that a bad thing?
I think it is the inference that such funds will be directed to government pet projects.
This wont be a case in point, but imagine if the investment had been in to that bottomless pit called HS2?
Am I missing something? The way I understood it was the 86 local government funds are going to be pooled into 8 mega funds, which ultimately just have more spending power. That aside they're going to work the same way, the money in the funds will be invested. How is the risk any greater or smaller than it is at the moment?
By the sounds of it the funds will also save money in investor fees, and be managed by more accomplished fund managers. Not really seeing the downside.
There was also this line in the article: -
"There could also be pushback from the reams of lawyers, asset managers, banks and actuaries who could lose out on hundreds of millions of pounds in annual fees and contracts if funds are consolidated."
Is that a bad thing?
Recall when Osborne/Cameron came in and made changes. A deal's a deal and they couldn't rip up the formula to that point, but they got rid of the final salary clause from that date. Wonder if Reeves will ultimatley look to make changes and savings somehow.This is being made out to be a problem when it really isn't. Peoples individual pensions are not going to be affected.
That’s what would worry me if my pension scheme was involved,I wonder how much will go to millibands folly.
Its Guaranteed money loser if it does.
It really has been a shitshow but I don't think you can say 3 months in it's shambolic cos they haven't fixed everything yet. If they had it would've been the mot amazing political masterstroke the world has ever seen.It must be the most shambolic first 3 months in British history
They’ve f****d up every they said they will fix, they lied to get into power
No doubt Sir Starmer loves his new suits and Angela Raynor adores the attention she’s getting from her new outfits the taxpayer has bought her.
The Labour Party is finished , and after this term, even the raving looney party will get more votes.
Before Shmee and Pete attack me, I didn’t vote blue or the other moronic parties, I went for a local independent, who actually was in tune with his local voters
This country is absolutely desperate for a whole shake up of the political system, realistically it’s either labour or Conservative, we deserve more choice than those two basket cases
It’s not that they haven’t fixed everything, they haven’t fixed anything other than stuffing the train drivers mouths with gold.It really has been a shitshow but I don't think you can say 3 months in it's shambolic cos they haven't fixed everything yet. If they had it would've been the mot amazing political masterstroke the world has ever seen.
FWIW I don't think they will fix (m)any of the problems during their term and they will lose the next election quite badly if they don't change tack (though I will ignore the hyperbole of them being finished)
It is true. Claimed to have been an economist with Bank of Scotland when really she had been a customer service team member with HSBC. Surely a sacking offence.This is Rachel from Accounts?
Is it true she was not quite honest about her CV?
I think it's a bit much to have anything fixed in 3 months as well. All the problems are huge and even any changes they have made would take time to filter through.It’s not that they haven’t fixed everything, they haven’t fixed anything other than stuffing the train drivers mouths with gold.
Pretty much everything else they have fucked up. God knows what the size of the black hole will be in 5 years time. Labour will be responsible for the further shit show that will inevitably follow whether in government or not.
It seems as if all the economic indicators have done a sharp about turn and are headed in the wrong direction and business lacks confidence. Government of growth? My arse! What a remarkable achievement in just 3 months
It might actually be quite good fun, in a masochistic kind of way, to make sure they do win the next election but with a small but just workable majority. Their wriggling on the hook as they try to resolve all the consequences of their first term, as the country shivers through really bad winters exacerbated by electricity blackouts and ineffective enforced heat pumps, should see them off for the foreseeable.
Everything seems to be moving in exactly the wrong direction, implying that the much anticipated Labour competence was, in fact, a myth.I think it's a bit much to have anything fixed in 3 months as well. All the problems are huge and even any changes they have made would take time to filter through.
But even though nothing is fixable in that timescale you'd hope to see some sort of movement in the right direction. At the moment I don't and that's a big concern.
That’s (a) sacrilege and (b) bordering on sexual assault!Petition for a general election over 300000 in next to no time
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