TODAY I received a
letter which raises to a new level my hatred of all things Tory and
especially Mrs Margaret Hilda bloody Thatcher. And this is made worse
by the fact that the cause of my rage - and fear - is yet another
example of how the capitalist system she so admired cannot be trusted
with the security and prosperity of its very own workers.
Today I learn that
the National Grid, which has become my pension payer (more on that
anon) is to salami slice its pension members into three buckets and
distribute them willy nilly to a new bunch of as yet un-named and
unattested corporations. This is because they have decided to reap
the profits they have accrued by building up various bits of the
business. Not you will note for my benefit at all.
Today they assure me
that my pension is as safe as ever, regardless of which bunch of
capitalist thieves my pension has been unilaterally dumped with. And
I have no choice. And I will be told which bunch BEFORE the value of
their bids is known! And they assure me I am safe because each third
will be ring-fenced! What? I used to be assured by the whole
business; now it just a bit of it.
Today for the first
time in over 10 years of drawing my pension I am afraid. For myself
and my wife, or as she may one day be, my widow.
Today I would
willingly dis-inter Mrs Thatcher and hang her head from one of the
lamps on Westminster Bridge. But enough about how I might enjoy
myself.
For it was she, and
her lap-dancing lackeys, who decided to sell off the family silver,
as Haroold MacMillan called it. Each of the utilities on which the
people of Britain depended and for whom thousands worked or were
dependant were flogged off to the highest bidder. Oh yes she made
sure the bitter puill was sweetened by Telling Sid and all the other
greedsy ones who sucked up her share-owning democracry claptrap. Me
included to a degree, though I missed out on two by being silly
enough to be an adviser! Well-paid of course but ultimately robbed
like the rest of Britain.
Worse was to come
however. Mrs T understood that her decision was not actually all that
popular for many reasons and especially not with some of her own. So
she instituted the Golden Share, by which ownership althugh up for
grabs,would remain in British hands. Not ideal but something to cling
on to. And especially after she also instituted in the City the Big
Bang, otherwise known as the first step towards fiscal armageddon in
2008.
But the Golden share
had a time limit and when they expired takeover fever struck. Today
hardlky any utilities are actually owned by British interest,
certainly not in total. Worse still the Rolls Royce Golden Share
attracted the attention of the EU and was ruled illegal in 2000 with
inevitable results. I voted remain but if there was a reason not to
this may have been it.
Now let's back up a
bit. I will be the first to say, from experience, that the utilities
were not perfect. They were not as efficient as they might have been.
Some failed to 'wipe their faces' and relied on Government subsidies.
But they and their workers all paid their taxes. And their workers
were well paid and cared for, requiring little if anything during or
after work from Government.
Some utilities did
all that and made a profit, which went into the Treasury coffers,
leaving the utility to beg money back for capital investment. That
rule was actrually used asd an xcuse by Thatcher for privatisation –
to 'free them from the shackles of Government'. That would be you
then Mrs T?
Now every utility
worker paid in to a big pension pot, along with contributions from
the 'company'. They worked for up to 50 years and got decent pensions
based on the decent pay they had received, mostly, during their
working years. These pensions were in no way Government subsidised
and indeed were good for the country as the recipients continue to
pay tax and spend money of their own.
We all know about
BHS and the Greening of their pension fund. And the Mirror Group and
how Maxwell sank their pension just ahead of sinking himself. There
have been others and Tata is bleating on right now about the steel
poension fund.
The point here is
that unlike the state pension all these pensions are wholly-funded.
Indeed back in the days of sanity most of them carried surpluses
which were used to lend to insdustry and the Government o pay for
projects. The idea was that in the good years the pot got bigger than
nmecessay to cover the bad years when it shrank. But caropetbaggers
and other greedy bastards decided that ws not the way to do it.
Instead in the good years they awarded themselves – the fund –
and the pension contributors a 'pensions holifay' Guess what?
Suddenly the lean years were really lean and a black hole started to
develop.
Not satisfied with
that Gordon Brown decided to dip into the funds generated by pension
relief and robbed the entire syetm of billions of pounds.
Add Brown's
buggeratioin factor to the purblind fools and their pensiun holidays
and now most pension funds are actually UNDER-funded. And given the
state of the investment market that uis not likely to change any time
soon.
So the bigger the
pension fundl. The more security we the pensioners have. And this
matter todasy be=cause som,ething else happened to clobver pensions.
Back in the days of
the un-privatised utilities they employed thousand, often more than
perhaps wer entirely needed. But along come the sharop eyed
accountants serving their sharp tongued bosses and productivity
slashes the workforce. Great you cry – our bills will go down.
Oddly enough not only have they not fallen, they have risen but that
is another can of worms.
But see here –
back then the number of pensioners was LESS than the number of
contributing members. Not any more. Oh no. Today really rather small
numbers of contributors are watching huge numbers of pensioners
depleting the pot. Add to that the fact that us pensioners are now
living longer than ever and a bit of snag emerges.
And so I worry when
my pension fund trustees assure me I will be entirely safe when they
chop me into salami slices and stuff me into a smaller bag.
And I worry more
when they assure me, as if it were a good thing, that this smaller
bag will be ring-fenced so it cannot infect the other bags (the ones
we used to be able to rely on).
And I really worry
when I realise that they are arbitraily slicing us into mixed
packages to suit the new smaller bags.
See, I know how that
will work and I don't like it. I don't like it one little bit.
For someone just
turned 65 and starting to draw their pension is a much higher
actuarial risk to the fund than the chap who is already 75 and had 10
years of pension.
And he or she is in
turn more of a risk than the person in their mid-80s and starting to
live on borrowed time (that is not a joke!).
And each of these is
a greater or lesser risk depending on their gender since women live
longer than men. Oh and there is the white-collar versus blue-collar
thing as well.
So here we go –
when the bids come in for the chunks of National Grid that are being
sold one of the issues will be the exposure of the new company and
its owners to the pension fund.
Now you know whay
today was a very bad day for me and a vast number of National Grid
pensioners.
And of course for
the Government too, who may have to pick up the bill when one of
these shiney new owners goes tits up and has robbed the pension fund
blind.
NOTE: I worked for British Gas and they were my pension fund holders. Then it got taken over and various things happened and finally the electricity power people came along and gobbled it all up. Yum Yum, lovely.