Where will all the cash reside?
The new compulsory pension scheme is primarily and theoretically a good idea, but who, precisely, is going to be trustee of this potentially very large fund?
This is money which belongs to the people. It is they who have worked and contributed to it. It does not belong to the banks, and certainly not to the government to dip into to bail out their mistakes.
The tax man always has to have his fingers in the pie but, as tax has already been paid on this money and interest is to be added (again theoretically) there should be no deductions to a nice annuity for any future claimant to top up their basic pension. But the cynic in me says the truth may be different.
R. Taylor, Gaulby.
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