Today I am in Hampshire in a posh hotel holed up with a bunch of hungover salesmen who for no obvious reason have hung around long enough to have become Sales Directors of the insurers and advisory firms they work for.
It has been a revelation to discover something that I had not previously appreciated. These pensions that I had thought were being set up to alleviate hardship in old age are here for quite a different reason.
They provide opportunities for charging that are essential if bar bills are to be met and conferences like this one are to continue to be hosted in hotels like this.
They are here to ensure revenue targets are met.
We have discussed subjects of national importance.
Particularly we have debated the vexed issue of paying advisers out of the pathetic contributions poor people get paid into their pensions. We have debated what happens when the cost of the advice exceeds the contribution paid. We have concluded that where the pot is insuffecient to pay for the advice, remedial action needs to be taken.
We think it entirely understandable for advisers to be concerned in such circumstances. The miserable pauper without a penny in his pension has been given advice on how to manage his money without the money in his pension pot or indeed his bank balance to meet the adviser’s bill.
We think there is a strong argument in such circumstances for re-opening the debtors prison in the Fleet and consigning auto-enrolees to hemp picking for a day or two. That would teach them the value of thrift.
- The toxic transfer; be wary when aggregating pensions! (henrytapper.com)
- What do we mean by good? (henrytapper.com)
- TESCO extra pensions (henrytapper.com)
- Can pensions help you when you’re broke? (henrytapper.com)
- What Steve Webb must do now. (henrytapper.com)
- Club Pension! (henrytapper.com)