Quote:
Originally Posted by Osem
http://www.bbc.co.uk/news/uk-politics-30670639
I have grave reservations about all of this. At a time when personal debt is huge because most people would rather spend than save, I don't see the wisdom in allowing people to cash in their guaranteed pension entitlements. I agree that in theory it seems right to give people the choice but all those who're already funding their lives through borrowing are already doing that and heading towards retirement in debt as opposed to surplus. Furthermore, given the financial sector's rather dubious history concerning the miss-selling of PPI, personal pensions and the like, I can see a whole lot of vulnerable people becoming the victims of sharp practice and having their major (non property related) asset frittered away in commissions/charges, failed investments or spent with too little regard for what happens when it's all gone.
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I think it sounds like a good idea myself, I have worked all my adult life and since the age of 20 and paid a pension. (apart from the odd gap when changing jobs) I increased my contributions to the maximum allowed in my company pension scheme about 4-5 years ago. Perhaps when I retire I should blow the lot and live off the state like many have been doing whilst I have been getting up for work every morning.
Perhaps it's finally the working persons chance to scrounge off the state for a change
