Pension fund managers party as we lose our shirts

How is your pension fund today? Probably not so great after this week’s collapse in world stock markets. In fact, most people’s pension savings haven’t increased for the last 10 years. Should you be worrying about your own pension? Absolutely. But don’t worry about the pensions of the multimillionaire pension fund managers who invest your money. You see, they get their cut whatever happens to your savings. Over the long term pension funds manage to grow about 3.5% a year due mainly to the dividend paid by the companies whose shares are bought by our fund managers. But with many pension fund managers pocketing 2% to 3% of your savings each year, that doesn’t leave much for you and me. In fact, the whole Britsh pensions industry is a massive scam where we pay more than five times as much in management fees as people in Holland and Germany.

So while your pension savings may be looking as sick as parrot, your multimillionaire pension fund manager will be wondering whether to buy a holiday home in Tuscany this year or a luxury yacht.