Wait are you saying people's private workplace pensions or state pensions or both are at risk ?On pensions My understanding is that since good old Gordon changed the funding rules in pension schemes and Pension Trustees responsibilities were (rightly) severely tightened, funds have turned to Gilts as they are the safest bet even though returns have consistently declined. This has been done to protect the Trustees from any scrutiny and questions that they have taken risks with Fund monies.
This resulted in the death of many final salary schemes or the need for schemes to make Emergency top up funding plans or at worst declare insolvency and turn to the Pension Protection Fund for help. But all open or slumber final salary schemes still have liabilities and many are, I understand still wedded to Gilts. Drop in the value of Gilts means a drop in the value of a Fund and the fund has to react. The trigger is usually a revaluation which has to be done every few years. But when something as drastic as this Gilt drop occurs, Directors / Shareholders and Trustees have to react and sound warnings.
On an aside the State Pension Fund is not underwritten and exists in the belief that people paying tax will fund the liabilities as we move forward. That debt alone is astronomical and does not appear in any financial modelling by any government Party.
You said Odey was part of the decision making process due to his links with Kwarteng.
I hardly think a chap of Odeys financial standing requires the assistance of Kwasi.
Why couldnt he lose?
Odey is a fat crook with establishment links through the old boy network. If you read his history he's lost shit loads of other people's money as often as he's made it. In this case, if he knew ahead of time what Kwarteng's plan was (allegedly because he advised him on it), he couldn't lose. It's called insider trading.You said Odey was part of the decision making process due to his links with Kwarteng.
I hardly think a chap of Odeys financial standing requires the assistance of Kwasi.
Why couldnt he lose?
On pensions My understanding is that since good old Gordon changed the funding rules in pension schemes and Pension Trustees responsibilities were (rightly) severely tightened, funds have turned to Gilts as they are the safest bet even though returns have consistently declined. This has been done to protect the Trustees from any scrutiny and questions that they have taken risks with Fund monies.
This resulted in the death of many final salary schemes or the need for schemes to make Emergency top up funding plans or at worst declare insolvency and turn to the Pension Protection Fund for help. But all open or slumber final salary schemes still have liabilities and many are, I understand still wedded to Gilts. Drop in the value of Gilts means a drop in the value of a Fund and the fund has to react. The trigger is usually a revaluation which has to be done every few years. But when something as drastic as this Gilt drop occurs, Directors / Shareholders and Trustees have to react and sound warnings.
On an aside the State Pension Fund is not underwritten and exists in the belief that people paying tax will fund the liabilities as we move forward. That debt alone is astronomical and does not appear in any financial modelling by any government Party.
But why couldnt he lose?He hired him as a political consultant after he worked for Odey full time and went into politics, so he clearly did have a need for assistance at least at some points…
First thing they need to do is stop all the twats who are betting/shorting against the Pound, like Odey.
All hoping to get Soros lucky, even if bankrupts the entire economy.
But why couldnt he lose?
This is off its tits. Complete idiocy in charge right now.