New Labour left retiring workers much worse off
MARGARET BECKETT attempts to spin her way out of the responsibility for the massive damage inflicted by her and her fellow New Labour travellers on the private-sector pension system as soon as they took office in 1997 ("Pensioners will be the hardest hit by Coalition reforms", January 25).
That hateful attack virtually ended any prospect of a decent pension for the millions of victims working in the private sector. The theft stole many billions every year from pensioners.
The result is clear for all to see. In January 1995, a 65-year-old with a pension pot of £100,000 could get a pension of £220 per week. Today, that 65-year-old with the same-size pension pot will get less than £100 per week.
It is reported that the actual size pension pot of those currently retiring is just £32,000, giving a pension of £62 per week, after a lifetime of full-time work.
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Contrast that to Mrs Beckett's, where she will collect a pension each and every day twice that of the private-sector pensioner referred to above. All this, of course, is paid for by those toiling in the private sector with no prospect of a decent retirement.
I believe that, one day, people will wake up and realise what has happened and will demand, as of right, their share of the pension wealth they have helped to create and change the system that rewards only those in the public sector.
Mrs Beckett's political history indicates that she will not be leading the charge.
Ian M Thorpe