Listening to the lightweight interview that slippery Mandelson had to ‘endure’ with John Humphrys the other day I wondered why the BBC didn’t remind us of this….The EU’s loyal lapdog….
Lord Mandelson must remain loyal to EU to guarantee pension
Lord Mandelson is not allowed to criticise the European Union if he wants to keep hold of his £31,000-a-year pension as a former European Commissioner
Mandelson will receive “a European Commission pension at the age of 65”.
Lord Mandelson is entitled to the cash because he was the EU’s trade commissioner from November 2004 to the middle of last year.
Under the terms of the deal, he will receive an index-linked pension of £31,000 a year when he turns 65. The cost of buying such a deal on the private market would be £550,000.
“Under the terms of the deal, he will receive an index-linked pension of £31,000 a year when he turns 65. The cost of buying such a deal on the private market would be £550,000.”
Sounds good to me! Best Buy at the moment for single person, RPI-linked, would cost £961,000.
The story is from 2009, hence the difference in pension costs, BUT, the story amply shows how much these EU-Troughers have amply feasted on their EU-Benefits at the EU-PigTrough whilst the rest of us (all over Europe!) pay in our pennies, tuppences and thrupences to make sure these EU-PigSwillers are kept in the style they are used to after “retiring” from that most corrupt organisation.
All of those .01p/.02p and .03p contributions from individuals, add up to BILLIONS OF CORRUPT LARGESSE when you take the whole population of this Grand Scheme into account. And then, just divide those BILLIONS of CORRUPT LEVIES among a few thousand, or two, or three, or *maybe* even half a million corrupt money-grabbers in every state in the EU and then you will easily see why Messrs Mandelson, Kinnock, and many other EU-Thieves can do nothing else but *SUPPORT* the EU and all it stands for. They lap up and grab it all for themselves *AND* their families who also now belong to the same corrupt organisation.
Come the revolution … [???]
It will *NEVER* happen – not so long as the Great British Public are fixated on soap operas/”reality” shows/lifestyle and other crap. And one of the biggest producers of this *CRAP* is our national broadcaster, which also just happens to be totally in agreement with Slimy Dave Cameron and his cohorts.
The result of the referendum seems to me to be a foregone conclusion, though I do wonder what will eventually happen in Britain (and other European countries!) when the dam finally breaks. I doubt it will be pleasant. I doubt I will still be alive to see it. Wot a great pity as I suspect lamposts might play a great part in the scenario!
He has more than £31,000 – worth of enthusiasm for the EU. He will be getting barrow-loads of Euros for his devotion. In the same way, the BBC cheerleading is way above the value of the loose change from the EU, compared to the income from the licence fee.
I’m not sure where you are getting your info from on the annuity. But it is actually closer to 1 million pound on the open market.
http://www.pensionchoices.com/annuity-rates/index-linked-annuity-rates/
We never did discover how Mandelson was unable to buy a flat for £500k in the 1190s without a loan from Geoffrey Robinson, earned no more than £150,000 a year for the next 15 years as an MP, minister and EU commissioner (total £2.25 million before tax and before actually spending anything), and yet could buy a house for £8 million in 2011. Must have had an ISA.
Alex, LOL ! Mandelson represents everything rotten about champagne socialists and the EU. He even looks like a rat !
I think that is why he was suitably qualified to become the next European Commissioner. They are good at hiding where they get the money from and not afraid to get their hands ‘dirty’ and still avoid being arrested.. Also now ‘back in UK government’ guiding young Cameron ‘with his Dark Arts’ EU campaign’ team – he is probably entitled to DOUBLE pension and expenses. He will never have to work again (age 25). He looks older.
Ref above comments on pension pot value.
Rob is absolutely on the money on this. But let the logic continue. Osborne’s new lifetime pension allowance is about to reduce to £1million. As Rob accurately says, this would buy an inflation protected pension of a little over £30k. equating to annuity rates of just over 3%.
BUT if you are in the cozy public sector, like the bBBC or an ex EU commissioner, the pension pot equivalent value of a final salary entitlement is calculated based on a multiple of 20. A final salary pension of £30k is calculated to be a pension pot of only £600k so that person can continue to save up to another £400k into an AVC or SIPP scheme. If the private sector worker did that, the £400k would be taxed at 55% !!!!!
And this is on top of the final salary benefits of security in terms of guaranteed payments, freedom from fluctuations on the stock market etc. And on top of the fact that average public sector earnings without pension entitlements are already MUCH higher than private sector for ALL earnings deciles except the very top one (the only point of comparison the bBBC, unions etc. ever go on about). Which we are all paying for through our taxes.
I’m truly appalled the Tories of all people should be so biased against private sector workers in this way.
And please don’t tell me these sums are large, and so people ‘deserve all they get’. Even if they are, it doesn’t make it right.
I heard the same interview: Mandleson bullishly rubbishing everything in a previous Nigel Lawson interview on trade deals, with such an air of assumed authority. But then I thought, who in the world would believe a word this man had to say about anything.
Er..the BBC believe everything this man says. Luckily we don’t believe the BBC either!
I wish you were (and hope that you are) right. But unbelievable as it is, some people do believe the useless, money-grabbing tit and similar parasites like him. If they didn’t, this referendum would be in the bag and I am by no means convinced that it is.
If the stuff I read on sites like this is anything to go by, most people think like we do – get out now while the opportunity presents itself. But I suspect that an awful lot of people are apathetic and many of them don’t know anything except what the beeb tells them.
For example, I work at a “university” (sic). Today I saw a lecturer ask a whole class if anybody had ever heard of ‘The Cultural Revolution’. Predictably, none of them had – and I’m not making this stuff up!
For quite a few years the bBBC have been wheeling Mandelson on in the guise of an ‘independent expert’ on all things European. They then treat him with utter deference, lobbing him easy balls to bat away with little or no challenge.
It’s absolutely desperate stuff but you know exactly where the bBBC are coming from. The entitlement culture of middle class socialists, patronisingly looking down their noses at the plebs beneath them.
Bias writ large.
Just to agitate bBBC followers more, I believe that EU pensions are not subject to national tax.
I have been fairly assiduous in pension saving from a modest to middling salary level, and the £1m, or £750,000, cap will not be affecting me in anyway!
At present the minority earning in the 40%, and more, tax bracket receive a hugely disproportionate amount of the tax relief given to pension savers. With the start of workplace pensions it is far more beneficial to the government to encourage pension saving among the standard rate payers, as this will reduce benefits payments in the longer term. To set a common rebate level of 25 to 30% could be seen to have its merits.
A survey on disposable income by the Scottish Friendly and Social Market Foundation showed that the retired had the most disposable income monthly at £1685 after housing costs and £1390 after “essentials”. Why is the nation shelling out non-means tested free bus passes, TV licences etc.etc. to the best off sector in the community?
I anticipate several “I have paid in all my life, so am entitled” comments to ensue.
My response will be , if the governments were shelling out to pensioners what they do now when you were “paying In”, you would have had to be paying in rather more!