[Politics] Liz Truss **RESIGNS 20/10/2022**

[Weststander]

Likewise. I have two at the moment - one from a previous job that was performing ok and costing me less in fees and thus I left alone, and one from my current job. The old one has lost 3% in value this month alone, and I would hazard vast majority of that in the last week. The other doesn't make it as easy to do the same calculation, but it's been absolutely hammered and as it stands at the moment, it's worth less than what I've put into it over the last 10 years.

Edit: ignore the bit in italic above. I forgot that my work pension was moved to a new provider a couple years back, so the "what I've put in" value quoted actually includes all of the growth from the previous plan. So rather than it being less than what went in over the last 10 years, I should have said worth less than what was transferred in and has been added since Jan 2021.

John the club. I was in a defined contribution scheme from 1988, I worked out 20 years later that its value was less than all the contributions and redirected NIC.

The boss’s mate was the supposed IFA, who happened to always invest with ultra high commission Scottish Equitable in their array of all sh@t dog funds.

 

[beorhthelm]

We're not talking "a few percent shift" in relative terms, though. It was a massive shift. 10yr Gilt was 3.5% prior to Friday's "fiscal event" (which was already a long way up compared to the start of this year, but the growth had been gradual). Prior to the announcement today, it was over 4.5% and showing signs of wanting to go even higher. That's a 30% increase within just a few days. That's highly abnormal and you cannot expect pension fund managers to be managing their funds with so much security built in that they can just ride out the shit storm KamiKwasi caused.

shouldnt the pension funds be sitting ok with the underlying capital value?

 

[Thunder Bolt]

They do say that money's the root of all evil.

The correct quote is the love of money is the root of all evil.

There's nothing wrong with money, as it's useful but there is a very evil trait called greed.

 

[rogersix]

The correct quote is the love of money is the root of all evil.

There's nothing wrong with money, as it's useful but there is a very evil trait called greed.

indeed, money ought to be a tool, not a weapon

 

[Machiavelli]

Why hasn't parliament been recalled? Why hasn't Truss made a statement? We're on the brink of a catastrophe for millions in this country and there has been no intervention from her at all. It is astonishing.

If you go over to the thread enquiring about credibility you might see that the one whose credibility is up for debate has called for the recall of parliament. Over on this thread, its subject has remained silent.

 

[Audax]

[tweet]1575128310740389889[/tweet]

 

[Lyndhurst 14]

Truss and Kwarteng under mounting pressure from the IMF, the USA and Germany over their mini budget....................but they know best

 

[dazzer6666]

John the club. I was in a defined contribution scheme from 1988, I worked out 20 years later that its value was less than all the contributions and redirected NIC.

The boss’s mate was the supposed IFA, who happened to always invest with ultra high commission Scottish Equitable in their array of all sh@t dog funds.

Of the three pots I currently have the one that’s gone a bit tits up for now is the employer-run scheme which has plummeted in the last month (which I’m ironically in the process of moving anyway). The SIPPs are of course down as well over the last few months but broadly in line with global markets.

 

[usernamed]

Where is our Prime Minister? She’s just vanished off the face of the earth.

We can only hope she’s cramming for a GCSE in economics, but I bet she’s selecting another cosplay Thatcher outfit.

 

[pb21]

Where is our Prime Minister? She’s just vanished off the face of the earth.

We can only hope she’s cramming for a GCSE in economics, but I bet she’s selecting another cosplay Thatcher outfit.

Is she hiding in a fridge?

I genuinely thought we couldn't go any lower than having Big Dog as PM, not so sure at the moment...

 

[beorhthelm]

[tweet]1575128310740389889[/tweet]

Ed Conway starting to look like he wants to be the Peston of the banking crisis, publicising information that shouldnt be aired just to claim the scoop.

 

[beorhthelm]

Truss and Kwarteng under mounting pressure from the IMF, the USA and Germany over their mini budget....................but they know best

the daftest thing all this, none of it is actually in law yet. its all just a policy announcment from the not-a-budget.

 

[Thunder Bolt]

Ed Conway starting to look like he wants to be the Peston of the banking crisis, publicising information that shouldnt be aired just to claim the scoop.

What a strange take on news and facts. Are you saying he shouldn't report such stuff?

 

[Weststander]

Of the three pots I currently have the one that’s gone a bit tits up for now is the employer-run scheme which has plummeted in the last month (which I’m ironically in the process of moving anyway). The SIPPs are of course down as well over the last few months but broadly in line with global markets.

The gilts effect on everyone is getting exaggerated by all and sundry.

I did some online research earlier, it was hard to pinpoint exact numbers in 2022. But I established that c. 30% of public sector pensions were invested in all types of gilt, corporate bond and cash equivalents. Probably even lower in DB and private pensions. Public sector pensions are safe from all this anyway.

Some lay folk and stirrers are talking as if pension pots are being partially wiped out.

The rubbish non-real return on all gilts for a number of years has actually been a good thing, by accident. The old splits of e.g. 60% equities/40% bonds were long since abandoned. My friend with 7 figures managed by Cazenove's is 64, his pot before Kwarteng had 0% invested in gilts. The excellent manager had sold them all.

 

[Audax]

Ed Conway starting to look like he wants to be the Peston of the banking crisis, publicising information that shouldnt be aired just to claim the scoop.

Disagree. If this is what Truss / Kwarteng have precipitated with their ideological craziness then we have a right to know.

 

[Farehamseagull]

Ed Conway starting to look like he wants to be the Peston of the banking crisis, publicising information that shouldnt be aired just to claim the scoop.

You mean he shouldn't be doing his job?

Thank god him and other like him are, this sham of a government want to shut them all up so they can't be held accountable for their ludicrous actions.

 

[Thunder Bolt]

the daftest thing all this, none of it is actually in law yet. its all just a policy announcment from the not-a-budget.

The government have stopped using Parliament to vote on their policies. They just announce them and go ahead now. There is no accountability.

 

[A1X]

Ed Conway starting to look like he wants to be the Peston of the banking crisis, publicising information that shouldnt be aired just to claim the scoop.

Quite right, journalists should stop printing news that makes the Government look bad.

 

[beorhthelm]

What a strange take on news and facts. Are you saying he shouldn't report such stuff?

yes, if its potentially sensitive and not qualified with additional information. "if" something hadnt happend, something else might have happend is not facts, its speculation. at least wait some time to verify and see what the real situation and outcomes are.

 

[Thunder Bolt]

yes, if its potentially sensitive and not qualified with additional information. "if" something hadnt happend, something else might have happend is not facts, its speculation. at least wait some time to verify and see what the real situation and outcomes are.

There are other tweets explaining the BoE intervention.

https://twitter.com/EdConwaySky


Sir Keir's statement

[tweet]1575129306413633538[/tweet]