"The most infamous example of middle-income baby boomers seeking retribution for the loss of their accumulated wealth occurred in Germany in 2009, when a retired builder and his pensioner accomplice took their financial adviser hostage after more than 2m of stock market investments had crashed."
"Don't touch our hard won wealth is the message the Treasury will hear loud and clear if Reeves adopts some or all of the proposals designed to claw back the monster gains made by this most gilded of generations. We worked hard and saved assiduously with a view to putting our feet up in retirement, they say."
"Of the misconceptions that pensioners and early retirees are prone to believe, the one about pension investments being a fund, amassed over time and drawn on as an income in later life is one of the most widespread. The phrase pension pot fuels this line of thinking, presenting savers with the image of cash piled high in a huge bank vault, ready to be dispensed every month to its owners. But a pension depends on its investments rising in value and paying an income."
Middle-income baby boomers have sometimes sought retribution after financial losses, exemplified by a 2009 German case where a retired builder and a pensioner accomplice took a financial adviser hostage after more than £2m of stock market investments crashed. UK proposals to tax or claw back boomers' property and pension gains risk political backlash from wealthy retirees who assert that gains reflect hard work, saving and home improvements. Many see the 'pension pot' as a cash store, but pensions rely on investments rising in value and on the competitiveness of today's private-sector workers to generate income.
Read at www.theguardian.com
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