Saturday 9 January 2016

Criminal Pensions

A third of senior Police Scotland officers are set to retire in the next two years according to a freedom of information request obtained by the Scottish Conservatives.

Add to that the number of corrupt senior Police Scotland officers who will probably also 'retire' (as opposed to being 'prosecuted' or 'sacked') and you can bet your boots that the Police pension fund is about to get a bit of a hammering in the next couple of years.

Except that it's not just Police money that's in the Police pension fund. So it's not just Police Scotland who are about to get a hammering.

Police Scotland pensions are administered by Strathclyde Pension Fund. The fund is made up of money contributed from a large number of local government workers and others, not just the police.

Strathclyde Pension Fund is supposed to use returns it makes from investing your contributions over the years to pay you your pension when you retire.

But in reality it uses cash from contributions of employees who are currently working and paying in to the fund right now to pay pensions to people who have already retired.

Strathclyde Pension Fund panic when too many people retire at the same time. They call it a 'strain' on the fund.

Strange that eh?

Because there should be no 'strain' on the fund in any way if people are simply taking out the money they put in?

So...think 'pyramid scheme' and you won't be far off how it all works.

If you work in local government and you pay contributions to Strathclyde Pyramid Pension Fund, I'm sure you'll be delighted to know that your hard earned cash will ensure criminals like DC Jim Kerr (see my last blog post) and his Police Scotland cronies will receive nice retirement pensions with your money.

Heartening indeed.