Wednesday, 5 August 2009

Company Pension Funds run up huge Deficits

The pension funds of Britain's top one hundred companies, each have on average a deficit of a billion pounds in July 2009.

These huge deficits will eventually cause many company pension schemes to close down.

Compare this to 1997, when all company pension schemes were in massive surplus.

Gordon Brown the then Chancellor, increased tax on pension funds by £5 billion a year.

With this high taxation policy over the following ten years, he proceeded to tax many company pension schemes out of existance.

This destruction of company pension schemes by New Labour, is a vicious attack on the living standards of the working class.

Only UKIP promises to restore the tax paid by company pension funds, back to the pre-1997 levels.

UKIP will put company pension fund taxation back to the time before Gordon Brown's big tax increases.