It’s our money and we want it
It's our money. The news that Bermuda national pension changes may be in the offing may be good news for seniors, provided that the authorities give us the right to access our money fully.
That is a significant change that was recently made for pensioners in Britain, a change that gives people the right to take all of their pensions in a lump sum.
The British Government appreciated that many seniors are burdened with mortgages and have the loss of their home threatened by high interest payments, while the banks and insurance companies pay a pittance of interest on pension funds.
The British Government understood that it is better for seniors to have access to their pension capital to pay off mortgages. Seniors should strongly urge the Bermuda Government to make that change here.
Being Bermuda, however, one suspects they will opt to support the insurance companies, who have made fortunes off the backs of seniors' pensions since private company pensions were introduced as law more than 15 years ago.
However, we seniors implore “the Milkman”: do the right thing and deliver our cream due to us in our senior years.
To paraphrase, the TV ad says: “It's our money and we want it now.”
YOURS IN UNNECESSARY DEBT