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Government plan could be fatal blow for banks

SOME years ago I persuaded my son, then in his early 30s, to begin putting money into a private pension fund (a PRSA).

As my son was (and is) in the type of job that requires movement from one employer to another, he would have no other type of pension other than the state pension. He works very hard — often 12 hour days which finish about 11pm. His pension contributions are, of necessity, quite modest. I now am beginning to regret having advised him to contribute to a private pension fund due to the recent “raid” (as described by Eddie Hobbs) on private pensions.

I contribute to a PRSA myself which currently is worth less than I have paid in. I have no problem at all with huge pension pots being “raided” by the government, or a change in the rules to prevent any abuse of the scheme.

Admittedly it would seem that some very wealthy individuals have used this method as a legitimate tax saving, leading to huge pension pots. But there should be a clearly different approach to those very big pension pots and us ordinary people who were attempting to be prudent by putting aside a reasonable pension for our old age (in my case fast approaching).

If Mr Hobbs is correct and that this is the “thin end of the wedge” and that there is fear of deposit accounts, etc being raided by the government, then it follows that deposits will be withdrawn and that will be the last fatal blow to the struggling banks.

That does not make sense at all from a government point-of-view.

Joe Heffernan

Mallow

Co Cork


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