<-- a well deserved pension after 20 years of hard work........?
2 former executives of the Dutch Pension Fund ABP (now APG), Jan Frijns, former Investment Director 1993-2005 and Jan van der Poel, financial executive 1997-2002, seem to be desperate in trying to get the attention of msm to highlight government looting which occurred from 1997 and 2002 in order to pay for the implementation of an early retirement scheme, called VUT.
Well, I've explained before how the market works, money is never a problem, ask the politician, when he cannot steal he will print. After all, the only thing the politican wants is to get re-elected. And nothing will stop him there.
In a november 2010 interview Frijns said in the Parool, a Dutch daily newspaper:
"The government, the largest employer in the country, withdrew in the nineties around 25 billion euros from the financial reserves of the Pension Fund ABP, according to Jean Frijns, former director of ABP Investments, in the television section KRO Reporter Saturday.
For years the authorities paid too little premium to the ABP, said Frijns. In the privatization of the pension fund in 1996 the backlog had risen to around 15 billion euros, Frijns said, who from 1993 to 2005 was director of investments. He says the government is therefore partly responsible for the current financial problems of the ABP.
Frijns, now professor of investment management at the Free University in Amsterdam, says that ''a large part of the early retirement scheme''by the government was funded with money that ABP had reserved for regular pensions. That would be a sum of 10 million euro's."
Big schandal, but no outrage from msm at all? Why should there be? The entitement thinking in Holland is arguably second to only the USA. So Frijns' old time colleague Jan van der Poel got on his horse and tried again with a subsequent interview in the same Parool newspaper, now in stronger wording:
"Without any problems, the Dutch government could plunder dozens of billion of guilders from the ABP Pension Funds, despite the outrage of the Dutch Court of Audits"
This newspaper interviewed Jan van der Poel, who was from 1997 up to 2002 a financial executive of ABP. ''I received a report of the Court of Audits and read in this report that the government had stolen 30 billion guilder (app. Euro 13,6 Billion) from our Fund. The Court of Audits was furious. But nobody read that report and no journalist wrote about it".
Also private companies looted the fund, said van der Pond, but not on such a large scale as the government.
Van der Poel has no good word for the politicians who were for many years in charge of the ABP. According to him politicans are egoists who always blame others
and they regarded the ABP as a haven for early and safe retirement
The ABP has suffered greatly because of he credit crisis of the last 2 years. Investments were less profitable than originally calculated. Also, these investments were regarded as too risky. Over 2008 the pension cover degree which is the proportion between the capital of a pension fund and the amount to be paid out to pensioners, decreased with almost sixty percent points to the lowest point of 83 per cent at the beginning of last year. Afterwards the pension contribution was raised. Meanwhile the pension cover degree increased to 105 per cent.
According to van der Poel there is presently too much attention for investment results. '' The pension problem is extremely simple. With the rising life expectancy and our current life style it cannot be that you start to work on your 27st, stop working on your 60th and go on holiday for forty years for free. That is possible only in a state which works on slavery. Therefore, if people are healthy, they must work. This demographic time bomb has been ticking for a long time, it is a pyramid scheme. But the Dutch labor Unions never wanted to talk about these problems. Today, they still act as if there are no problems."
But let's get real, the fact that the Dutch would not be able to afford their pension pyramid scheme must have been known for at least 30 years. 1 + 1 = 2, still is and always will be, unless you are a politician in a comfortable chair, with a wood paneled board room, a great salary and pension and an ulterior motive not to make decisions. After all, the decision of today could very well be your personal problems of tomorrow. Only now I understand the slogan of the APG which is "tomorrow is today".
The waiting is now for "The Big Reset", which will come with or without the market riggers, politicans and bankers. A return to reality is imminent.
English translations: google translation
UPDATE 1: European Nation begin seizing private pensions. Christian Science Monitor
UPDATE 2: License to Steal?: ZeroHedge
UPDATE 3: All OK! Worried Dutch Government will "rescue" pension funds