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Several European countries taking private pension funds to solve budget woes:

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Ilsa Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-04-11 10:29 PM
Original message
Several European countries taking private pension funds to solve budget woes:
http://www.csmonitor.com/Business/The-Adam-Smith-Institute-Blog/2011/0102/European-nations-begin-seizing-private-pensions

http://www.newser.com/story/108835/hungary-bulgaria-poland-grab-private-pensions-to-fix-budgets.html

(NEWSER) – As European governments seek new sources of revenue, private retirement plans are taking a hit. Since most are organized by the state, "European ministers of finance have a facilitated access to the savings accumulated there, and it is only logical that they try to get a hold of this money for their own ends," writes Jan Iwanik for the Christian Science Monitor. Iwanick highlights five such schemes:

Hungarians last month had to choose between handing the government their retirement savings or giving up their state pensions.

In Bulgaria, the government called for $300 million of private early retirement savings to be moved to state pensions; trade union protests weakened the plan.

The Polish government wants a third of future private retirement fund contributions to go to social security.

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Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-04-11 10:58 PM
Response to Original message
1. Which is why I have no interest in a pension.
I like 401K & IRA, assets in my name. Not a promise that can be taken away. 30yr is too long of a time to end with a change in the rules.
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valerief Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 12:08 AM
Response to Reply #1
2. The market is fickle. nt
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