Grand Theft Pēnsiō – French Edition

2 Jun

Continuing our recent peek into the world of government confiscations of citizens’ superannuation, we find that France too is indulging in grand theft.

From eFinancialNews:

France seizes €36bn of pension assets

Asset managers will have the chance to get billions of euros in mandates in the next few months for the €36bn Fonds de Réserve pour les Retraites (FRR), the French reserve pension fund, after the French parliament last week passed a law to use its assets to pay off the debts of France’s welfare system.

The move reflects a willingness by governments to use long-term assets to fill short-term deficits, including Ireland’s announcement last week that it would use the country’s €24bn National Pensions Reserve Fund “to support the exchequer’s funding programme” and Hungary’s bid to claw $15bn of private pension funds back to the state system.

Think our government would never resort to stealing your super to pay down its debts?

Think again.

So far we have found that Argentina, Hungary, Bolivia, Poland, Ireland, France, and now the mighty USA have all either confiscated or “borrowed” their citizens’ retirement money to pay for government debt problems.

And our very own Senator Barnaby Joyce has given early warning of the same thing happening right here in Australia:

Of course, the public servants will not be happy when we use their retirement savings, put aside in the Future Fund, to pay off some of Labor’s massive debt.

Learn more about the growing trend for governments to steal your retirement savings, in these earlier articles:

“No Super For You!”

“Grand Theft Pēnsiō”

“Grand Theft Pēnsiō – Europe’s ‘Economic Superstar’ Steals 5% Of Private Super Funds”

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