Clearly the rise of pensioner power means something completely different in Germany than it did to me. There’s me thinking about how continually improving life expectancy is increasing the power of the ‘grey electorate’ and the value of the ‘grey pound’ with resultant concerns about how we meet the economic and social challenges this brings. Pensioners in Germany however are already resorting to more direct action.
Apparently, as reported in Times Online, a financial adviser was attacked and tortured by a group of pensioners after the value of their investments fell by around $3.6m as a result of the financial crisis.
It’d certainly make you think twice about advising on an ETV exercise or a change of investment strategy if you thought you were going to get hit by a zimmer frame and chair leg, bundled in the boot of a car and driven 400 miles and then locked in a cellar for 4 days!! The FSA and Pension Regulator don’t seem quite so threatening!!