WEBVTT 00:00:01.320 --> 00:00:04.419 Sure, these risky bets can sometimes pay off 00:00:04.419 --> 00:00:09.220 big. We saw it in 2021. It was a historic year 00:00:09.220 --> 00:00:12.460 when public pensions proudly bragged about huge 00:00:12.460 --> 00:00:15.779 profits. Everyone cheered, I remember it. But 00:00:15.779 --> 00:00:19.539 then 2022 rolled around with trust and a mini 00:00:19.539 --> 00:00:23.000 -budget, bringing a market meltdown that delivered 00:00:23.000 --> 00:00:27.339 a brutal drop, wiping out the prior year's gains 00:00:27.339 --> 00:00:33.909 and then more. Surf in a giant wave. It's a thrilling 00:00:33.909 --> 00:00:37.509 ride up followed by a brutal bone crushing wipe 00:00:37.509 --> 00:00:41.350 out. Now this instability isn't just a small 00:00:41.350 --> 00:00:45.289 problem. It matters a lot because pension maths 00:00:45.289 --> 00:00:49.390 is absolutely ruthless. When the pensions investments 00:00:49.390 --> 00:00:53.210 swing wildly up and down, the promises to keep 00:00:53.210 --> 00:00:57.390 retirees, the promises to retirees just keep 00:00:57.390 --> 00:00:59.820 getting bigger. thanks to the cost of living 00:00:59.820 --> 00:01:03.079 increases. Now a single bad year can push your 00:01:03.079 --> 00:01:06.260 plan from being relatively healthy all the way 00:01:06.260 --> 00:01:09.239 to being in a dangerous position. What happens 00:01:09.239 --> 00:01:13.739 then? It forces tax hikes, I'd starve local budgets, 00:01:14.000 --> 00:01:17.180 we're seeing it now. We're talking fewer teachers 00:01:17.180 --> 00:01:20.439 in classrooms, crumbling roads full of potholes 00:01:20.439 --> 00:01:24.000 and higher taxes for everyone. Now we the taxpayer 00:01:24.000 --> 00:01:28.219 end up paying on both ends. It's a double whammy. 00:01:28.640 --> 00:01:43.000 and it's entirely avoidable so while the massive 00:01:43.000 --> 00:01:46.480 funding black hole in uk pensions has recently 00:01:46.480 --> 00:01:50.500 become a surplus for a while the high fee habits 00:01:50.500 --> 00:01:53.540 picked up along the way remain now to get there 00:01:53.540 --> 00:01:57.159 pension plans relied upon an overly optimistic 00:01:58.000 --> 00:02:01.599 guests at the market betting on heavier and more 00:02:01.599 --> 00:02:05.079 complicated high fee investments and you guessed 00:02:05.079 --> 00:02:08.539 it they paid even bigger fees it's a vicious 00:02:08.539 --> 00:02:12.860 cycle a financial treadmill that just keeps speeding 00:02:12.860 --> 00:02:16.039 up and draining away the surpluses that have 00:02:16.039 --> 00:02:21.060 existed now every tiny bit of extra cost added 00:02:21.060 --> 00:02:25.379 to a 50 billion pound pension pot isn't just 00:02:25.379 --> 00:02:28.419 pocket change it equals five million pounds per 00:02:28.419 --> 00:02:32.780 year straight out of retirees pockets now managers 00:02:32.780 --> 00:02:36.460 know this yet the fee growth consistently keeps 00:02:36.460 --> 00:02:40.740 outpacing the cost of living why because the 00:02:40.740 --> 00:02:43.819 bill for these excessive fees ultimately lands 00:02:43.819 --> 00:02:48.080 on the taxpayer and future retirees not on the 00:02:48.080 --> 00:02:50.620 people who approve these individual contracts 00:02:50.620 --> 00:02:53.819 it's the easiest way to spend other people's 00:02:53.819 --> 00:02:58.259 money and it's happening with our money now this 00:02:58.259 --> 00:03:01.680 creates constant financial pressure forcing organizations 00:03:01.680 --> 00:03:05.539 to increase their payments into their pension 00:03:05.539 --> 00:03:09.360 funds and this can strain finances and usually 00:03:09.360 --> 00:03:13.780 impact essential public services now the lack 00:03:13.780 --> 00:03:17.199 of strong safety net means many plans are still 00:03:17.199 --> 00:03:20.740 vulnerable to the perfect storm scenarios where 00:03:20.740 --> 00:03:25.180 their investments crash just as the debts to 00:03:25.180 --> 00:03:29.240 retirees climb and this devastates the finances 00:03:29.240 --> 00:03:37.580 so let's talk solutions become your own detective 00:03:37.580 --> 00:03:44.900 all right let's all right let's talk solutions 00:03:44.900 --> 00:03:48.639 because you're not powerless here first become 00:03:48.639 --> 00:03:52.319 a financial detective Find the annual report 00:03:52.319 --> 00:03:55.199 for your pension plan. Now, don't be intimidated 00:03:55.199 --> 00:03:57.960 by the name. It's a public document, and once 00:03:57.960 --> 00:04:04.419 you've searched for it on Google, grab a calculator, 00:04:04.539 --> 00:04:08.240 and with some patience, add up every single line 00:04:08.240 --> 00:04:11.379 item with the word fee for the past five years. 00:04:11.520 --> 00:04:15.539 I promise you, the total will absolutely blow 00:04:15.539 --> 00:04:18.769 your mind. It's like... peeling back the layers 00:04:18.769 --> 00:04:23.269 of that financial onion we talked about so next 00:04:23.269 --> 00:04:27.110 compare that eye -watering number to what it 00:04:27.110 --> 00:04:30.170 was a decade ago if the fees have grown faster 00:04:30.170 --> 00:04:32.930 than the pension promises to retirees you've 00:04:32.930 --> 00:04:36.430 spotted a massive red flag don't keep it to yourself 00:04:36.430 --> 00:04:40.949 post these numbers on social media tag your local 00:04:40.949 --> 00:04:45.129 tag your local pension trustee and politely but 00:04:45.129 --> 00:04:49.259 firmly as for an explanation why are we paying 00:04:49.259 --> 00:04:53.600 so much more sunshine my friends is the best 00:04:53.600 --> 00:04:56.720 disinfectant for these hidden fees and transport 00:04:56.720 --> 00:05:01.319 transparency forces them to be accountable so 00:05:01.319 --> 00:05:04.459 the third thing we need to do is push for a simpler 00:05:04.459 --> 00:05:09.000 strategy of just investing in the to push for 00:05:09.000 --> 00:05:11.420 a simpler strategy of just investing in the whole 00:05:11.420 --> 00:05:14.279 market through low -cost funds now this isn't 00:05:14.279 --> 00:05:17.839 complicated it's just smart investing now take 00:05:17.839 --> 00:05:20.220 the government back nest pension scheme for example 00:05:20.220 --> 00:05:25.459 its main fund runs on a yearly fee of 0 .3 percent 00:05:25.459 --> 00:05:28.439 plus a small charge when you contribute every 00:05:28.439 --> 00:05:31.259 public pension in the country could do this for 00:05:31.259 --> 00:05:34.560 a fraction of what they pay expensive managers 00:05:34.560 --> 00:05:39.240 for if politics and self -interest simply kept 00:05:40.199 --> 00:05:43.259 Now the savings for a mid -sized county council, 00:05:43.500 --> 00:05:45.879 millions of pounds a year, think about that, 00:05:45.899 --> 00:05:48.639 millions that could buy a whole lot of school 00:05:48.639 --> 00:05:52.540 lunches, fix a lot of potholes or hire some more 00:05:52.540 --> 00:05:55.939 essential care workers. It's not just about saving 00:05:55.939 --> 00:05:59.319 money, it's about redirecting it to where it 00:05:59.319 --> 00:06:10.439 truly belongs, serving the public. Changing the 00:06:10.439 --> 00:06:13.480 whole system feels slow. You're not helpless. 00:06:13.699 --> 00:06:16.379 You can still protect yourself right now. Now, 00:06:16.399 --> 00:06:19.639 if your employer lets you choose your own funds 00:06:19.639 --> 00:06:22.959 within your workplace pension, use that power. 00:06:23.759 --> 00:06:27.839 Or maybe open a SIP, a self -invested personal 00:06:27.839 --> 00:06:32.600 pension. This is your personal escape hatch. 00:06:32.720 --> 00:06:36.220 Through it, you can build a simple, effective 00:06:36.220 --> 00:06:40.069 portfolio with just three funds, maybe. one covering 00:06:40.069 --> 00:06:43.509 the entire UK, one for international markets, 00:06:43.850 --> 00:06:46.949 and maybe one in safer investments like bonds. 00:06:47.709 --> 00:06:52.149 The average blended cost for this is a tiny 0 00:06:52.149 --> 00:06:58.790 .04 % to 0 .06%. Check it once a year, ignore 00:06:58.790 --> 00:07:01.370 all the noise. You might find you get better 00:07:01.370 --> 00:07:04.910 results. It's simple, powerful, puts you back 00:07:04.910 --> 00:07:07.459 in control. Now, members on here on my channel 00:07:07.459 --> 00:07:10.399 get to see inside my SIP and I publish every 00:07:10.399 --> 00:07:14.199 trade I make and explain why I made it. And my 00:07:14.199 --> 00:07:17.620 SIP has always paid around 10 % per year. Now, 00:07:17.660 --> 00:07:21.240 try getting 10 % with a high fee managed work 00:07:21.240 --> 00:07:24.019 pension. It's not going to happen. Now, if you're 00:07:24.019 --> 00:07:25.980 interested, click the join button on the channel 00:07:25.980 --> 00:07:32.779 here. It's only 99p a month. Now, what if you 00:07:32.779 --> 00:07:36.889 don't have? a choice on your work pension well 00:07:36.889 --> 00:07:41.430 email hr i mean companies usually respond if 00:07:41.430 --> 00:07:44.470 you know five to fifty people email them and 00:07:44.470 --> 00:07:46.730 ask for a lower cost option and this is because 00:07:46.730 --> 00:07:50.509 it's easy for them and it cuts the cost for the 00:07:50.509 --> 00:07:52.750 company and it actually costs them virtually 00:07:52.750 --> 00:07:55.810 nothing being a squeaky wheel because squeaky 00:07:55.810 --> 00:08:01.920 wheels get the oil And here's another crucial 00:08:01.920 --> 00:08:05.879 move. Every time you switch jobs, move your old 00:08:05.879 --> 00:08:09.279 work pension into a low -cost SIP at a provider 00:08:09.279 --> 00:08:12.779 like Vanguard, Interactive Investor, Free Trade, 00:08:13.220 --> 00:08:17.139 Fidelity, AJ Bell. Leaving money stranded in 00:08:17.139 --> 00:08:21.319 a former employer's high -fee plan is like forgetting 00:08:21.319 --> 00:08:23.959 your suitcase full of cash. But just make sure 00:08:23.959 --> 00:08:26.220 that you're not losing any benefits before you 00:08:26.220 --> 00:08:35.789 move that. Benefits might include things like 00:08:35.789 --> 00:08:38.789 additional spouse's pension, that kind of thing. 00:08:38.850 --> 00:08:48.009 Just be careful you don't lose any of that. Now, 00:08:48.029 --> 00:08:49.929 if this is the first time you've heard about 00:08:49.929 --> 00:08:53.330 pension fees being piled on top of fees and the 00:08:53.330 --> 00:08:56.210 silent skimming of your retirement, then frankly, 00:08:56.370 --> 00:08:59.690 this channel's algorithm hasn't been doing its 00:08:59.690 --> 00:09:02.850 job yet. But you can fix that. Hit the subscribe 00:09:02.850 --> 00:09:08.649 button. and these crucial videos should and these 00:09:08.649 --> 00:09:11.049 crucial videos will reach you before your next 00:09:11.049 --> 00:09:13.870 contribution before your next pension contribution 00:09:13.870 --> 00:09:16.889 gets eaten up by fees so let's build a community 00:09:16.889 --> 00:09:20.110 that demands transparency protects our financial 00:09:20.110 --> 00:09:34.559 futures now pension trustees answer to higher 00:09:34.559 --> 00:09:39.019 authorities members of parliament the dwp the 00:09:39.019 --> 00:09:42.000 pensions regulator and these are people with 00:09:42.000 --> 00:09:45.039 real power to make change so i'm going to pick 00:09:45.039 --> 00:09:49.879 up the phone call your mp's office read two simple 00:09:49.879 --> 00:09:53.879 powerful sentences i'm a constituent i'm a voter 00:09:53.879 --> 00:09:57.419 please support honest up -to -date reporting 00:09:57.419 --> 00:10:01.970 and full fee transparency in public pensions 00:10:01.970 --> 00:10:05.429 now the staff in the mp's office count these 00:10:05.429 --> 00:10:09.830 calls believe me 20 voices just 20 can move a 00:10:09.830 --> 00:10:12.570 critical policy from the back burner straight 00:10:12.570 --> 00:10:15.549 to the front and emails work sure but phone calls 00:10:15.549 --> 00:10:20.250 they get attention much faster they know a constituent 00:10:20.250 --> 00:10:24.090 on the phone is a constituent who cares deeply 00:10:24.090 --> 00:10:30.509 who cares deeply And don't keep this information 00:10:30.509 --> 00:10:33.809 to yourself. Forward the video on. Share the 00:10:33.809 --> 00:10:37.309 message with a teacher, a police officer, a firefighter. 00:10:37.590 --> 00:10:41.629 Our public servants have the loudest moral voice 00:10:41.629 --> 00:10:45.169 in the fight. They've bargained for the pension 00:10:45.169 --> 00:10:48.070 in good faith. Dedicating their lives to our 00:10:48.070 --> 00:10:52.370 communities. And they absolutely deserve to keep 00:10:52.370 --> 00:10:55.809 what they've earned. And what they've earned 00:10:55.809 --> 00:10:59.909 should be free from hidden fees. reckless management 00:10:59.909 --> 00:11:03.990 the voices strengthen the message making it impossible 00:11:03.990 --> 00:11:16.669 for the politicians to ignore so here's a golden 00:11:16.669 --> 00:11:19.429 rule a simple benchmark you can use for life 00:11:19.429 --> 00:11:22.809 when you look at any investment fund aim for 00:11:22.809 --> 00:11:28.059 yearly fees under 0 .2 percent better yet shoot 00:11:28.059 --> 00:11:32.440 for 0 .02 i mean top providers like vanguard 00:11:32.440 --> 00:11:36.220 and fidelity all offer funds at this or even 00:11:36.220 --> 00:11:40.259 below these levels i mean anything more expensive 00:11:40.259 --> 00:11:44.100 well it must prove it can consistently beat the 00:11:44.100 --> 00:11:48.799 market over say 10 years even after you've subtracted 00:11:48.799 --> 00:11:52.919 the high fees the taxes and the and account for 00:11:52.919 --> 00:11:57.179 the extra risk they took Most expensive funds, 00:11:57.259 --> 00:12:00.139 despite their slick marketing, simply can't. 00:12:00.139 --> 00:12:03.440 They claim they can, but the numbers really back 00:12:03.440 --> 00:12:10.960 it up over the long haul. Now, tell your friends, 00:12:11.080 --> 00:12:14.220 if enough people in the population complain about 00:12:14.220 --> 00:12:17.940 high fees, understanding how much they can cost 00:12:17.940 --> 00:12:21.639 over time, the city's fee machine will starve. 00:12:21.940 --> 00:12:25.519 It'll be forced to adapt. or it will simply fade 00:12:25.519 --> 00:12:29.059 away. Now, this isn't just about your retirement. 00:12:29.059 --> 00:12:32.100 It's about building a future where financial 00:12:32.100 --> 00:12:35.379 honesty becomes the norm, not the exception. 00:12:42.940 --> 00:12:45.360 So sorry if this has been a bit of an angry rant, 00:12:45.620 --> 00:12:49.340 but to finally finish up, I want to talk about 00:12:49.340 --> 00:12:52.899 a history of risky bets and a system that's stacked. 00:12:52.990 --> 00:12:56.850 against you legally picks your pocket while you 00:12:56.850 --> 00:12:59.149 sleep it's a sobering reality but you're not 00:12:59.149 --> 00:13:02.129 powerless far from it you've got the knowledge 00:13:02.129 --> 00:13:04.750 and the tools to fight back expose the numbers 00:13:04.750 --> 00:13:08.009 move your personal pensions to low -cost options 00:13:08.009 --> 00:13:14.389 raise your voice raise your voice to change public 00:13:14.389 --> 00:13:17.289 pensions every single day you delay the skim 00:13:17.289 --> 00:13:20.679 can get worse growing larger more destructive 00:13:20.679 --> 00:13:24.039 so let's take 10 minutes this week just 10 minutes 00:13:24.039 --> 00:13:27.220 download that annual report move that old pension 00:13:27.220 --> 00:13:30.860 pot if it's sensible to do so send that email 00:13:30.860 --> 00:13:35.159 to hr the future will look back and thank you 00:13:35.159 --> 00:13:45.019 the future look back and thank you it's your 00:13:45.019 --> 00:13:48.279 money it's your future and it's time to claim 00:13:48.279 --> 00:13:55.149 it back Thanks for listening.