Pension Fraud

KEY DOCUMENT - 2 Page Summary of the 15 Annuity Comparisons Comparing 'Fraudulent' Annuities with the Real Amounts that an Annuity SHOULD Pay and 2 Real Alternatives:-
Option A - Buy A DISHONEST Annuity
Option B - What An Annuity SHOULD Pay
Option C - Savings A/C at 5.35% Reducing Balance Over Pension Period
Option D - Savings A/C but only Paying Yourself the 'MUCH SMALLER' Annuity Amount

Summary of 'Fraudulent' Annuities Actually Paid (as at 06-Feb-05) from the 13 Top Annuity Providers listed on the UK Financial Services Web Site - Annuity Comparison Tables. For downloaded copy of Annuities from FSA web site please see each of the 15 individual pension sections detailed below.

The 13 largest Annuity pension Providers listed on the UK Financial Services web site under Annuity Tables are fraudulently paying on average £4,109 (69.4%) less per annum than should be paid, this enables the Pension Annuity providers to add on average £342 per Month, by ILLEGAL FRAUD, to the original pension Pot of £100,000 every month and conceal & accumulate a Secret Hidden Additional Cumulative Amount of £306,516 from the pensioner during the pension period based on the massive underpayments made to the Pensioner combined with the effects of more and more additional growth/interest being accrued on an ever increasing fund STOLEN from the Pensioner.

The average Monthly Pension Annuity amount currently paid by the Annuity Providers:-

Annuity Comparison Ref. No.	Age Now At Retirement	Joint Single Male Single Female	Monthly Annuity	Annual Annuity	Life Expectancy	Pension Years	Closing Pension Fund @ 8.0%
1	Retire 65/65	Joint	£479	£5,748	84	19	£199,911
2	Retire 65	Male	£584	£7,010	81	16	£131,952
3	Retire 65	Female	£538	£6,457	84	19	£168,458
4	Retire 70/70	Joint	£534	£6,412	84	14	£140,769
5	Retire 70	Male	£679	£8,148	81	11	£97,403
6	Retire 70	Female	£615	£7.377	84	14	£115,986
7	Retire 60/60	Joint	£439	£5,272	84	24	£297,038
8	Retire 60	Male	£515	£6,186	81	21	£198,339
9	Retire 60	Female	£483	£5,798	84	24	£259,044
10	Retire 55	Joint	£409	£4,903	84	29	£452,142
11	Retire 55	Male	£463	£5,556	81	26	£312,307
12	Retire 55	Female	£442	£5,298	84	29	£407,218
13	Retire 50	Joint	£387	£4,640	84	34	£689,795
14	Retire 50	Male	£426	£5,115	81	31	£491,072
15	Retire 50	Female	£412	£4,945	84	34	£636,309
Average	Retire 60	N/A	£494	£5,924	83	23	£306,516

Indeed if the Pensioner merely opened a high interest Building Society Account with the £100,000 at 5.35% per annum and only paid out the 'MUCH SMALLER' annuity amount of £494 each month the Pensioner would be a staggering 103 years 8 months old, 43 years 8 months of them as a pensioner, before running out of money. Alternatively if the Annuity Provider had controlled the pension Fund until that time they would have amassed an almost unbelievable amount of £916,271 by ILLEGAL FRAUD. Almost unbelievable, that is, until you check the following detailed Formulated spreadsheet.

15 Page Summary - One Page for each of the 15 Pension Ages - Comparing 'Fraudulent' Annuities with the Real Amounts that an Annuity SHOULD Pay and 2 real Alternatives
Option A - Buy A DISHONEST Annuity
Option B - What An Annuity SHOULD Pay
Option C - Savings A/C at 5.35% Reducing Balance Over Pension Period
Option D - Savings A/C but only Paying Yourself the 'MUCH SMALLER' Annuity Amount

FTSE All Share Index Performance 1979-2004
Prior to '9/11' the average FTSE All Share Index percentage growth was 14.8% over 20 years.
After '9/11' the average FTSE All Share Index percentage growth was still 10.9% over 25 years.
Both of the above exclude Share Dividend Payments.
Note: No Pension Provider mentions anywhere as to what actually happens to the Share Dividend payments that they receive which historically should account for over 50% of all investment returns.
The current percentage growth quoted by almost every Pension Company on Pension Fund growth is 8.0% (after 1% management Charge on Full Pension Fund Per Annum).

PRECISE DETAILS & BACK UP - For each Pension Age

Special Note: You can check the the Detailed Month By Month Transaction Reports for each of the 4 Options for all 15 Pensions Selected in the following Annuity Comparison Sections - simply by opening the following Excel Template, first checking that all figures & totals are Zero, then entering the Opening Pension Fund, Monthly Amount & Growth/Interest Rate (from the appropriate spreadsheet that you are checking) into the coloured boxes. You will also have to enter 0 in Interest Rate & Monthly Amount to stop the formulae in the first month after the required number of years. You may also have to edit the last monthly payment box for a small amount of roundings on option B & Option C to ensure that the closing balance is Zero. Dead easy to ckeck.

Detailed 43 Y 8 M Monthly Transaction Report Adobe Format	Detailed 43 Y 8 M Monthly Transaction Report Excel Spreadsheet
You can even check the totals yourself - simply enter pension Fund, monthly amount & growth/interest rate in the coloured boxes - Blank Excel Spreadsheet