The documents, summaries & detailed spreadsheet calculations on the attached CD ROM give absolute indisputable proof by standard mathematical calculations that 10 Million people are having their ‘Pension Pot’ at retirement age stolen from them by a conspiracy to defraud involving the Senior Management of all of the Pension Annuity Providers who have conspired together to offer fraudulently calculated false reduced pensions at around the same low levels that are on average £4,113 (78%) per annum less than they should be.

The 13 largest Annuity Providers listed on the FSA Web Site, under ‘Annuity Tables’ are as follows:- AXA, B & C E Insurance, Canada Life, Clerical Medical, Friends Provident, Legal & General, NFU Mutual, Norwich Union, Prudential, Reliance Mutual, Scottish Equitable, Scottish Widows and Standard Life.

Based on an Average Pension Fund of £100,000 at retirement now - 06-Feb-05, I have compared the Annuity Pensions, offered by each of them at retirement ages of 50, 55, 60, 65 & 70 for Joint Pension, Single Male Pension & Single Female Pension. The overall average, from the data examined, of the 15 different Pension Annuities fraudulently calculated by 13 of the largest Annuity Providers is as follows:-

A/ The ‘Average Pensioner’ will unknowingly become a victim of financial crime - a conspiracy to defraud - for the rest of their life and will be paid a token Pension Annuity of £5,924 per annum by the ‘Dishonest Annuity Provider’ in a dishonest industry, because no matter which Annuity Provider he goes to, all have conspired together to offer much the same fraudulently calculated annual Pension amount.

This annual Pension amount is £4,113 less (78.0% less) per annum than the annual amount that the average Pensioner should be paid had an honest Pension Annuity calculation been utilised throughout a truly competitive & honest pensions industry.

By fraudulently paying on average £4,113 (78.0%) less per annum than should be paid, this enables the Pension Annuity Provider to add £343 per month 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 by illegal fraud 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.

B/ The ‘Average Pensioner’ SHOULD receive a pension annuity of £10,033 per annum from an ‘Honest Annuity Provider’, and would be £4.113 better off per annum and £91,178 (70.2%) better off overall.

C/ If the ‘Average Pensioner’ simply invested the money himself in a high interest normal Building society account at 5.35% and reduced the fund to nil over a safe life expectancy of 23 years the pensioner would receive an annual pension of £8,090, and would be £2,135 better off per annum and £45,292 (34.9%) better off overall.

D/ If the ‘Average Pensioner’, again simply invested the money himself in a high interest building society account at 5.35% but this time rather than paying himself the calculated annual pension of £8,090, but instead merely paid out the much lower amount of £5,924 per annum fraudulently calculated by the Annuity Provider, the ‘Average Pensioner’ would have a closing balance of £93,408 left in their account (to leave to their children etc.), based on the massive underpayments made and the effects of additional interest on an ever increasing fund. The Average Pensioner would therefore not be any better of per annum, as he is merely paying himself the exact same amount that the Annuity provider would pay, but would be £93,408 (72.0%) better off overall as the Pensioner would still have that amount in their account at the end of a safe Pension period.

In reality they are cowardly financial thugs, hiding behind their junior staff, whilst setting up products and systems which bully the old, the weak, the uneducated and the vulnerable into having illegal fraudulent products which are being sold on a tissue of Lies - a total Sham - that they are for the benefit of the customer - when all the time they are methodically stealing their customers Pension Pot. Callously leaving the Pensioner with a retirement of abject poverty causing illness & misery resulting in early death, increasing the profit of theft as that reduces the period that the pension in paid.

The cruellest and most despicable obscene theft of all is the management driven deliberate, slow, systematic, premeditated and calculated theft by professional organisations that only exist on trust.

The average personal pension Fund at retirement age is £100,000. There are around 10 Million pensions involved. which equals an illegal fraud of One Trillion Pounds, which subsequently becomes a fraud of £3.1 Trillion Pounds over the pension period.

As these amounts are so massive, it is considered extremely unlikely that these balances are actually left in the Annuity Providers Actual Balance Sheet and Trading Accounts and investigations should be made by examining the authenticity of ALL individual payments, in excess of £25,000, made out of the Annuity Providers bank accounts over the last 25 years, with particular regard to skimming, laundering and other unauthorised payments. Freezing orders should be placed on the bank accounts of Annuity Providers to stop them removing any more money from their companies.

This illegal Pension fraud must be stopped, the senior management of the Annuity Providers arrested and the UK law immediately changed which forces Pensioners into unknowingly becoming victims of crime by having to take out an illegal and fraudulent annuity.

The law should be immediately changed to allow Pensioners to manage their own Pension Pot at retirement age.

Issued by - James Stewart.