MAJOR Pension ‘Theft’ Plan Behind Latest Labour Power Grab!

Right, so Rachel Reeves, or Rachel From Accounts as her nickname now is, following her colouring in outside of the lines on her CV, is coming for your pension pots it seems and in a show of just how determined she is to get her hands on private pension cash to gamble with in the name of creating growth, she’s even managed to roll Keir Starmer’s favourite past time of imposing council candidates, by seizing control of a very successful Labour council which oversees an enormous private pension fund and ensuring that any Labour councillors resistant to her ‘theft’ of it, would end up deselected ahead of May’s local elections.
Reeves is embarking on a nationwide seizure of pension funds, to roll all together into what is being referred to as a pension megafund, for her to speculate with in whatever infrastructure and investments she deems worthwhile putting that cash into – your pension money – for her to potentially lose if she opts for high stakes, high return or bust strategies and this attack on a successful pension fund run by a Labour council, shows how detached from Labour itself their leadership now is, when even local councillors are seen as opponents to them doing what they damn well please.
Right, so Rachel From Accounts is coming for our nest eggs rather than tax the rich to raise much needed revenue – everything and anything is on the table before that which would raise the most money and do so immediately, but they can hardly go after their owners and donors can they?
Fundamentally, Rachel Reeves refuses to spend to invest in anything. Stuff that would generate growth like more money in our wage packets, putting more money in our pockets to spend on the high street, making money work and generating economic growth as that does, job creation, profits made, taxes paid etc, she won’t do any of that. She does the reverse. She takes winter fuel payments from pensioners, she targets benefits claimants to get that bill down despite all of that money being spent in the economy, she cuts her nose off to spite her face, she’s not half the economist she padded her CV out to pretend to be if those simple truths are beyond her
On the matter of this pension business though, we’re not talking about the state pension here as the state pension is treated as a benefit no matter how you might choose to perceive it, having paid into it all your life, it is treated as a benefit regardless, but private pensions are of course more akin to an investment that ebbs and flows depending on what the pension scheme you are part of invests in.
Pension pots essentially therefore, amongst various other details in Labour’s Pensions Bill, such as consolidation of smaller pension pots and rejigging of pension frameworks, are going to get a boost, by being used – seized or thieved is more like it in my view - to invest in the rebuilding of Britain and everything in society that has fallen by the wayside under the Tories. That will generate a great return if successful, but as always seems to be the case with this penny pinching Chancellor of ours, it relies on the private sector to deliver and instead of risking government money which can always cover the fallout if things go bad, because they can always print more money, it’ll be your pension savings that go down instead if matters go south. If her investments are poor ones.
Now there are a multitude of different things that this could be invested in to deliver on, to deliver the growth that Starmer and Reeves are obsessed with, but is that the sort of thing that will be invested in? Even if most of it does and the government gets a good economic boost, not everything may work out depending on how risky Labour’s investment choices end up being and if your pension was invested in that, you might not see the benefit others do and pension returns all of a sudden become akin to a bit of a lottery depending on what it was invested in. Labour estimates an overall increased return in pension pots averaging around £11,000, so that’s a decent hike, but that is IF it pays off and frankly that claim is crystal ball gazing. The choice to use our pensions, an estimated £100bn of it instead of government money, or making the super rich cough up, means ordinary working class people take all the risk of their spending plans - we have no say in it - not the government and that should terrify people.
Equally terrifying is Reeves’ determination to get her hands on this cash, which brings me to her and Starmer’s attack on one of their own councils, who have been running a very successful pension investment fund in her drive to get hold of that cash.
Now Reeves plan is to take all the multiple private pension pots she can and amalgamate them into this super pension pot, the megafund as it is being called and as part of her plan to get the cash held by Tameside Metropolitan Borough Council in Greater Manchester, this has necessitated the takeover of the council by the Starmer regime.
Labour’s extremely pro Starmer national executive committee have seized control of Tameside and any Labour councillors there resistant to her plans and the seizure of the pension pot they manage are being set up for deselection.
Now the pot Tameside manage is worth some £30bn. It’s a massive wedge of the cash Reeves is after because it has been so successful, it generates a large surplus, it’s been so successful that other Manchester Councils have opted in so that Tameside now manage what is called the Greater Manchester Pension Fund, because they manage the private pensions for the whole city region now. But now Rachel From Accounts wants it, and being Labour run, the NEC have seized control now. Democracy out of the window, as unelected Labour figures from down south take over and with precious investment on the horizon by Labour in infrastructure outside of the south east, so much of this cash may be invested in plans that don’t even benefit the area the cash came from. It is theft surely? Having a Labour council pretty means the party machine can take over whenever it feels like it, that’s a particularly toxic message to send out just months ahead of local elections.
Skwawkbox have done a great piece covering what is going on here, in a piece I highly recommend you follow up and read all about this titled:
‘Labour executive seizes control of Tameside council and selections – to facilitate Reeves’s pension-grab’ and in it there is a fascinating quote from political journalist Michael Crick, which really does spell out how poisonous both this pension plan and power grab has been set against the backdrop of another recent Labour scandal and you have to wonder in Manchester, a Labour heartland how badly Labour are set to do because of the conduct of Starmer and Co. Crick said that:
‘The Andrew Gwynne row is fascinating. Behind it lies the poisonous Labour politics on Tameside and its council, where two Labour leaders have left office since 2022. Most interesting is big row over Great Manchester Pension Fund [GMPF], worth around £30bn, hugely successful, and by far [the] biggest council pension fund in UK. It was long ago decided Tameside Council should run GMPF on behalf of all 10 Greater Manchester councils and a few other state bodies.
But Chancellor Rachel Reeves recently revealed she wants GMPF and other 85 local council pension funds to consolidate their funds, save admin costs, and invest in new major projects…
…But some Tameside councillors say Reeves plans may involve GMPF funds being put into much riskier investments which could generate lower returns. The anti-Reeves dissidents argue the sole responsibility of GMPF (run by Tameside Council) is to council staff and former staff in the GMPF scheme, and to local council taxpayers. If GMPF makes big surplus, they say, that should just mean greater benefits for staff in GMPF.
Now Labour NEC have taken control of Tameside council leadership, and also direct control of council candidate selection ahead of 2026 Tameside elections. The reselection process, due to start in April, is likely to see opponents of Reeves’ pension plans ousted as candidates.’
It is a total power grab, to seize a successful scheme run by people who clearly know what they are doing, by a woman who ran a complaints department and who’s economic decisions so far have seen growth forecasts halved. She doesn’t know her monetary a*se from her elbow and if I was Tameside and my pension was involved here, I wouldn’t want her within a million miles of it. Vote Labour at your absolute peril these days.
Meanwhile, the Andrew Gwynne story rages on, another massive scandal involving one of those high quality candidates Starmer always talks about, yet when it comes to the crunch that ultimately only means they are obedient, because as Tameside is showing, if you try and stand up for your own people against your own party, you’ll be ditched.
Get all the details of that story in this video recommendation here as your suggested next watch. Please do also hit like, share and subscribe if you haven’t already done so, so as to ensure you don’t miss out on all new daily content and also help support the channel whilst you are at it, which is always very much appreciated and I will hopefully catch you on the next vid. Cheers folks.