Pension funds shifted from employers bearing investment risk to individuals carrying it. Hidden fees and inflation drag are eroding your returns, and fund managers lobbied to make it happen. Check your portfolio costs at alpeshpatel.com/links.
Hidden fee. Don't— look, X-ray your portfolio. We've got one where we'll X-ray it for you. Go to alpeshpatel.com/links. Okay, go down here and we'll X-ray it for you and tell you what's in it and why you're underperforming as well. This is a scandal which I've taken to Parliament. I'm lobbying, doing campaign. I'm going to come back to the stock market in a second. Okay. And it used to be in the old days, in the 1950s, you had defined benefit. You got a certain fixed amount. Now you don't. Now you bear the risk because as you got older, as people started living more, governments and fund managers lobbied each— well, fund managers lobbied the government to say, look, don't do this to us. Put the risk on the punter. Okay. That meant you got screwed because it meant you got defined contribution. Doesn't it sound like defined benefit? Defined benefit meant what you're going to get, the risk is on the employer and the pension company. Defined contribution means the risk is on you. Not on the government, on you, mate. Smart little move. Guess who always gets shafted? The voter, right? That's where it is. So why do I say to people, please know this stuff and educate yourself? Well, because you're being screwed, right? So what does that mean? Well, it means now the risk is on you whether or not there's performance. There's fund charges, there's inflation, market performance they're not giving you and they're giving you shit returns. Before, if they got shit returns, the risk was on them. Now if you get shit returns, risk's on you. Well, it's only fair, mate. No, hang on, you're paying them fees. They just switched it. It's incredible. Oh.
