Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Bankruptcy Hits 90,000 Pension Plans!

10 Dec 2024 · 0 min

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A short YouTube transcript excerpt (from Richard Canfield) describing ‘pension dumping’ by private equity, noting that a UK defined‑benefit pension scheme collapsed leading to bankruptcy affecting about 90,000 people and raising concerns about broader effects on retirement security. The speaker contrasts UK defined‑benefit plans with US 401(k) arrangements and criticizes private equity gains relative to pension losses.

This is the kind of thing which we're seeing in private equity now. There's actually a term for it, it's called pension dumping. But obviously a problem in the UK as well. There was no pension plan in the US, so if you had a savings plan, 401k, you're kind of. You're out of luck. But it was a actually defined benefit pension plan in the uk. There are legitimate business reasons. In closing, whatever. I'm not saying this, but these guys made a shitload of money and then it went into bankruptcy. 90,000 people. And the thing is, it discourages pensions and retirement well being for everyone else.