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After a
decade of getting used to high positive returns from
equities which, in most cases, might just as well have
been picked at random as carefully selected by expert
fund managers, the investing Public has had a nasty
shock.
Returns benchmarked against indices were fine when theindices
were moving inextricably upwards. However, when this
all came to an end in the first few months of this Millennium,
mindsets began to change. |
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Other than
the equity in their own homes, pensions are, by far,
the greatest asset most people accumulate during their
working lifetimes.
In the past, most pensions
were locked away in employer sponsored schemes which
rewarded loyal employees with fixed lifetime pensions and,
if they were lucky, protection for their families and against
the ravages of inflation. In recent times, such schemes,
once the rule, have become the exception.
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