Gordon-Pamplin: “Reckless Plan” For Pensions

July 7, 2017

“The most important thing to consider about Opposition Leader David Burt’s statement today is what he did not say,” Minister of Home Affairs Patricia Gordon-Pamplin said.

“Mr. Burt did not deny or defend his reckless plan to invest more than $70 million of seniors’ pension money in high-risk start-up companies. These are no-guarantee investments that can leave pensioners with absolutely nothing if they fail – as the vast majority of them do.

“Finance Minister E.T. [Bob] Richards is unequivocal on the issue: The OBA will protect seniors pensions.

“Mr. Richards will continue his ‘safe-hands’ management of pension funds, while Mr. Burt intends to hand out $70 million in pensions to start-up companies that historically suffer failure rates above 90%.

“This is an important difference for voters to consider, especially seniors. Do you want Mr. Richards’ ‘safe hands’ management of Government-controlled pension funds, or Mr. Burt gambling with millions of pension dollars in high-risk, Shark Tank-style start-ups?

“As Finance Minister, Mr. Richards, with the support of his OBA colleagues, has brought Government finances back from the brink of disaster. He has stabilized the economy, got it growing again and won the support of international ratings agencies and investors who have returned to Bermuda to support major jobs-producing projects. His record is one of careful, sound management of the public purse – protecting the economic livelihoods of Bermudians, including seniors. He will not gamble with their future.

“The OBA’s aim is to move Bermuda forward together, not back to reckless practices that did so much damage to the Island.”

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