This may be a little of track, but has and remains a big problem for private pensions in the UK, a mate from OZ mailed it to me, think its one of the UK daily newspapers Thur 7Dec.
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Verdict on Brown.
Pensions
What he said: "Many pension funds are in substantial surplus and at present many companies are enjoying pension holidays, so this is the right time to undertake a long-needed reform. I propose to abolish tax credits paid to pension funds and companies." Budget 1997
What happened: The timing was appalling. The abolition of the tax credit, which generated £5 billion a year for the Treasury, coincided with the stock market peak in 1999 and subsequent fall in share prices. More than 60,000 occupational pension schemes have wound up or have begun the process of winding up since 1997.
Verdict: Not good. Mr Brown started off with one of the healthiest pensions systems in Europe and will most likely finish his Chancellorship next year with a growing divide between the pension "haves" (in the public sector) and the pension "have nots" (in the private sector).