A L i f e & Pe n s i o n s I n d u s t r y N e w s l e t t e r. September 2013
TechLife
intelligent solutions for life & pensions
Feathering their own NESTs? // Tom Murray - Head of Product Strategy - Exaxe One of the problems with QUANGOs is that their autonomy makes it difficult to control their costs. The
region of £61,000. This is based on having c. 80,000
in the report – that the loans drawn down have
will not be paid back in any reasonable timeframe.
members enrolled in their schemes. Though they
now reached £239 million.
It also begs the question of why costs are running so
point out that by the end of June, this had increased to
nature of the beast makes it difficult for politicians,
high in NEST. They appear to be actually out of control at this stage. Of course systems that can service all
who set them up in the first place, to step in and ensure
firms, regardless of scale, are not cheap and NEST does
that controls are in place to avoid exploitation of their
have the burden of public obligation to consider.
protected status.
However, competitors claim that their costs are only a
Attempts can be made to get around this at setup, with
fraction of what NEST’s appear to be. Without the
strict rules put in place in order to try to ensure value
day-to-day commercial pressures from shareholders it
for taxpayers’ money but rules can be got around and
appears QUANGOs can almost do what they like, and
with no commercial drivers, it is difficult to be sure that
the government, at arm’s length, does not seem to be
the political oversight which is supposed to provide
able to control it.
control can actually spare the time to examine each one regularly enough.
The amount of money being spent appears to be far in excess of their competitors and cannot be easily
Thus it was with the start-up of NEST, the National
explained by the complexity of the service. At the very
Employment Savings Trust. Determined to ensure that
least, the Treasury Select Committee needs to examine
taxpayers’ money was secure, it was decided that the
this to put the public’s mind at rest that the executives
initial funding should be a loan from the taxpayer, in order not to distort the market. This loan was to be repaid from a special levy that was to be put on contributions to the NEST users of 1.8% that would last
at NEST are building on creating nest eggs for
NEST has reported initial charges taken from members as being in the region of £61,000.
auto-enrolled workers and are not feathering their own nests at the expense of the low and middle income earners.
for c. 20 years.
Follow the discussion on twitter by following @Exaxe
However, the recent figures from NEST for the period 12 months up to end March 2013 cast doubt upon the feasibility of this approach. NEST has reported initial charges taken from members as being in the
IN THIS ISSUE!
250,000 members, and one can extrapolate that the
It is impossible to see how a debt of this size would be
and reading previous tweets on our blog post:
figures for charges must have increased proportionally,
paid back from the contributions of members in 20
http://www.exaxe.com/feathering-nests.
it still seems very low considering the other news
years. Either charges will have to go up or else the loan
Feathering their own NESTs?
Exaxe and Equiniti Paymaster join forces in Insurance
“Facebook” pensions and welfare – what’s not to “Like”?
Investment Life & Pensions Moneyfacts: OECD - Auto-enrolment a second best
Actuarial Post: Outsourcers can excel without Excel
What has posterity ever done for us?
For IT, are you “Penny wise - Pound foolish”?
“Facebook” pensions and welfare – what’s not to “Like”? // Stewart Reeder - Client Director - Exaxe Changes in the pensions industry are very slow coming. It seems that there is an innate conservatism that resists any idea of radical thinking to resolve problems that arise, even when longevity increases are of such scale as to fundamentally undermine the main principles the industry has rested upon over the last 100 years.
event of unemployment occurring, this fund is used to
to the same extent with a floor level of unemployment
understood approach to provide a radical solution to
top-up basic state benefits to bring earnings up to 70%
benefit and pension instead of providing higher levels
the problem of pensions and protection. The Social
of previous levels. This money is then repaid from
of pensions to public sector employees than it does to
Market Foundations thinking is certainly a refreshing
future earnings. If insufficient money is there, a loan is
private sector workers.
change from so many expert groups and they deserve a lot of credit for pushing the boundaries of the
given from the account that must be repaid. While a lot of the detail is still to be worked out, there The really clever part is that three friends or family
debate.
is clearly a lot to be said for using this kind of easily
members must guarantee this account. They would be
That’s why it’s refreshing to see some original thinking from the thinkers at the Social Market Foundation a cross-party think-tank looking at social and economic issues. Their challenging new idea is to promote the idea of “Facebook welfare”, an idea that aims at putting social relationships at the heart of all welfare supports. The idea is very clever as it replicates the current approach of society supporting those in need but brings a personal level of connection to that support instead of the anonymity of the governmental approach. At its simplest, the idea is each citizen would open compulsory Lifecycle Accounts into which a defined proportion of their gross income would be paid. In the
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on the hook if the loan is not repaid. At retirement, what remains in the fund is used to provide an annuity to top-up the basic state pension. “Facebook welfare” hits a number of key points that bedevil the current approach to pensions and welfare. It ensures there is a direct connection in the minds of the individual between what they save and what they receive. They also stop seeing the government as an anonymous backstop because they can see failure to earn and repay loans directly hits people they know rather than an anonymous group of taxpayers. It removes employers from the equation, putting the onus for protection and pensions back onto earners where it belongs. And finally, it provides a level of equality because taxpayers are supporting all citizens
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intelligent solutions for life & pensions
Outsourcers can excel without Excel // Tom Murray - Head of Product Strategy - Exaxe Interest in outsourcing the administration of life and
outsourcers to have a key plan to get them under control the minute they take over the process.
pension books is growing rapidly. The reason is due to the benefits it brings to the life and pension provider.
This should mean that access to the originators of the
Specialist administrators remove the hassles of
spreadsheets and/or the maintainers needs to be
administration from the life and pension companies,
granted as part of the agreement, in order to begin an
leaving them free to concentrate on the manufacturing
immediate transfer of the calculations into an engine
of their products.
that is configurable in order to future proof the process. In this era of constant regulatory changes,
The outsourcer’s expertise lies in creating optimal
the cost of maintaining these spreadsheets will
business processes that enable increased efficiencies
completely undermine the original business case
to be translated into lower charges for consumers and
unless it is got under control immediately.
better services as well. The benefits of scale that the outsourcers manage to achieve means that small
Once the calculations, projections and illustrations are
improvements can allow for far greater benefits in
transferred to a configurable engine, the cost of
terms of cost control.
maintenance will drop to a level that is compatible with the need to restrain costs in the administration
It all sounds great, but one of the difficulties for
area. It will also ensure that the auditing level
arranging a successful outsourcing is the initial setup
required for compliance with new regulations is
phase. Outsourcers wish to run the systems more
automatically available, removing the risk of FCA fines
efficiently in order to provide a better service at a
that can be as high as seven-figure sums.
lower cost. One of the biggest problems in achieving this is the plethora of spreadsheets that are part of the
Regulatory compliance is a huge issue as the amount
handover package.
of regulation is growing and the cost of compliance is on a steep upward curve. In fact, regulatory changes
When the outsourcing agreement is negotiated
and a company’s inability to keep these costs under
between the outsource company and the life and
control is one of the primary drivers for outsourcing in
pension provider, attention tends to focus on the big books of policies that are running on the various legacy systems within the life and pension provider. Little thought ends up being given to the numerous
Only a flexible calculations engine that can be used to make these spreadsheets redundant will bring any possibility of efficiency into this area.
money. This is a lose-lose situation that will inhibit
out on interconnected spreadsheets that have long
further growth of the company based on the fact that
outgrown whatever usefulness they may once have
spreadsheets have been altered and connected to other spreadsheets until the whole process has become something like an arcane religious ceremony, presided over by the longest serving actuary with younger acolytes being allotted various subordinate roles in order to keep the whole process running. Once the outsourcer sees this, it becomes clear that the secrets of the process cannot be easily extracted.
business profitably and may be forced into an contract with the provider in order to stop losing
small databases with all the calculations being carried
Over the years due to market and legacy changes, the
under control, they have no hope of running the unpleasant tug-of-war on the small print of the
smaller banks of policies that are being run on old,
had.
the first place. If the outsourcer can’t get this area
their existing client base is disgruntled and unhappy. Usually the outsource company decides to maintain
it has now changed. The outsourcer has to carry the
the whole expensive process along with the mystics
can for the inefficiencies and struggle to include these
Outsourcers seek to excel in the field of service
that run the ceremonies. The issue of trying to achieve
calculations in any maintenance or regulatory
provision. Unfortunately, Excel makes that level of
efficiencies from administering these books of
upgrade instead of the provider.
excellence hard to achieve. Calculation engines offer
business is ducked as it is deemed too difficult to take
the ability to configure calculations, have fully audited
these procedures and integrate them with others to
The only reasonable solution for the outsourcer is to
trails of changes and that maintain calculations and
make any efficient cost savings. This is despite the fact
look to automate these spreadsheets. Only a flexible
illustrations in a documented way that prevents
that it was frustration with the expense and drag of
calculations engine that can be used to make these
companies becoming over-dependent on key
maintaining these services that made the provider
spreadsheets redundant will bring any possibility of
individuals. The use of them should be a key part of
look to outsourcing as a solution in the first place.
efficiency into this area.
any business plan for outsourcing, along with the
As a result, the administration stays just as expensive and inefficient as it ever was, only the responsibility for
guarantee of co-operation to set them up. Given the nature of these spreadsheets it is vital for
For IT, are you “Penny wise - Pound foolish”? // Ralph Tucker - UK Sales Director - Exaxe The above saying comes to mind when you look at the IT systems approaches of a lot of major organisations. In particular, organisations distributing products in the financial services sector, as these tend to have large teams of advisers doing highly specific work with individual clients. As a result, they tend to have a lot of paperwork referring to individual cases, which is difficult to track and yet vital for each company in such a highly regulated market. To listen to the media, you would imagine all businesses are completely automated and there is very little scope for information to be lost. Yet a large amount of these firms are still operating using processes that are primarily paper based and rely excessively on manual recordkeeping. This is despite the fact that there are many systems out there which automatically capture the information
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being shown to the client during the sales process and
While the mis-selling may not be occurring in other
which could be used to audit the approach.
firms, it is true that there is a shocking lack of use of technology in many distribution firms. As a result, they
This situation was exposed starkly by the c. £6m fine
are exposing themselves to the risk of the same level
the FCA have just issued to one large distributor; it was
of fines that were imposed on the firm above.
actually a c. £8m fine but it was reduced by 25% because the firm agreed to an early settlement.
mined to provide early reporting of the amount of This is a reckless waste of shareholders money. The
times these non-recommended products were being
potential liability for poor auditing is an area that is
used in advice sessions with clients and this should
The most probable reason the early settlement was
generally left out of any IT system business case. Yet
have triggered alarm bells.
agreed was that the weight of evidence against them
this potential liability is a very real, distinct, and
was overwhelming. However, the most interesting part
expensive risk that the firm is exposed to. Automated
Too often, the value of systems and their automatic
about the fine was that the vast majority of the fine
illustrations for example capture the details of the
audit capability is ignored and the firm is left using
was imposed not for the mis-selling but for the poor
products sold and the variations explored which can
manual procedures to monitor risk. Proper auditing is
audit capability of the firm. Indeed, in the FCA report
go a long way towards proving the type of advice
a vital component of business today and neglecting it
on this particular firm, it states that for nearly 40% of
given and the alternatives explored by the agent in
is an expensive risk for any firm. Business cases for
the advisers, there were no records at all and the
reaching a decision on the best product for the client.
automated systems need to include costs to cover
advice given to clients over 5 years ago had to be
potential liabilities for the risk of poor auditing as all
retrieved from the memories of the individual agents.
Similarly in the case of the firm above, given that the
firms stand to lose large amounts of money if they
In an incredible understatement the FCA states that
products sold were not on the recommended list from
can’t prove they were actively monitoring their agents
these memories “could be unreliable”.
the firm, quotations data could easily have been
and ensuring customers were treated fairly.
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intelligent solutions for life & pensions
Exaxe and Equiniti Paymaster join forces in Insurance Exaxe is proud to announce its new partnership with Equiniti Paymaster, a leading business process outsourcer, providing pension administration, insurance and payment services. The cooperation will
expertise in world class annuity administration and
and annuity administration. This experience will be
“This partnership forms part of our strategic vision to
leading edge technology. Equiniti Paymaster brings
combined with Exaxe’s state of the art annuity
become the leading supplier of retirement administra-
176 years of payment experience into the partnership
quotation and administration solution.
tion solutions to the global life and pensions industry.
and has a proven track record in complex pensions
Ralph Tucker, UK Sales Director at Exaxe, commented
We are delighted to have such a strong partner in Equiniti Paymaster with an unparalleled track record
support the management of customer engagement
in administering large scale pension business. I look
throughout the retirement journey, as well as ‘later
forward to seeing our partnership go from strength to
year wealth management’.
strength as we build on our success in this growing sector.”
In response to a clearly emerging market need, the companies are now offering clients the ability to
Robin Morris-Weston, Insurance and Pension Solutions
support a broad range of financial products including
Director commented “Equiniti Paymaster is delighted
guaranteed and flexible annuities with delivery
to have Exaxe on board as a partner. This partnership
models covering the full spectrum of software and
is in response to market needs in Insurance and
outsourced operations. The product launch platform
Equiniti Paymaster’s proactive commitment to remain
provided by the partnership not only will enhance
the leading independent annuity administrator in the
customer engagement, but will deliver significant cost
UK. We are excited to be part of delivering these
reduction.
solutions to the market with Exaxe, a clear market leader in insurance technology.”
The two companies have agreed on an initial two year deal which will allow them to combine the unrivalled
OECD - Auto-enrolment a second-best // Tom Murray - Head of Product Strategy - Exaxe This article was originally commissioned and
including pensions, and then bring in legislation that is
Instead the OECD have been rather lukewarm about
a savings pot. Therefore, pure auto-enrolment
published in May 2013 for Investment Life &
based on the results their bigger neighbour has had
the benefits of auto-enrolment as approached by the
capitalising on inertia to get people saving doesn’t do
Pensions Moneyfacts publication. Tom Murray,
rather than lead from the front. Thus personal
UK and are pushing the Irish into a mandatory system
much to keep those on lower wages on board with
Head of Product Strategy at Exaxe, explores why
pensions, drawdown products and PRSAs (a version of
that would reflect more of the features of other OECD
the programme.
the OECD is steering the Irish pensions system away
stakeholder) were all introduced a number of years
pension systems rather than that of the British. It is
from auto-enrolment and what UK pension
after the UK first introduced them, with fine-tuning
worth considering what are the objections of the
Supporting incentives
reformers could learn from this.
applied to overcome any issues that had arisen during
OECD to the British approach; do they have substance
Of course the UK recognised this and put in incentives
the UK implementation.
and is the UK likely to have to make significant further
to keep everyone on board. So employers’ contributions
changes to its system in the short to medium term?
and government’s contributions are added in to make
Ireland is steered away from UK model
Last April’s review of the Irish pension system by the
Thus now it would naturally follow that the Irish, facing
Organisation for Economic Co-operation and
the same shortage as the UK of private sector pension
Auto-enrolment is not very effective
employee. Yet because these are matching, rather
Development (OECD) is well worth a read by anyone
savings among low to middle income earners, would
This is the core of the OECD’s objection.
than flat rate, the redistributive effect is very low
who is interested in UK pensions. That might sound
be looking to introduce a version of the auto-enrolment
Auto-enrolment on its own tends to lead to high
compared to other countries like Germany or
anomalous but it’s true. The current Irish pensions
that the UK are in the process of implementing.
system bears striking similarity to the one in place in Britain before the current reforms and now that
This time, however, in need of international approba-
change is needed, you would expect the Irish to
tion to assist their re-entry into the markets from their
introduce reforms similar if not identical to the ones
Troika bailout plan, they commissioned a special
introduced by the UK government. Yet that’s not what
report from the OECD into the Irish pension system,
the OECD is recommending to them.
seeking external approval for the move to an
it seem like there is a free bonus for each contributing
Auto-enrolment on its own tends to lead to high dropout rates in the lower deciles of income earners.
auto-enrolled system. To their surprise, however, this The Irish public pension system, like that of all OECD
isn’t what they ended up with.
members, is under strain, although at this point it is mainly under pressure from the current financial crisis
Mandatory is best
in Ireland and not from the on-going effects of
The OECD’s report didn’t quite come out the way that
longevity. Ireland has had a higher birth-rate than
they expected. Instead of pushing Ireland to follow the
most other developed countries for historical reasons
UK ‘s path of auto-enrolment, the report’s main
and this means that their pensions crisis, whilst
recommendation pushes the Irish government
definitely coming, is a little further down the road
towards a mandatory or quasi-mandatory system in
than everyone else’s.
order to reduce the pressures on the public purse and to maximise the number of people providing for
The Irish are under pressure to prove that their
themselves in the future. Even though it acknowledges
budgetary stance is viable as they are under a lot of
that Ireland is not facing anything like the severity of
scrutiny from the markets and to do this they need to
the impending pension crisis in the UK, the OECD still
get their future liabilities under control. Luckily they
felt that auto-enrolment was too weak and inefficient
still have time. While there was a lot in the report
an approach to tackle the problem. In fact, the OECD’s
dropout rates in the lower deciles of income earners.
New Zealand and this means that the benefits are far
about the changes needed to get the public sector
opinion was that auto-enrolment was very much a
The opportunity for employees to effectively give
less obvious to lower earners than they could be.
pension schemes under control, what was interesting
“second-best” approach.
themselves a small pay rise by opting out far
from the UK viewpoint was the sections on increasing private sector pension saving in Ireland.
How did the OECD come to this conclusion? It’s not as
outweighs the long-term benefits of pension saving,
For instance, in Germany with the Riester pensions,
which are difficult to explain anyway.
the flat rate contribution level has led to significant
if it was a snap decision by the UK to go this direction.
increase in those saving in the lowest income decile
Keeping up with the Jones’s
The UK’s auto-enrolment approach was the result of
As those who are on the lowest incomes need to
because its effect is far more pronounced at that
Ireland’s pension strategy has always lagged the UK’s.
years of study and investigation by government and
spend all of their money, the effect of the opt-out
earnings level.
Given the fact that the Republic has only one
industry sponsored groups and should have been the
sacrifice on their lifestyles is highly noticeable, unlike
sixteenth of the population of the UK, the Irish have
obvious choice for a country coming from a similar
those of the higher quartiles whose day-to-day life is
tended to let the UK experiment in many areas,
background to follow.
unaffected by the removal of some of their salary into
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Continued Page 4...
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intelligent solutions for life & pensions
OECD - Auto-enrolment a second-best (Continued...) Continued from Page 3...
employee that are increased over time. While it may
we must ask ourselves in the UK is whether the OECD
pension professionals pause for thought. In particular,
help to reduce initial opt-outs, there is a danger of
are correct in their assessment? If they are, are we
choosing the auto-enrolment approach instead of having
Can’t we take no for an answer?
lingering resentment growing worse each year. Also,
avoiding tackling these issues because we don’t
a mandatory system, is seen a big flaw that will result in a
The other unusual feature of the UK’s pension reform
inertia generally means that people will stay in at the
believe the solutions would work in the UK setting or
far poorer result than is required, if the strategy of
is the attempt to bludgeon non-believers into
rate they started contributing at but increasing it
because we don’t believe that it is possible to sell
making people save for their own pensions is to work.
submission by re-enrolling the employees who opt
means that you bring them to a decision point each
them politically. If the latter, then what we are
out every three years. While we have yet to see what
time it happens and that may trigger an opt-out.
experiencing is a failure of leadership. This will come
It would be foolish to ignore the possibility that we need
back to haunt future generations, if the savings level
to make changes already to ensure that we can make
the reaction is from those employees – they may find it offensive to be re-enrolled when they’ve already
The most successful auto-enrolment process has been
of the general population prove incapable of
these reforms a success. Indeed, the work and pensions
made their position clear – it certainly lends a level of
run by New Zealand with their Kiwi-Saver system,
supporting them in their old-age and we are forced to
minister, Steve Webb, has already done some work on
complexity to the system that is not present in any
which gives incentives to the employee by providing a
resort to taxpayer bailouts via the welfare system.
simplifying the regulations but they are still highly
other developed economy. This feature appears to be
lump-sum starting grant and matching contributions.
unique among the main developed OECD member
They also have got over people’s fears of being
The only aspect of the current UK reforms that Ireland
reviews and opinions that we can get and assess them,
countries.
pension-rich and cash-poor by allowing withdrawals
is being urged to follow is the simplification of the
instead of waiting until there are problems before we
complex. However, we should examine all external
at significant moments of peoples’ lives such as when
state pension system by raising it and including in it
move to amend and improve features of our reform
This aspect of the pension reforms will particularly
they buy a house or send their kids to college and also
all peripheral benefits. This approach is believed by
programme.
affect the micro-employers, who employ large
permitting contribution holidays. The very fact that
the OECD to be the optimal way to provide a base
swathes of the lower earners and part-time earners
people know they can do this makes them far more
level of income replacement that will not disincentiv-
Pension reform is a big issue and any failure risks turning
and will have their work cut out to constantly monitor
relaxed about saving for the long-term and doesn’t
ise people from saving for themselves.
large amounts of people off the system, causing them to
their workforce to ensure compliance with the
necessarily mean that they actually will take these
regulations. This imposes a level of cost on the
breaks. Even if they do, it is a far better situation than if
Too important for complacency
changes we can make to improve outcomes should be
economy that would not be there with a compulsory
they had never saved for their pension at all.
The report which is available free online from the
taken as soon as possible. We should not hold back for
system.
opt out and never return. For that reason alone, any
OECD is well worth a look, as it gives a non UK-centric
fear of causing confusion. After all, pensions are currently
It’s all down to design
view of the changes proposed by the current
seen as confusing and the main changes we need to
How much is enough?
The design of the scheme is considered vital and
government. The fact that most features of the UK
make should simplify the system and deliver more to the
There is also the critical issue of contribution levels.
Ireland is being warned away from the UK approach
reform package are dismissed in favour of other
employee; these are the types of changes that people
Here again, the OECD is wary of the approach taken
which is seen as more expensive and less effective
alternatives for a country with a broadly similar
will have no difficulty understanding and coping with.
by the UK (and others) of low contributions from the
than mandatory redistributive schemes. The question
structure and culture to our own should give UK
The sooner we act, the better for everyone.
What has posperity ever done for us? // Ralph Tucker - Sales UK Sales Director - Exaxe generation will create the wealth that can be used to provide for the current generation’s needs when they move into the retirement phase. Unfortunately the declining ratio of workers to retirees blows a hole in this comfortable theory and the resulting talk of reduction of benefits for future retirees has inspired talk of inter-generational warfare and claims of unfairness. If no changes are made, then
when Sir Boyle Roche, an Irish politician in the 18th Century heard it posed in the Irish House of Commons
CALLING ALL LIFE & PENSIONS, PLATFORMS & WEALTH MANAGEMENT COMPANIES
the next generation of workers will have to pay exorbitant amounts to maintain the current level of benefits to the retirees of the future.
that the government had no right to load posterity with a debt for what could in no degree operate to
This is not the way to look at the issue. Throughout
their advantage, he memorably responded “Why
mankind, older generations have worked to improve
should we put ourselves out of our way to do
the lot of younger generations and progressively have
anything for posterity, for what has posterity ever
given them a better standard of living than previous
done for us?”
ones. This is one of the first times that an older
EXAXE HAS SOLUTIONS FOR WHAT “BUGS” YOU!
generation of retirees are objecting to having their He could have been taking part in the current
benefits cut so that the future generations are not
arguments over intergenerational fairness in the
over-burdened – that the focus has switched from
pensions field for his response sounds remarkably
unsought sacrifice to demands for repayment and
similar to the response of those who object to the
support as a right.
removal or delay of benefits from the current generation of retirees. They seem to feel that there
Older generations must realise that the reducing
should be no problem loading burdens onto posterity
workforce / retiree ratio cannot sustain the benefit
for the benefits they feel they should enjoy in the near
levels that are currently available. Therefore, benefits
future.
must come down in real terms – either by direct reduction or by qualifying for them later. Posterity
Talk about intergenerational warfare is currently rife in
may have given younger generations better
the pensions field. Curiously, most people are
education, healthcare and opportunities but it can’t
addressing this as if it is a new issue, but pensions
be seen to come with a price tag of the impoverishment
have always been based on the current payers
of future generations – not unless the older generations
supporting current payees; in effect pension schemes
wish to be seen as the first ever group who were
have always been glorified, regulated Ponzi schemes.
selfish enough to insist that their lifestyle be supported by making younger generations poorer than their
Therefore, the hope has always been that the next
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