You wouldn’t believe the half of it! Those cutns have designed their own scheme and voted it in themselves; so its all democratic and above board!
Now they are trying to twist the news so it seems that public sector pension schemes are bankrupting the country!
:crazy:
Thanks Pat, for picking up on that and educating me (and I’m not being sarcastic). Somehow, I still don’t trust those cutns - Left wing, right wing or anything inbetween!
I don’t come into this corner too often, to avoid high blood pressure, so I apologise for being a bit late in with this.
Has anyone thought how we got into this situation with pensions? Not just Public Service ones, all of them. And the NHS.
Think. Who calculates the rate you pay and the final outcome? They are called Actuaries. And they command quite decent salaries. It’s quite complicated but comes down to just maths. (My nephew is one so I have a sort of inside on this.)
In the past it was they that decided the level of payment in and the final outcome of payment out of pension schemes and the like. Many of us just paid in what we were told in expectation of receiving what they told us we would receive on retirement.
So don’t blame the beneficiary of the “final pension salary scheme”, blame the tosser who could not get his sums right.
OG
(These are the same people that do the calculations for insurance companies selling endowment policies. Need I say more?
Want a worked example? My wife has just received £13,000 from an endowment that was supposed to pay off a £30,000 mortgage. Well done Mr. Actuary.)
No, no, no. With respect that’s total rubbish. Since New Labour got into power they immediately began raiding pension funds to the tune of £10 billion a year… it’s exactly why the industry is in such a crisis and that huge bomb is still ticking. It’s truly surprising it hasn’t made & continues not to make major news headlines. But then news is now all about PR, so perhaps not so surprising at all.
Of course public sector pensions need a colossal overview. They’re totally unsustainable and unrealistic.
In the pensions industry you won’t find anyone without a political agenda agreeing with you. Try this for the real explanation - http://www.guardian.co.uk/commentisfree/2007/apr/17/comment.money1 It is more about accountancy rules, and what that has meant for how much companies are prepared to put into pensions, than Gordon Brown and a tax change that shifted 80% of the money taken from pensions into investment into British technology companies.
Note this published today by this Government which estimates that £76bn will be lost from pensioners incomes over the next 15 years - http://www.dwp.gov.uk/docs/cpi-private-pensions-consultation-ia.pdf
Doesn’t look that way from your own link. Thanks. If anything it makes the Chancellor look an even bigger fraud.
Doesn’t surprise me at all.
What surprises me is folk always, consistently fail to look further than their own noses. Take student loans & university fees: you will get adults still living with their aging parents who wont be able to even contemplate taken on any kind of mortgage until they’re nearer their 50s, and on top of that they’ll be paying even more tax at higher rates and will be expected to provide for their own pensions, even on a salary of 40Kpa that’s going to be a tall order… they’ll have 30 years of contributions to catch up on. An impossible task for very many… many who wont be earning anything like 40K.
Don’t wish to appear glum, but as a realist it doesn’t look good for you, your children, or your children’s children.
Something will have to change. Quite radically, and quite soon.
No.
Yep 
No:angry:
