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 Post subject: Re: All in it Together
PostPosted: Tue May 01, 2012 10:04 am 
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Joined: Thu Jan 12, 2012 1:06 pm
Posts: 1307
jim wrote:
why on earth would they want a pension when on that sort of money, jeez if you cant put enough away while drawing that sort of salary, you are not fit for the job, I managed to contribute to that pension at the expence of my own, that is only a portion of what they get, :o :shock: :shock:


The crux of the current debate about public sector pensions....

Taxpayers in the private sector are required to contribute to public sector pension provision via income tax at the expense of being able to put a little away themselves for their own pension provision.
Public sector pensions are unfunded and have to be met from taxation on the working population.

Put that together with Gordon Brown's raid on private pension funds and we have a disaster of epic proportions. He was told (by the industry, advisor's and civil servants) that his policy would irrevocably damage the UK private pension industry before he did it but went ahead anyway. The years since have proved correct where hundreds of millions have been wiped from the value of such funds as investor confidence dwindled. That can never be recovered, private pensions are effectively dead in the water and will not exist in a decade or so time in pretty much the same way as endowment mortgages do not now.

Persons retiring today have had the values of their annuities slashed beyond all recognition and it can all be traced back to the one policy measure....


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