Is it time to tackle the public sector pensions time bomb?

[Darth Vader]

There is absolutely nothing to stop the public sector from taking it's grievences onto the streets. It is probably the only way that they will realise that the private sector is sick and tired of them.

 

Who exactly are you sick of, and why? There's nothing to be jealous of, I can assure you, not of the majority, who don't even get a living wage, perhaps of the top brass, but that's nothing to do with the average worker.

[Darth Vader]

The backward foreigners get results though, our politicians just ignore/laugh at us.

 

Correct - all the way to the bank.

[crookesey]

Who exactly are you sick of, and why? There's nothing to be jealous of, I can assure you, not of the majority, who don't even get a living wage, perhaps of the top brass, but that's nothing to do with the average worker.

 

Jealous, none of it, the wife and I are more or less recession proof, through our own efforts. It's just that these guys appear to think that everyone loves them, and wants to protect them at our own expense.

 

Forgive me, but I spent a lifetime in the pensions/finance industry and can assure you that the warning signs relative to public sector pensions have been with us for many years. How can someone on £35K think that a £2K per annum pension contribution will provide a tax-free lump sum of £52,500 and an annual pension of circa £18,000 p/a, inflation linked with spouses benefits? They would actually need the equivalent of a £550,000 pension fund in the private sector to provide similar benefits.

[steelhead4]

There appears to be some misinformation about the various public sector pension schemes. The LGPS of which I am a member has no subsidy from the public purse , the LPGS is fully funded by employee/employer contributions and those contributions are invested in its own fund , this scheme is solvent and there is no indication it will ever take a penny out of public funds. Some other schemes pay their contributions directly to the treasury and the payout therefore IS from public funds , unfortunately the governments track record of sensible financial investment is hardly encouraging. The LGPS should therefore not be included in any changes to local government pensions as it is NOT taking any money from the public purse.

[Darth Vader]

Jealous, none of it, the wife and I are more or less recession proof, through our own efforts.

 

Bravo. Where's the clapper icon?

 

It's just that these guys appear to think that everyone loves them, and wants to protect them at our own expense.

 

Oh, yes, that must be why they stupidly turn out for work for peanuts, - because they think the good people of this country, like yourself, are so grateful for their efforts.

 

Forgive me, but I spent a lifetime in the pensions/finance industry and can assure you that the warning signs relative to public sector pensions have been with us for many years.

 

Oh, so many of us who have been promised a return, and are getting naff all, have got you to thank, have we? That's brilliant. Can we forgive that?

 

Glad you made sure your own nest was feathered sufficiently, though. Well done.

[crookesey]

There appears to be some misinformation about the various public sector pension schemes. The LGPS of which I am a member has no subsidy from the public purse , the LPGS is fully funded by employee/employer contributions and those contributions are invested in its own fund , this scheme is solvent and there is no indication it will ever take a penny out of public funds. Some other schemes pay their contributions directly to the treasury and the payout therefore IS from public funds , unfortunately the governments track record of sensible financial investment is hardly encouraging. The LGPS should therefore not be included in any changes to local government pensions as it is NOT taking any money from the public purse.

 

At long last, there are now two of us who appear to know what we are talking about. The government/local authority don't usually hold the contributions long enough to do anything other than to pay them out to pensioners, by the way.

[truman]

At long last, there are now two of us who appear to know what we are talking about. The government/local authority don't usually hold the contributions long enough to do anything other than to pay them out to pensioners, by the way.

 

That last sentence doesn't seem to describe a well funded system...how are future payments going to be made if the number of public employees is going to drop..genuine question..obviously I may have misunderstood you..

[crookesey]

Bravo. Where's the clapper icon?

 

 

 

Oh, yes, that must be why they stupidly turn out for work for peanuts, - because they think the good people of this country, like yourself, are so grateful for their efforts.

 

 

 

Oh, so many of us who have been promised a return, and are getting naff all, have got you to thank, have we? That's brilliant. Can we forgive that?

 

Glad you made sure your own nest was feathered sufficiently, though. Well done.

 

Why do you insult me, you have no idea what I did within the pensions industry? Obviously it was me who was responsible for the world wide crash and recession, well done you have cracked it. Oh by the way my investments have almost recovered to their pre crash levels, I'm so pleased that yours haven't.

 

As for 'feathering my own nest', I stayed on for three years extra, working my way out of the recession, whilst public sector workers simply took their packages as their god given right.

[kebab69man]

As you clearly didn't write all that yourself, what's the source of all that PR spin?

 

Its not confidential information, these are the facts published from an official source. But I'm not disclosing it, because the tory boys and girls will only bash it.

[truman]

Its not confidential information, these are the facts published from an official source. But I'm not disclosing it, because the tory boys and girls will only bash it.

 

It doesn't take much finding

 

Don't know why you were so shy