Government pension review

[Uptowngirl]

You might like to know that the NHS pension scheme is in surplus.

 

I don't think so.

 

http://network.civilservicelive.com/pg/pages/view/258535/

 

Total liabilities for the NHS pension scheme have reached £165.4bn.

 

The health service’s pension bill has increased by £61.2bn over the last two years, partly due to accounting changes, the Department of Health has said.

 

 

 

Actuaries Watson Wyatt estimated that the bill for all the pensions schemes across the civil service will cost future taxpayers £960bn.

[Grandad.Malky]

. I suppose next you will be asking me to say thank you!

 

You should be saying a great big thank you ……….. Its only by virtue of the fact that you are in a public service that you have the scheme in the first place.

 

I was in a final salary scheme and like many I was thrown out and now have a money purchase scheme where my wife worked their scheme was closed to all new members …………. I would love to be able to say thank you.

[Wildcat]

I don't think so.

 

http://network.civilservicelive.com/pg/pages/view/258535/

 

Total liabilities for the NHS pension scheme have reached £165.4bn.

 

The health service’s pension bill has increased by £61.2bn over the last two years, partly due to accounting changes, the Department of Health has said.

 

 

 

Actuaries Watson Wyatt estimated that the bill for all the pensions schemes across the civil service will cost future taxpayers £960bn.

 

That is odd because as Sibon said it is in Surplus and NHS workers pension contributions subsidise the tax payer by providing £10 billion a year of cheap credit.

 

The NHS scheme is often cited as an example of a "lucrative" public sector pension scheme, which the country cannot afford. However, it is not funded solely by taxpayers, but by NHS staff - with higher contributions for the highest paid - and employers, including GPs themselves, who pay employer contributions of 14%. It was designed to be sustainable over the long term, and to withstand changes in the economic environment through a cost-sharing agreement which protects the taxpayer from future cost increases. The scheme is in a very strong funding position at present; in the years up to 2015/16 it will provide a surplus to the Treasury (over benefits paid out) of £10.7bn.* This essentially means that the government is able to borrow money from the NHS pension scheme at a preferential rate.

 

http://www.medicalnewstoday.com/articles/218815.php

 

Ps the Bill for future pensions is only £960 billion if you assume no one else is employed.... The real figure for future pensions (assuming time is infinite) would be £infinite :rant:

 

In other words the figures given totally meaningless.

[Uptowngirl]

I do indeed hate it when someone presents an article from march 09 as though it were still applicable, yes.

 

What a pathetic respose. I suppose you are now going to claim that someone has paid off the £100 billion deficit in the last 2 years.

 

Just in case you want to claim that you might try reading this first.. 15 Dec 2010

 

http://www.globalpensions.com/global-pensions/news/1932689/lgps-gbp100bn-deficit-extent-underfunding-huge

 

UK - The deficit of the Local Government Pension Scheme has more than doubled to £100bn ($156.5bn) since the scheme’s last triennial valuation, a study shows.

A study by independent consultant John Ralfe also found LGPS liabilities have rocketed 41% to £232bn since the scheme's last valuation in 2007 while asset values have crawled up just 8%.

[Grandad.Malky]

my uncle works for a major retailer of bottled gasses in the private sector and has a nice final salary scheme which he contributes very little to.

 

.

 

He is lucky ……….. Very lucky.

[Guest sibon]

I don't think so.

 

http://network.civilservicelive.com/pg/pages/view/258535/

 

Total liabilities for the NHS pension scheme have reached £165.4bn.

 

The health service’s pension bill has increased by £61.2bn over the last two years, partly due to accounting changes, the Department of Health has said.

 

 

 

Actuaries Watson Wyatt estimated that the bill for all the pensions schemes across the civil service will cost future taxpayers £960bn.

 

The NHS Pension Scheme pays out £2bn less than it collects. It is in surplus.

 

Of course if you assume very low, forward, nominal interest rates, you can make it look unsustainable.

 

Now, why would anyone want to do that? (Especially a bunch of hypocrites with a pension scheme that has a proper black hole in it)

[Uptowngirl]

That is odd because as Sibon said it is in Surplus and NHS workers pension contributions subsidise the tax payer by providing £10 billion a year of cheap credit.

 

 

 

http://www.medicalnewstoday.com/articles/218815.php

 

Ps the Bill for future pensions is only £960 billion if you assume no one else is employed.... The real figure for future pensions (assuming time is infinite) would be £infinite :rant:

 

In other words the figures given totally meaningless.

 

It is the figures that you are quoting that are totally meaningless. Since the last government increased NHS staff numbers by around 40% for the moment there are far more people contributing compared to those currently receiving a pension. But of course you cannot carry on increasing the public sector by 40% every decade, because we cannot afford the public sector wages now.

The huge deficit is future liability for the pension funds when the current employees start drawing far more from the pot than the pot is taking in. That is where the £960 billion liability comes in. I suppose in your Utopia the public sector would carry on expanding regardless of the fact it was already unaffordable.

[Uptowngirl]

The NHS Pension Scheme pays out £2bn less than it collects. It is in surplus.

 

Of course if you assume very low, forward, nominal interest rates, you can make it look unsustainable.

 

Now, why would anyone want to do that? (Especially a bunch of hypocrites with a pension scheme that has a proper black hole in it)

 

I will refer you to the reply I just gave to wildcat. Your head seems to be buried in the sand alongside his.

[Guest sibon]

I will refer you to the reply I just gave to wildcat. Your head seems to be buried in the sand alongside his.

 

Top quality debating skills there. Evade the issue and throw a few insults around.

 

The NHS Pension Scheme collects more money than it pays out.

[harvey19]

Years ago someone told me that you were better off not contributing to a pension scheme and to have no savings when you reached retirement age as you would be better off claiming benefits.

I thought he was joking !!