Gormenghast Posted June 30, 2011 Share Posted June 30, 2011 On a much smaller scale, if I can't afford half a kilo of foie gras this week, I'll either go without, buy less or buy a cheaper alternative. But the Government can afford anything it wants to. It's choosing not to afford to pay pensions from a date that was contractually agreed. Link to comment Share on other sites More sharing options...
L00b Posted June 30, 2011 Share Posted June 30, 2011 But the Government can afford anything it wants to.How do you translate that sentence in Greek, again? Link to comment Share on other sites More sharing options...
Gormenghast Posted June 30, 2011 Share Posted June 30, 2011 How do you translate that sentence in Greek, again? Η κυβέρνηση μπορεί να αντέξει οικονομικά κάτι Link to comment Share on other sites More sharing options...
ChrisT70 Posted June 30, 2011 Share Posted June 30, 2011 it was quite well summed up this morning on breakfast tv. the female head of the teachers union who comes across very well said they are willing to negotiate and compromise and have been asking the govt for 8 months to give them the information they need to do so by confirming the actual £ value their scheme is supposedly in deficit. they will then negotiate increases in contributions required to cover this shortfall over the next few years. the reason they are striking today is the govt refuse to provide the info and therefore negotiate how to resolve this complex issue, and seem intent on bullying through their own demands without any such negotiation, i therefore support their actions today. Link to comment Share on other sites More sharing options...
Cyclone Posted June 30, 2011 Share Posted June 30, 2011 But the Government can afford anything it wants to. How's that work then? It has a fixed income (tax revenue), it can borrow only a limited amount and has to pay it back with interest... So how can it afford anything it wants? Link to comment Share on other sites More sharing options...
Mecky Posted June 30, 2011 Share Posted June 30, 2011 it was quite well summed up this morning on breakfast tv. the female head of the teachers union who comes across very well said they are willing to negotiate and compromise and have been asking the govt for 8 months to give them the information they need to do so by confirming the actual £ value their scheme is supposedly in deficit. they will then negotiate increases in contributions required to cover this shortfall over the next few years. the reason they are striking today is the govt refuse to provide the info and therefore negotiate how to resolve this complex issue, and seem intent on bullying through their own demands without any such negotiation, i therefore support their actions today. I wonder how much all this pension lark actually has to do with pensions rather than just your basic Tory initiated class warfare. Link to comment Share on other sites More sharing options...
sharrowman Posted June 30, 2011 Share Posted June 30, 2011 I wonder how much all this pension lark actually has to do with pensions rather than just your basic Tory initiated class warfare. I wonder how much of it is to do with devaluing public sector pension pot to polish it up abit before a private sector buy out. Link to comment Share on other sites More sharing options...
Guest sibon Posted June 30, 2011 Share Posted June 30, 2011 it was quite well summed up this morning on breakfast tv. the female head of the teachers union who comes across very well said they are willing to negotiate and compromise and have been asking the govt for 8 months to give them the information they need to do so by confirming the actual £ value their scheme is supposedly in deficit. they will then negotiate increases in contributions required to cover this shortfall over the next few years. the reason they are striking today is the govt refuse to provide the info and therefore negotiate how to resolve this complex issue, and seem intent on bullying through their own demands without any such negotiation, i therefore support their actions today. That is precisely the case. All that the teaching unions have asked for is a valuation of their own scheme. The fact that the Government won't do this, despite it being in the pension scheme rules, speaks volumes really. I don't know a single member of the TPS who isn't willing to pay more, if it is necessary to do so. I don't know a single member of the TPS who is willing to get stuck with the bill for the unfunded pension schemes, like the Armed Forces Schemes either... and that is the real agenda here. Link to comment Share on other sites More sharing options...
andikay Posted June 30, 2011 Share Posted June 30, 2011 That is precisely the case. All that the teaching unions have asked for is a valuation of their own scheme. The fact that the Government won't do this, despite it being in the pension scheme rules, speaks volumes really. I don't know a single member of the TPS who isn't willing to pay more, if it is necessary to do so. I don't know a single member of the TPS who is willing to get stuck with the bill for the unfunded pension schemes, like the Armed Forces Schemes either... and that is the real agenda here. Stories like the one below don’t help your cause, and whilst I read stories like this I’m sorry I just cannot sympathise with you. There’s a poll with the story for anyone who’s interested. http://www.telegraph.co.uk/news/politics/8607277/Public-sector-strike-500000-pension-pot-of-striking-teachers-revealed.html Thousands of schools are to close today as a result of industrial action over proposals to make public sector staff work longer and contribute more for their pensions. Unions representing the 750,000 employees involved in the strike say their members are being unfairly treated. But Treasury figures released today expose how public sector retirement funds dwarf their private sector counterparts. The calculations show that a mid-ranking teacher on £32,000 a year will receive a final salary pension that is the equivalent of having built up a £500,000 pension pot. This is 20 times higher than the average private sector scheme, according to figures from the Office for National Statistics. Private sector workers would have to save more than 20 per cent of their salaries for 40 years – more than £500 a month for a similarly paid person — to amass the same amount in a defined contribution pension. A well-paid London headmaster will retire with a pension scheme worth £1.5 million, the Treasury figures show. A chief constable retiring at the standard age of 55 would have a scheme worth more than £3 million. Every British family faces a total bill of £13,500 to pay pensions for teachers – up to 300,000 of whom are expected to join the strike. David Cameron has said the disparity between the public and private sectors is “unfair”. Link to comment Share on other sites More sharing options...
andikay Posted June 30, 2011 Share Posted June 30, 2011 http://www.official-documents.gov.uk/document/hc1011/hc02/0257/0257.pdf Teachers’ Pension Scheme (England and Wales) Resource Accounts 2009-10 The Teachers' Pension Scheme (TPS) is an unfunded, contributory, public service occupational pension scheme. The scheme is wholly unfunded. Value of liability in respect of £ billion Pensions in payment 105.1 Deferred pensions 19.8 Active members (past service) 99.0 Defined benefit obligation 223.9 My interpretation of this is that there is no pot of money to pay future benefits, all benefits are paid from taxation. I could well be wrong, Link to comment Share on other sites More sharing options...
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