MrSmith Posted November 29, 2011 Share Posted November 29, 2011 Odd, I have been led to believe that the public sector pensions are put into long term "safe" investments, hence Osbourne asking the pension fund managers to invest in his civil works programme. That’s private pension funds, public sector contributions are more like IOU's for the future generations to pay. Link to comment Share on other sites More sharing options...
Guest sibon Posted November 29, 2011 Share Posted November 29, 2011 Well, unless it's all changed very recently. Otherwise can you kindly explain how a small contribution can turn into a pensionable wage later... that is how it works. And that was headlines within the last few days! It hasn't changed recently. You are just badly informed. Some public sector schemes do have small contributions, that is true. My contribution is higher than most. And higher than the figure that Andy posted earlier in the thread. What percentage of your pay goes into your pension, out of interest? Link to comment Share on other sites More sharing options...
MrSmith Posted November 29, 2011 Share Posted November 29, 2011 So you're happy getting shortchanged and the rest of us should be as well? If the private sector is short changed as you put it, the public sector must also suffer because the private sector pays for the public sector. If the private sector makes no money the public sector can't exist. Link to comment Share on other sites More sharing options...
Guest sibon Posted November 29, 2011 Share Posted November 29, 2011 That’s private pension funds, public sector contributions are more like IOU's for the future generations to pay. No. You've got that wrong. My contribution is paying the IOU of a previous generation. Then the next generation pays mine and so on. It works too. Link to comment Share on other sites More sharing options...
spooky3 Posted November 29, 2011 Author Share Posted November 29, 2011 It hasn't changed recently. You are just badly informed. Some public sector schemes do have small contributions, that is true. My contribution is higher than most. And higher than the figure that Andy posted earlier in the thread. What percentage of your pay goes into your pension, out of interest? I save it under my mattress, ssh! (self employed) Maybe this yields as to why I was deluded... Most public servants, with the exception of local government staff and university lecturers, are members of unfunded pension schemes in which the pensions are paid for out of general taxation. http://www.bbc.co.uk/news/business-14134847 Link to comment Share on other sites More sharing options...
spooky3 Posted November 29, 2011 Author Share Posted November 29, 2011 So, from my new understanding! It's still through taxation that it'll be paid! And it's probably got worse since the last government sold everything it / we owned, including the gold! Link to comment Share on other sites More sharing options...
Guest sibon Posted November 29, 2011 Share Posted November 29, 2011 I save it under my mattress, ssh! (self employed) I don't blame you. The performance of private pensions is a scandal. We should all be campaigning for decent pensions. As for being deluded, it is a really complicated subject. Far more complex than the Government and the media would have you believe. Link to comment Share on other sites More sharing options...
Swan_Vesta Posted November 29, 2011 Share Posted November 29, 2011 If the private sector is short changed as you put it, the public sector must also suffer because the private sector pays for the public sector. If the private sector makes no money the public sector can't exist. You're wrong. The public sector has existed independently from private business for hundreds of years until it became a political football for the cretins in the commons to kick about - That's when the two started being billed as codependent and interlinked. Private pension funds were raided, devalued and sacrificed by your employers to appease the government and folk want to criticise us for not following your mistakes? Please. Link to comment Share on other sites More sharing options...
HeadingNorth Posted November 29, 2011 Share Posted November 29, 2011 No. You've got that wrong. My contribution is paying the IOU of a previous generation. Then the next generation pays mine and so on. Then how has he got it wrong? That's exactly what he said. And no, it doesn't work. Ponzi schemes always and invariably collapse. Link to comment Share on other sites More sharing options...
Guest sibon Posted November 29, 2011 Share Posted November 29, 2011 So, from my new understanding! It's still through taxation that it'll be paid! And it's probably got worse since the last government sold everything it / we owned, including the gold! That depends upon your viewpoint. I pay my income tax. I then pay another 7% into my pension. I don't have to do this, but if I don't pay, I don't get. So, I could have been 7% better off all of my life, but with no pension. From my point of view, my pension payments pay for my pension. (With a contribution from my employer, who gets it from the taxpayer:wink: ) Link to comment Share on other sites More sharing options...
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