Public sector/benefits to be savaged FT article

Former_Spice

A more informed and intelligent response than I was expecting. There's a huge difference between those fgures with lots of 0's. £12 a person or £20K a person?

StevieJ

Generali wrote: »

Very few put away enough for their retirement and so rely on the largesse of taxpayers to make up the difference.

That applies to Civil Servants as much as anyone else - they are promised a great pension but their employer isn't putting the money aside. Thus current public employees are relying upon the generosity of future taxpayers to keep prior promises.

It's the same if the average pension is GBP3,800 or GBP380,000 - pleading poverty makes no difference to the range of possible outcomes.

I suppose future taxpayers could also confiscate the Duke of Westminsters large landbank if agreed contracts for pensions are being torn up, why not just confiscate land Just like Mr Chavez.

Generali

StevieJ wrote: »

I suppose future taxpayers could also confiscate the Duke of Westminsters large landbank if agreed contracts for pensions are being torn up, why not just confiscate land Just like Mr Chavez.

Perfectly true.

My guess is most people chose to keep more of their retirement savnings in the UK than Venezuela and a part of that reason is respect of property rights.

Generali

Former_Spice wrote: »

A more informed and intelligent response than I was expecting. There's a huge difference between those fgures with lots of 0's. £12 a person or £20K a person?

My mistake. The range should read GBP600,000,000,000-1,000,000,000,000. I'm typing with a busted up hand right now (ligament thing playing soccer) so it's hard to type.

StevieJ

Generali wrote: »

My mistake. The range should read GBP600,000,000,000-1,000,000,000,000. I'm typing with a busted up hand right now (ligament thing playing soccer) so it's hard to type.

I take it you had to be goalie

donaldtramp

Former_Spice wrote: »

'employee contributions to public pensions'

What makes you think this doesn't already happen? Myself and 2 million others already fork out up to 7.5% of our pay. Articles like this are likely to cuase further reductions to povert y level pesnions averaging at £3800 for local government..

I'm sick of knocking this point down....
But lets hope this sinks in to some of the public sector employees this time.

You might pay 7.5% in but government contributions to your pensions can be up to 23%. NO-ONE in the private sector receives that. Further to your point, that means 2 million other people receive these massive top-ups from the government!!
Do you see why people are getting a bit peeved?

I've heard all this before,
"but I'm only entitled to x as a pension"
What about all the poorly paid private sector workers topping up YOUR pension when they will only get the state pension???

As for articles like this bringing down public sector pensions, GOOD!!!
Excellent, we should have more of them.

Anyhoo, doesn't really matter as the public sector pensions will all be cut, whether you guys like it or not after the next election. Whichever party gets in.
At least you know it's coming.....

CLAPTON

donaldtramp wrote: »

I'm sick of knocking this point down....
But lets hope this sinks in to some of the public sector employees this time.

You might pay 7.5% in but government contributions to your pensions can be up to 23%. NO-ONE in the private sector receives that. Further to your point, that means 2 million other people receive these massive top-ups from the government!!
Do you see why people are getting a bit peeved?

I've heard all this before,
"but I'm only entitled to x as a pension"
What about all the poorly paid private sector workers topping up YOUR pension when they will only get the state pension???

As for articles like this bringing down public sector pensions, GOOD!!!
Excellent, we should have more of them.

Anyhoo, doesn't really matter as the public sector pensions will all be cut, whether you guys like it or not after the next election. Whichever party gets in.
At least you know it's coming.....

Out of interest, what would you consider a 'fair' employer contribution in the public sector?

StevieJ

donaldtramp wrote: »

There will always be a place for the hard working and I'm looking forward to enjoying more of my own money and not seeing it going to support the ridiculous state of affairs we are in now.

How are you going to have more of your own money if taxes will be going up to pay for the deficit we already have now or will have soon

StevieJ

donaldtramp wrote: »

I'm sick of knocking this point down....
But lets hope this sinks in to some of the public sector employees this time.

You might pay 7.5% in but government contributions to your pensions can be up to 23%. NO-ONE in the private sector receives that. Further to your point, that means 2 million other people receive these massive top-ups from the government!!
Do you see why people are getting a bit peeved?

..

Hate to contradict you old boy, but you really shouldn't say NO ONE :rotfl:


Shell's contribution to the fund has risen from 5% to 23.6% and the employee contribution has risen from 2% to 8% of salaries, the company said in an update posted on its Web site Saturday. The increased payments should bring the pension's funding ratio to 105% within three years and 127% by 2023, the company said.


http://www.iii.co.uk/investment/detail/?display=discussion&code=cotn%3ARDSB.L&thread=4750307&it=le

donaldtramp

Woopiedoo. You've found one company. Clever you:rolleyes:

And their payments to their pension fund are not being paid from my tax. Huge difference. They have made a choice.