how are all these final salary pensions going to be funded?

Spartacus_Mills

The_White_Horse wrote: »

Birmingham council alone has an unfunded deficit of over 1bn!!!!

this is simply insanity.

I think anyone on a final salary pension should have it taxed at 80% to fund other final salary schemes.

The taxpayer will have to fund it. So not content with allowing taxpayers in the private sector to have their pension funds raped (Labour non-dom Lord Paul has some questions to answer over the Armstrong pension fund) we will have to fund the pension funds of the millions of hard working public sector employees.

Yes it is insanity. But we stand for it.

drc

Spartacus_Mills wrote: »

The taxpayer will have to fund it. So not content with allowing taxpayers in the private sector to have their pension funds raped (Labour non-dom Lord Paul has some questions to answer over the Armstrong pension fund) we will have to fund the pension funds of the millions of hard working public sector employees.

Yes it is insanity. But we stand for it.

I don't think this will happen. People won't bother to work if their taxes go up too much to pay for other peoples generous, early pensions. And these days a lot of people get more money in benefits than from actual work and it is becoming the case that it is almost too expensive for some people to work. The actual number of productive taxpayers (the private sector) is shrinking. There will be no incentive in the future to be entrepreneurial, work hard etc if one is basically penalised for doing so and there are only so many mugs who will believe it is their moral duty to work hard and be good, upstanding citizens etc. Change will come whether Labour and the public sector like it or not. The Labour party doesn't seem to understand the simple fact that the money comes in from the private sector and the public sector is funded from that money. If they treat the private sector like a pariah and punish it, then they are effectively biting the hand that feeds. Doh!

StevieJ

abaxas wrote: »

Becasue linked to the offical measure of inflation does not mean if follows rises in prices.

Eg beer as an example.

Beer is dirt cheap especially in the offy or supermarket, I am sure it has reduced in price over the the last 15 years.

StevieJ

Old_Slaphead wrote: »

How do they get inflated away if they're inflation linked ?

I should imagine most have a maximum increase, say 7%.

ninky_2

i assume you don't have a final salary pension scheme or work for the public sector white horse? perhaps if you had you wouldn't be so jealous.

zedyy

My final salary pension scheme is capped at 2.5% RPI.

As for Birmingham City Council I've heard they are cutting 2,000 jobs.

Old_Slaphead

zedyy wrote: »

As for Birmingham City Council I've heard they are cutting 2,000 jobs.

Big deal - that's less than 4% of total workforce and spread over next 3 years. If any private firm announced that it woul hardly merit attention.

Maybe they should have held back some of the £10million they paid out as bonuses just 2 years ago - or perhaps they could cut back some of the £200million they're planning to spend on a new prestige library.

Mr.Brown_4

Must admit that the pensions are pretty good, but then not sure how else I would have managed. Had to take early retirement at 43 with stress after working under some pressure as a school canteen content and provision officer. If I hadn't had the flat and pension to tide me over I would never have been able to raise a family with my new Lithuanian wife.

edit: I hope this doesn't sound like some satirical dig at council workers, I'm just trying to wind up the Horse.

StevieJ

Mr.Brown wrote: »

Must admit that the pensions are pretty good, but then not sure how else I would have managed. Had to take early retirement at 43 with stress after working under some pressure as a school canteen content and provision officer. If I hadn't had the flat and pension to tide me over I would never have been able to raise a family with my new Lithuanian wife.

edit: I hope this doesn't sound like some satirical dig at council workers, I'm just trying to wind up the Horse.

Was that because of Jamie Oliver :eek:

Mr.Brown_4

StevieJ wrote: »

Was that because of Jamie Oliver :eek:

Yes. He ponces in and suggests we do away with fish fingers and spend forever teasing lettuce leaves into a lattice with some olive oil and black pepper. In Birmingham, I ask you.