MSE News: Millions face cut in final salary pensions

Doc_N

Rather difficult to see how government action can change pensions that are already in payment - surely the arrangements are entirely between the pension funds and the retired employees, and were fixed at the date of retirement.

As for public sector pensions, I suppose the government could simply change the legislation under which the schemes operate, but it does seem grossly unfair to rewrite what is effectively a contract like this.

This April, Conservative Treasury spokesperson, Philip Hammond, wrote to the Civil Service Pensioners’ Alliance with assurances that the Conservative Party had “no plans to change the current index-linking of pensions in payment”. So much for Tory promises!

lvader

Everyone seems to think it's a good thing to make future generations pay for our mistakes. We made this mess, we should pay.

C_Mababejive

lvader wrote: »

Everyone seems to think it's a good thing to make future generations pay for our mistakes. We made this mess, we should pay.

I didnt make any mess....

lvader

Everyone has contributed to this mess, as a voter, as a consumer we are all responsible.

Sapphire

lvader wrote: »

Everyone has contributed to this mess, as a voter, as a consumer we are all responsible.

No, actually - some people (me included) have been prudent, saved, have not taken risks and over-borrowed huge sums on luxuries they think they are entitled to, fleeced the taxpayer, or had vastly over-inflated salaries and bonuses.

So not everyone has contributed to this, though many certainly have through their stupidity and greed.

lvader

Did you complain about the low interest rates or the obscene goverment spending?

1jim

Sapphire wrote: »

No, actually - some people (me included) have been prudent, saved, have not taken risks and over-borrowed huge sums on luxuries they think they are entitled to, fleeced the taxpayer, or had vastly over-inflated salaries and bonuses.

So not everyone has contributed to this, though many certainly have through their stupidity and greed.

Im with Sapphire on this one, not everyone is to blame, the only borrowings I have are on my mortgage and thats nowhere near how much we could have borrowed, I have modest savings, I have the policy of not buying something if I cant afford it. I do work in the public secter but dont consider myself to have an over-inflated salary, I dont even get a christmas card so the idea of a bonus is laughable. I pay my taxes, dont claim for things I am not entitled to and can honestly say that I cant really see how I have personally contributed to this mess. I can see that it needs sorting and I can see that this is a convenient moment for the government to get away with changing lots of things under the guise of it being in the national interest.
It does make by blood boil when I hear the government talking about my gold plated pension, gold plated I wish!!
I cant wait to see how the ecomomy looks in 20 or 30 years when young people cant get work because us oldies are being forced to work until we are 65-70, when police officers cant drive because their catarachts(?sp) are playing up Nurses cant move patients around because their hips need replacing yet again, when firefighters cant put out fires becuase hey dont have the strength to lift the ladders. You really couldnt make it up

1jim

lvader wrote: »

Did you complain about the low interest rates or the obscene goverment spending?

Did you?
How did you know what the government were spending?
Did you forsee the banking crisis and the global recession?

lvader

I could see that with lived in a fake economy that was based on cheap debt, high house prices and massive government spending. The banking crisis is probably the best that that has happend for this coutry because it could have got much worse if unchecked. Even if you don't personally feel any responsibility it should still be our generation that clears the mess.

Sorry kids, we consumed all the resources like the north sea oil and here is a couple of trillion pounds debt to get you going.

lvader

1jim wrote: »

How did you know what the government were spending?

It's called a budget, they publish one every year.;)