Unsustainable public sector pensions
Discussion
el stovey said:
Same with my pension but why does that mean someone in another company or industry or sector should also have their pension reduced?
The difference in the public sector is that it is affordable just that the government don't want to fund it anymore.
The difference is how it is funded. The difference in the public sector is that it is affordable just that the government don't want to fund it anymore.
el stovey said:
The difference in the public sector is that it is affordable
Please support that statement despite massive evidence to the contrary.el stovey said:
just that the government don't want to fund it anymore.
Governments don't have money- taxpayers do. That's at the root of the issue.sidicks said:
otolith said:
The difference is how it is funded.
The ultimate cost is broadly the same regardless of how it is funded.PorkInsider said:
Interesting to note also that even senior local government leaders accept that ther employees' pensions are unaffordable.
Coventry City Council estimates that 34% of council tax receipts will go into its workers' pensions by 2019.
It's utterly laughable that anyone would try to defend it, but crack on...
I think that figure is wrong. Do you have a link?Coventry City Council estimates that 34% of council tax receipts will go into its workers' pensions by 2019.
It's utterly laughable that anyone would try to defend it, but crack on...
sidicks said:
sherbertdip said:
Before spouting such s
te why didn't you investigate current Public/Civil Service pension schemes.
They are now average salary, and depending upon which version can be had with or without lump sum, also contributions have been increased up to 10% of salary, lastly full benefits can be taken from age 65, not 60 as previously.
Lastly when you say "renegotiate pay" you do mean more pay to cover the increased costs don't you? Pay rise hahahahaha, haven't had one for 5 years, and not likely to get one either, but to compensate there are ways around it which means my pay has risen 30% over the past 3 years, and thankfully I'm still locked into a final salary with lump sum and will be retiring at 54 with plenty - keep on paying your taxes i've got a V8 to run on my pension.
I'm afraid you are quote wrong.te why didn't you investigate current Public/Civil Service pension schemes.They are now average salary, and depending upon which version can be had with or without lump sum, also contributions have been increased up to 10% of salary, lastly full benefits can be taken from age 65, not 60 as previously.
Lastly when you say "renegotiate pay" you do mean more pay to cover the increased costs don't you? Pay rise hahahahaha, haven't had one for 5 years, and not likely to get one either, but to compensate there are ways around it which means my pay has risen 30% over the past 3 years, and thankfully I'm still locked into a final salary with lump sum and will be retiring at 54 with plenty - keep on paying your taxes i've got a V8 to run on my pension.
They are revalued average earnings schemes, typically included a lump sum and with higher accrual rates than under the previous versions.
Average costs is 35-40%, so 10% contributions don't cut the mustard anymore.
Edited by sidicks on Thursday 26th November 21:19
Countdown said:
I think that figure is wrong. Do you have a link?
A few seconds on google reveals this:http://www.dailystar.co.uk/news/latest-news/432247...
Regardless of crappy source, I doubt it to be a lie.
Rovinghawk said:
dave_s13 said:
Stop moaning about how the other half live and join the club!
Thus exacerbating the problem. Great idea. Rovinghawk said:
crankedup said:
Higher quality fund management is what is required alongside a decrease in the cost of management fee's. This will produce an improved investment return.
Do you not understand that there is no fund? No investment? It's been pointed out so very many times.Rovinghawk said:
Countdown said:
I think that figure is wrong. Do you have a link?
A few seconds on google reveals this:http://www.dailystar.co.uk/news/latest-news/432247...
Regardless of crappy source, I doubt it to be a lie.
http://www.publicfinance.co.uk/opinion/2015/03/lgp...
Rovinghawk said:
Countdown said:
I think that figure is wrong. Do you have a link?
A few seconds on google reveals this:http://www.dailystar.co.uk/news/latest-news/432247...
Regardless of crappy source, I doubt it to be a lie.
http://www.lgcplus.com/investment/lgps-officials-c...
To say that 34% of CT income will be used to fund pensions is a bit misleading. CT income makes up less than one-third of Coventry CC's total income. So approximately 10% of CCC income will be used to fund pensions. And part of this will be Employees contributions.
I'm not saying pensions aren't a big cost for Public Sector. But when the media have to distort things to make a point it does tend to undermine the point they're trying to make.
sidicks said:
It's almost as if you're too stupid to understand who the 'employer' is.
And you're clearly too stupid to understand about a pension fund 'surplus' (despite it having been explained to you on numerous occasions..
The employer in the case of the NHS pension, is an NHS trust, NHS foundation trust , other NHS body and certain private / charitable organisations who solely provide NHS services And you're clearly too stupid to understand about a pension fund 'surplus' (despite it having been explained to you on numerous occasions..
not your ego ...
Countdown said:
PorkInsider said:
Interesting to note also that even senior local government leaders accept that ther employees' pensions are unaffordable.
Coventry City Council estimates that 34% of council tax receipts will go into its workers' pensions by 2019.
It's utterly laughable that anyone would try to defend it, but crack on...
I think that figure is wrong. Do you have a link?Coventry City Council estimates that 34% of council tax receipts will go into its workers' pensions by 2019.
It's utterly laughable that anyone would try to defend it, but crack on...
mph1977 said:
PorkInsider said:
Interesting to note also that even senior local government leaders accept that ther employees' pensions are unaffordable.
Coventry City Council estimates that 34% of council tax receipts will go into its workers' pensions by 2019.
It's utterly laughable that anyone would try to defend it, but crack on...
34 % of council tax, not 34 % of income ... lies, damn lies, and statistics with a touch of chicken little again ... Coventry City Council estimates that 34% of council tax receipts will go into its workers' pensions by 2019.
It's utterly laughable that anyone would try to defend it, but crack on...
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