sir baconface
Well-Known Member
Always this - one of my biggest gripes about the public sector. This is a huge financial burden now which is only going to worse and no end in sight of ending this error. All this two thirds final salary after 40 years service (less years for some occupations), was all well and good when most people dropped dead at 70. But now with the pension schemes not earning or growing as originally envisaged, people living a lot longer and retiring earlier, these pensions funds are being financed by current contributions (and there is less of them) or by extra top up by tax payers. Its like a pyramid scheme about to topple over only that the back stop is the tax payer.
All the calculations that they were based on are in error, and you should never perpetuate an error.
To be fair, I think new entrants get a different deal. Career averaging rather than final salary?
However, local authority employees lived off the fat of the land long after most taxpayers had their final salary schemes closed down. I'm sure I read three or four years ago that a massive 25% of revenues raised directly by council tax went into pensions. That doesn't leave a lot for providing services but isn't the ethos to look after staff first, punters second?
If my numbers are wrong, I'm sure one of the beneficiaries of such munificence will correct me.
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