“….and another thing !�
And Another Thing: Understanding the data
Posted by Julie Voyce on June 16, 2008 12:53 PM
OVER the last few weeks the Advertiser and Examiner has printed a number of letters about public sector final salary pension schemes. Many are from members of the public evidently scanning the web and regurgitating data which they obviously don't understand and thus comment inaccurately and out of context. Thus your paper is nurturing a theme which is deviating from the truth.
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Pension black hole
Posted by Julie Voyce on June 6, 2008 10:39 AM
HERE is a true horror story: the black hole in the UK's public sector pensions. This colossal hidden deficit will starve British industry of investment and impoverish the wealth-creating portion of the economy for decades to come. While New Labour likes to talk about equality, a vast gulf is opening up between the retirement rules and provisions in the public and the private sectors. And the private sector has to fund the lot.
More than 5m state workers participate in open final salary pension schemes; thanks to the decline of defined benefit occupational schemes, only half a million private sector workers are members of plans that remain open. Local and central government run their schemes for National Health Service workers, teachers, the civil service, the army, police and fire service on an unfunded basis. This means none of these vast liabilities is provided for in national accounts.
Contributions are not saved and invested, but spent. This is far worse off-balance-sheet hanky- panky than that carried out by the banks, which have been so heavily criticised by the prime
minister for shoddy accounting.
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“….and another thing !� Public Sector Pensions
Posted by Julie Voyce on May 29, 2008 5:07 PM
By Chris Mellor
John Lowe, in particular, and Preston Colville seek for the Examiner to disseminate the truth and encourage reasoned debate on public sector pensions (BE Letters May 29). Both fail badly at the first hurdle in this regard by being sparing and misleading with the full truth.
Mr Lowe fails to point out that public sector employees can retire on a pension PLUS a tax free cash lump sum equal to three-eightieths of final salary for each year’s contributions. Broadly accepted to be the overall equivalent of a pension equating to two thirds of final salary for a forty year working period. I see little relevance in Mr Lowe pointing out that there is a cap on service at 45 years. Work 45 years and a public sector employee gets a full pension !
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