“Okay, Independent, what are the pensions now? What are current pensions contributions? (That is, a 3.2% increase on what?)
How do you expect an informed citizenry to react intelligently if you will give us no facts but concentrate solely on let's-you-and-him-fight stories?
Some information is available from HM Treasury, a link would have helped:
In 1970s a 60 year old could expect to live for 18 years, today the figure is 28 years
When it started, members of the Teachers’ Pension Scheme put in the same as the taxpayer – 5% each. Today, members pay 6.4%, with employers contributing 14.1%.
NHS employee contributions vary from 5.5 to 8.5%, the employer contributes 14%.
Civil Service employees contribute between 1.5 and 3.5%, the employer contributes 19%.
85% of public sector employees have employer sponsored pension provision, compared to just 35% in the private sector.
Only 2.6 million in the private sector are members of a defined benefit pension scheme.
The median pension paid to members of public service pension schemes is about £5,600 a year (2009/10).
The median private pension across both public and private sectors (sum of occupational and personal pension income) is about £3,900 a year (2009/10)
Next question: What is the ROI on the average public service pension - before the change and after?
“Let's see: late payers-in fund the profits of earlier investors. The people who run the fund skim off what they need to fund their own expenses. Well, perhaps it's a not Ponzi scheme, what am I missing?
You've heard of "Disgusted, Tunbridge Wells"? Well, I live in Holland Park and I've Had It. Up to here! An old curmudgeon, I rant and rave about things I read, see or hear in the News. Frequently sarcastic, irreverent and libertarian; often wrong - but never uncertain.