When I left university in 1979, my first job was working for a Local Authority in Nottingham. It was a great job to start out my working career but in my early twenties, I certainly was not thinking about retirement. Luckily I was enrolled in the public sector pension scheme without me really realising it. I was not hoodwinked, it was a paternalistic gesture and almost everybody accepted joining, even though you paid a small amount of your salary into the pension each month. Now 40 years later I am glad I did, it pays me £10,000 a year! ( for ten years of hard work — not a great return, but better than a kick in the pants ! )
BUT —- I am soon to become a pariah. A burden on society. Nobody told me that the Government who promised me the pension, was not actually saving any money towards it. Now the current working generation of taxpayers are going to have to pick up the tab. I may not be able to walk down the street without feeling guilty.
From April 2011 to April 2012, the total cost of the state pensions was £8 billion. Obviously I don’t receive all of it. By 2017/18 this figure will have risen to £16.2 billion. I am in for a BONANZA !
I got these figures from the Government Office of Budget Responsibility. Sadly this new office was only formed a few years ago and before that previous Governments did not act responsibly towards pensioners. Promising things they could not afford to pay for.
Local Authority pensioners may well be castigated for years to come for their “gold-plated pensions”. Unless of course the next Government raises the state retirement age to 90 and solves the problem at a stroke !
P.S. The report that inspired this blog came from a think tank called the C.P.S. — Centre for Policy Studies, and they ominously forecast that by 2018 the full cost of public sector pensions will be £39 bilion. Maybe the C.P.S. should really by the Crown Prosecution Service. They could seek to convict all current public sector workers of fraudulently extracting money from the taxpayer. Retired public sector pensioners, like me, could all be prosecuted for receiving stolen goods.
HAPPY DAYS AHEAD 😀