“Pensions Black Hole”

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.

Pensions black hole copy (3)

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 😀

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3 Responses to “Pensions Black Hole”

  1. Alas dear Youreth! How do I address you, an empty head, a brain too far gone, or just a thick head of a skull, I am perplexed. Did you not serve your public correctly, did you not receive your pay? (pegged and lower than the private sector), I remember the discussion/argument was that in the public sector, one was neither rich nor poor, one was in secure employment: However the pay was pegged at all levels in the lower percentiles. The rewards were in heaven and in your pension payments, if one survived that long. If One wished film star wages one went to work as a film star or into the private sector.
    What has Bu–ered up the system is the politicising of the civil service and local government, and especially the arguments by the politicians of the day Late 90’s moaning that the work of a politician was not to be of service to a community constituency/ward or county, but to be a paid rewarded job of work. The elected politician’s have become cynical and greedy allowing, and backing the ‘Todays’ Local government and Civil servants to become greedy and used the day to day local government and civil servants earn more than the lower percentile as a union backed argument, and yet leave the pension contributions and scheme as a final salary scheme. This is because the local government elected officers and the politicians remuneration’s have been associated with/ joined with/direct are connected with, the local government and civil servants pay structure. It is a cynical word, and now the politicians of all shades are saying that those employee’s in local government and the civil service receive too much?? Both in Pay and pensions. Where oh where are the morals and community spirit of our elected peers.
    Can we as a country afford the money?? that is the question?? but what of the loyal service by those retired public servants?? You have struck a bad cord Young man, and while we all struggle with the current economic situation, I for one as retired person and now entering my 70’s my means of earning income are severely restricted, and yet I can offer my community my time and consideration, at a ‘peppercorn’ rate.
    I am not sure of your bitch! Or where it will lead too, but if one is thinking of reducing pension pay out’s then one has to think hard and with a tin lid on ones head, and curtail the expectations of those elected political people in Westminster and Town Halls, and be even handed with all in society.
    Socialism is good but has to be tempered with good sense, and responsibility? WE need to be guided and lead by leaders of example? The future is not necessarily a class war Toffs and Money against the downtrodden and poor? It has to be beliefs and ideas with a social conscious for others than ourselves.
    WE done our bit at a cost, we will carry on, but please do not think we will accept any argument without reason? Be wary of what you sow young man.
    I do not feel guilty as the receiver of stolen goods, or naked as having committed a crime? But I am angry at the tenure of your ‘blog’

    • john graham says:

      I am glad I inspired you to write a book here. It is obviously a raw nerve. I am not arguing to reduce Public Sector pensions, just that the Governments’ of the day should have been setting aside money to pay for future pension costs. They are the ones who have short- changed us all by making promises we cannot afford.
      As ever, all politicians have a short-sighted view of the world. Don’t get angry with me , get angry with them.

  2. Ho w could I be angry with you in your yellow swimwear, rusty rug and bulging biceps. I believe I still have a vote, and by god sir I am not frightened to use It?

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