Property News · July 22, 2017

The government has got it wrong on pensions | Letters


Readers discuss Philip Hammond’s claim that public sector pensions are generous and the decision to bring forward the raising of the state pension ageThe chancellor of the exchequer recently pointed out that public sector pay was superior to private sector pay because of the occupational pension accruing to long-time public sector workers (Chancellor urges restraint on public sector pay, 17 July). However, when it comes to overall pension payments (occupational plus state pensions) most seasoned public sector workers coming up to retirement will note that their state pension is considerably less than that of private sector workers because public sector workers were opted out of the state earnings-related pension and graduated pension schemes. So was he being wicked or stupid when he made the pronouncement? Needless to say, most contemporary public pension schemes have been reduced to rubble over the last few years, giving them little or no advantage over private sector schemes. And the chances of pension-accruing long-term employment in the public sector are hugely reduced due to changes in contractual status and patterns of working.I don’t know whether ministerial pensions for ex-ministers who are already extremely wealthy have been reduced, but I somehow doubt it.Nicholas WhitmoreNewcastle upon Tyne Continue reading…

Source : theguardian.com
Read more…The government has got it wrong on pensions | Letters

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