Oh, what a mess our economy is in, Banks going bust, the Footsie Index going down and those expecting a good pension on retirement having saved hard cash see it going down the drain.
The Banks and Investment Companies who paid their Executives obscene amounts of money in bonuses are crying their eyes out and for what? Sheer greed - and we are all paying the cost.
Add to that inflation in food, petrol, heating and lighting and a pension which cannot cope with such increases then we have a problem.
Not so, of course, the Public Authority Pension because we guarantee that no matter what it costs. Five years ago their pension was £44million in deficit.
Last year it had increased to £160million in deficit. Heaven knows how much in debt it is now with the Stock Market crash.
Over the years we have increased our share of contributions to their Pension Fund from 10.4% of their salary to 19.1% in 2008/09 in the vain hope that the deficit would reduce - no chance! In 2007/08, as employers, we paid through our council tax £10.9million towards the pension fund - that is £143 on a Band D council tax.
We certainly seem to have a two tier society - those who are in the boat and the rest of us trying to keep it afloat.
How long will it be before Central Government realises that this pension is unsustainable, or will they not want to upset the Unions?
The Credit Crunch - one mans opinion by Ken Lacey of Weston Super Mare Senior Citizens Forum
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