Wednesday, June 15, 2011

Out, out, out...

Out, brothers out. Fat Cat** Mark Serwotka said a strike is inevitable; he has said that staff were being asked to work up to eight years longer, accept a three-fold rise in their contributions and their eventual payments halved, that average civil service pension was £4,000 a year, and "It's absolute daylight robbery," he said; "...we all face the same attacks" and that having public sector pensions similar to the private sector,"was an argument in favour of 'an equality of misery'"; I'm sure he said the same when the situation was vice versa...

Summary of cost and benefit impacts of Pensions Bill 2011 is HERE (pdf) and a handy table highlights all the impact on individuals, employers, the Pension Industry and on the Government. Needless to say Serwotka is talking shit, elaborating, embellishing and lying (no change there I suppose). Also, the 2011 Pensions Bill builds on other pension reforms that began with previous Pensions Acts in 2007 and 2008, they address inequalities, surely Markie babes should be happy?

** = just the annual pension contributions that Mark Serwotka receives are more than a full time permanent civil servant's salary.

Update: great stuff from Cranmer today on Blower and Bousted, "One really doesn’t need a degree in Posh & Becks Studies to appreciate that education is shackled by a sclerotic culture of excuses and plagued by low standards, arbitrary targets, inaccurate league tables and stifling political correctness."

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Paul said...

One of the ignored facts about the private v public sector debate about pensions is that the taxpayer subsidises private sector pensions by £2.6 bn a year net compared with £4bn a year net for public sector workers. Of course the pension industry being part of the financial services industry in this country is more or less untouchable. Private pension subsidies since 1998/99 account for half of the national deficit.

Reduced tax and national insurance and exemption from Corporation Tax cost us about £37.6 bn a year.

Span Ows said...

Ignored/unknown...except by accountants ;-)

Seems GO isn't ignoring some of it!