Saturday, 26 November 2011

Pensions Justice Event Walk

Public sector workers ( some of them ) are going put on strike on Wednesday. The ones that will effect the most people , unless you happen to be travelling in or out of Heathrow, are the teachers. Parents of younger children will be effected if they are working as they will have to either pay for extra child care, stay of work or risk letting their loved ones spend the day on the streets. Other disruptions will be to rubbish collections and to parking attendants. Piles of uncollected rubbish littering the streets and cars parked anywhere their owners feel like parking them will be an added hazard to anyone trying to move about. To add insult to injury Union St and Fleet St will be closed from 10:00 am to allow the striking workers to march through town to force home their message.

And what exactly is that message? Well I'll tell you. It is that supposedly well educated and allegedly intelligent people haven't got the brains they were conceived with never mind born with. Funds for public sector pensions have been paid for, until now, out of a seemingly bottomless pit called the tax payer. When I was a teacher the government took 6% of my salary to pay for my pension. When I worked for Stagecoach they also took a percentage of my wages to pay for my pension. The difference is Stagecoach invested the cash they took from me and put the proceeds into a pension fund. So when I get my pension from Stagecoach it hasn't been paid for by some one who got on a bus and paid his fare sometime last week. But the 6% the government took from me all those years ago wasn't put in a fund to grow and pay my pension. The money the government collected from you and me last month in the form of income tax is what is used to pay my teachers pension and I am getting a little concerned that us tax payers might not be able to sustain the level of giving required to keep all us public sector pensioners in Pensions. So is the government, twenty years too late in my opinion, but better late than in 10 more years. Hopefully they will manage for the next 20 years, after that I probably won't care. But what about the long term future, it isn't a problem that will go away unless the effects of global warming come upon us faster and much more savagely than most people expect.

So; don't go on strike, manage with what you get or eventually you won't get anything.


Anonymous said...

The Tories allowed big business to take pension holidays when things were booming and Gordon Brown, when Chancellor, robbed pension funds of 5 billion GBP a year by removing a tax break on dividends earned by pension schemes. You'll be the first of a generation of pensioners worse off then those before

Anonymous said...

How much contribution does the employer pay to pension fund, both private and public.