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Local government pension deficit 'totals £100bn'
http://www.x404.co.uk/forum/viewtopic.php?f=19&t=11813		 Page 1 of 1
Author:  Amnesia10 [ Wed Dec 15, 2010 11:33 am ]
Post subject:  Local government pension deficit 'totals £100bn'
http://www.bbc.co.uk/news/business-11996504

Quote:
The deficit in the Local Government Pension Scheme in England has more than doubled in the past three years to £100bn, research suggests.

This deficit is equivalent to about 7% of the UK's annual economic output, and compares with a shortfall of £42bn three years ago.

This will cause problems for everyone. Either higher taxes or much lower spending.
Author:  veato [ Wed Dec 15, 2010 11:58 am ]
Post subject:  Re: Local government pension deficit 'totals £100bn'
The article suggests it's not as bad as the attention grabbing headline
Author:  Amnesia10 [ Wed Dec 15, 2010 12:21 pm ]
Post subject:  Re: Local government pension deficit 'totals £100bn'
veato wrote:
The article suggests it's not as bad as the attention grabbing headline

Yes some of the deficit can be solved over time by higher contributions and a switch to average salary schemes. There are many years that these deficits can be recovered over.
Author:  bobbdobbs [ Wed Dec 15, 2010 7:42 pm ]
Post subject:  Re: Local government pension deficit 'totals £100bn'
Amnesia10 wrote:
veato wrote:
The article suggests it's not as bad as the attention grabbing headline

Yes some of the deficit can be solved over time by higher contributions and a switch to average salary schemes. There are many years that these deficits can be recovered over.

Both the unions will fight tooth and claw to stop.
Author:  ProfessorF [ Wed Dec 15, 2010 8:05 pm ]
Post subject:  Re: Local government pension deficit 'totals £100bn'
Well the good news is we're losing 900 council workers down here, so that's some way towards reducing that figure.
Author:  Amnesia10 [ Wed Dec 15, 2010 10:44 pm ]
Post subject:  Re: Local government pension deficit 'totals £100bn'
bobbdobbs wrote:
Amnesia10 wrote:
veato wrote:
The article suggests it's not as bad as the attention grabbing headline

Yes some of the deficit can be solved over time by higher contributions and a switch to average salary schemes. There are many years that these deficits can be recovered over.

Both the unions will fight tooth and claw to stop.

Actually a switch to average salary benefits the majority of workers, especially the average worker. The few who gain from final salary schemes are generally in senior management.

Higher contributions are a must for all schemes including private schemes. Governments should mandate a higher minimum contribution for all public and private schemes. Unions will have a tough sell on blocking higher contributions. All pension funds are suffering from under acheiveing investments and increasing liabilities. Contributions from both employers and employees need to be increased substantially.
Author:  pcernie [ Wed Dec 15, 2010 10:48 pm ]
Post subject:  Re: Local government pension deficit 'totals £100bn'
Nest to the rescue! :roll:
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