Monday, 15 December 2008

Public Sector Pensions

Much has been written about the cost of Public Sector Pensions, said cost being 'hidden' by the present government when they discuss the matter of our country's overall debt.

A article in today's Daily Telegraph quotes a report by the CBI, entitled 'Clearing the Pensions Fog', which states that the cost of looking after state employees in their old age is now £1trillion, or £32,000 per taxpayer. It also calls for an independent body to be set up to calculate the true cost of these unfunded public sector pensions and to work out how it can be met.

In 2006 the government estimated (and we all know what government estimates are like, do we not?) the cost of the unfunded liabilities at £650billion, but since then the government has refused to publish an updated cost.

I leave the last comment to An Englishman's Castle:

Forget trying to save for your own old age, you have someone else's to pay for first!

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