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Blackholeshine

Public Sector Pension Millionaires

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http://www.telegraph.co.uk/finance/persona...llionaires.html

Almost 400 retired staff from Glasgow city council and 223 from Kent county council also have pension pots worth £1m or more.

Mervyn King, governor of the Bank of England, has a pension now worth £5.4m, the largest in the public sector.

83 per cent of council workers in Manchester, Bath and Nottingham who retired last year did so early.

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http://www.telegraph.co.uk/finance/persona...llionaires.html

Almost 400 retired staff from Glasgow city council and 223 from Kent county council also have pension pots worth £1m or more.

Mervyn King, governor of the Bank of England, has a pension now worth £5.4m, the largest in the public sector.

83 per cent of council workers in Manchester, Bath and Nottingham who retired last year did so early.

Amazing what a valuable job those Local Government Officers do!

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http://www.telegraph.co.uk/finance/persona...llionaires.html

Almost 400 retired staff from Glasgow city council and 223 from Kent county council also have pension pots worth £1m or more.

Mervyn King, governor of the Bank of England, has a pension now worth £5.4m, the largest in the public sector.

83 per cent of council workers in Manchester, Bath and Nottingham who retired last year did so early.

no, they dont have pension pots AFAIK, they have the cash payments that would NEED pension pots of these magnitudes.

local taxes and national taxes pay for these pensions directly. AFAIK.

If they DID have these pots, the pension crisis would not be a crisis at all.

Edited by Bloo Loo

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Guest Daddy Bear
no, they dont have pension pots AFAIK, they have the cash payments that would NEED pension pots of these magnitudes.

local taxes and national taxes pay for these pensions directly. AFAIK.

If they DID have these pots, the pension crisis would not be a crisis at all.

With all this "free easy come cash" floating about then surely for equillibrium to be returned the obvious outcome will be inflation?

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With all this "free easy come cash" floating about then surely for equillibrium to be returned the obvious outcome will be inflation?

I agree, the outcome for all currencies is inflation.

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no, they dont have pension pots AFAIK, they have the cash payments that would NEED pension pots of these magnitudes.

local taxes and national taxes pay for these pensions directly. AFAIK.

If they DID have these pots, the pension crisis would not be a crisis at all.

Exactly, the thing is, I'd be very surprised if they all get paid them. The genuinely productive part of the economy will effectively go on strike.

You've got people retiring mid 50s, having worked barely 30 years since graduation, expecting to be paid not to work for, these days, potentially 40 years. Pensions are an overhead the economy and society can no longer afford.

When jobs were physically hard people were simply too decrepit to carry on. Now most jobs involve nothing more arduous than sitting at a desk.

The correction for all this will be massively unpleasant.

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This makes my blood boil.

No generation post Labour/Conservative (paint them with the same brush) are going to get such a jammy exit from a life of half (or quarter) effort with total compliance to the state.

Who_Ate_All_The_Pies.jpg

No way do I want to pay into a system that supports these people, even if it includes family or friends.

Just ridiculous and near criminal!

they-live.jpg

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It always makes me laugh when I meet people who work in the public sector who think they are actually going to get their gold plated pensions! :lol:

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Cashinmattress,

PLEASE tell me what the film your second screen grab came from was called?!

I saw it years ago and would love to see it again, but cannot remember what it was called. :(

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Cashinmattress,

PLEASE tell me what the film your second screen grab came from was called?!

I saw it years ago and would love to see it again, but cannot remember what it was called. :(

51C2RJPJWBL._SS500_.jpg

I highly, highly recommend this dystopian lone gunman sci-fi classic. Roddy Piper has some of the best one liners ever in the genre.

" Edited by cashinmattress

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I think that we have lost sight of the purpose of pensions, which are surely to provude a reasonable living foe our old age. So pensions of over £30,000 per year seem to me to be about something other than that basic principle. So cap pensions at £30K, it is an undreamed of income for many people anyway. It makes pensions more affordable and democratic. The high earners are anyway better able to save.

Please note that I do not make a public/private distinction, one size fits all.

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It makes pensions more affordable and democratic.

Interesting concept. How very un-British of you to say that.

The rest of us private sector low caste Brits will eat beans , or even tins of cat food, over candle light whilst the lucky ones enjoy 3 sunnies a year and all the amenities.

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The more you see stuff like this - undeserved and disproportionate riches for not a lot, and those rewards going to people who don't actually contribute to the wealth creation of the country, the more you think this will end in blood.

You cannot favour the few at the expense of the many forever. Eventually, people notice and are stirred to doing something.

Maybe pensions should have a ceiling and that ceiling spread more widely.

The bottom line is as always what is genuinely affordable to the nation and, for pensions, its children. The current lala land situation is clearly not.

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Lucky people all funded by the tax payer

I wonder how many people on here would have turned down the chance of a 100k salary and commensurate pension pot for ideological reasons.

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I wonder how many people on here would have turned down the chance of a 100k salary and commensurate pension pot for ideological reasons.

I wouldn't work in the public sector, for ideological reasons, and therefore wouldn't arrive at the opportunity to turn it down.

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With all this "free easy come cash" floating about then surely for equillibrium to be returned the obvious outcome will be inflation?

Public sector pensions are index linked, aren't they?

Reaching equilibrium is going to be more forthright than simple inflationary erosion. There will be screaming, foot-stamping, and tears.

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no, they dont have pension pots AFAIK, they have the cash payments that would NEED pension pots of these magnitudes.

They do have actual pension funds in local gov. They are, however, in deficit at the moment.

This is what you get for betting on equities (~70%) and thinking the private sector will deliver.

Ironic eh.

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They do have actual pension funds in local gov. They are, however, in deficit at the moment.

This is what you get for betting on equities (~70%) and thinking the private sector will deliver.

Ironic eh.

funds, or a department that says they have!

for example, the pensions department has a staff of hundreds, a budget and a payments section. every year the Chief exec (on 100K plus) reports that the budget needs to be x for next year...the funds are granted fron the public take...they then have "funds".

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