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Public sector pension bill £2.4 Trn


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11 minutes ago, kzb said:

The investment growth in the pension pot can only come from the workers.  The bulk of the money in my pension pot is investment growth.

Your argument seems to be "all wealth is generated by workers, therefore it doesn't make any difference whether I save for retirement now or just turn up in 2030 expecting to be given stuff".

That's so self-evidently not true that I officially give up here.

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45 minutes ago, kzb said:

The DC pension contributions are taken out of the current economy though, so it is not all one-way.

There are only so many real resources on the table today, they can either be consumed or invested in capital projects. When somebody pays into their DC pension they are putting some of their share of resources into capital investment instead of consuming it. Nothing is "taken out", it is just a decision by an individual about whether to eat their corn or plant it. The corn still goes somewhere. The creation of capital projects is also economic activity.

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15 minutes ago, Dorkins said:

Some of us consider it unethical to dump obligations on future taxpayers without at least handing them a pot of capital to help meet those obligations.

Carbon zero ?

The massive government debt ?

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55 minutes ago, scottbeard said:

Your argument seems to be "all wealth is generated by workers, therefore it doesn't make any difference whether I save for retirement now or just turn up in 2030 expecting to be given stuff".

That's so self-evidently not true that I officially give up here.

It's not self-evidently true.  This takes us back to that Norwegian wealth fund discussion.  

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2 hours ago, Drat said:

Can I just have it recorded that, as a taxpayer, I do not agree to defer part of a fireman's current salary (or any civil service salaries) until after they retire.  Why are civil service pensions still DB, when private companies realised 20 years ago they were not affordable?  OK sure, no change has been made (even though it should have been) so pay what is owed, but why can we not, from this day forth, freeze all civil service DB pensions and switch them all to DC??  And please note, when private companies pensions were switched from DB to DC no one got a pay rise.

There are also the unknown costs of key worker privileges.

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