Wednesday, Nov 15, 2006

Ticking Pension Time Bomb

The Times: No guarantee of a bullet-proof pension

More than half of workers continue to believe that their occupational pensions are guaranteed, despite the fact that as many as 125,000 people in more than 400 schemes have lost their final salary savings and have little or no hope of compensation, a survey will reveal this week. Up to 125,000 people lost 20 per cent or more of their pensions savings after their employers went bust with a deficit in their final salary scheme. Most will not qualify for government compensation, which will, in any event, pay only a fraction of the money lost.

Posted by scumbag @ 04:09 PM (441 views)
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1. paul said...

It has always seemed an inevitability - after effectively stealing our rights to a pension that housing would follow.

Yet at some point, both will have to be recovered to their rightful owners, i.e. younger generations.

It would be perverse to think that we'd have a two tier society of older retirees who have feathered beds and younger retirees who have nothing, so taxation would have had to take the place of providing a decent retirement anyway. Taxation will have to sort the rest out because every successive government has studiously ignored the pensions timebomb.

So this potential whipping the carpet out from underneath the privileged few with gold-lined pensions was going to be overdue at some point anyway.

Wednesday, November 15, 2006 06:50PM Report Comment

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