Monday, June 29, 2009
So we’re all in it together, just 4 or 5 times as badly in the UK….
Public sector pensions liabilities
Sorry not set out brilliantly here but these figures are scary.... Table 1 Net Public Pension Liability at schemes own discount rates Country % of GDP4 US Dollars (billion) US 15% $2,088 UK 64% $1,267 Canada 12% $151 The shape and structure of the assets and liabilities, and the analysis of their sensitivities, are set out in the main body of this paper. However, in summary, it is clear that the UK stands out as having a major, and distinctive, problem in relation to its public sector pension promises. This has been brought about because a large majority of the UK public workforce have generous, fully index-linked final salary pensions which are completely unfunded, whereas funded (partially or fully) public schemes are the norm in the US and Canada.
Posted by jimandco @ 03:32 PM (934 views)
10 thoughts on “So we’re all in it together, just 4 or 5 times as badly in the UK….”
Add a comment
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
Jimandco says:
Link is
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5677888/UK-public-sector-pensions-burden-worse-than-in-US.html
mr g says:
Simple answer to the UK’s public sector pension problem:
1. Increase employee contributions.
2. Move all employees from final salary to money purchase schemes.
3. Increase pension age to 65.
4. Reduce the amount of deadwood, jobsworths, accountants, consultants, street football co-ordinators (I kid you not, one council in Scotland recently advertised this role), diversity facilitators, climate change managers and recycling assistants.
At this moment my local council, (Calderdale, in West Yorkshire), has 87 posts advertised on it’s website including a Director of Economy and Environment at a salary of £121k per annum.
No recession or pain in the public sector is there?
bidin'matime says:
The link doesn’t seem to work, but here is the original report – worth a read – they point out that the Govt figs exclude Royal Mail, Coal Board, railways etc, which would be (and probably will have to be) picked up by the tax-payer when they run out of cash. For the full report see (a href=”http://www. bnac.org/files/BNAC%20Public%20sector%20pensions%20BN49%20-%208%20June%2009.pdf “) click here (/a) Very scary.
Bidin'matime says:
Sorry – I’ll try that again For the full report click here
bidin'matime says:
Must be getting late! My second go has dissappeared! Did I forget to add my admin password? Oh well, let’s have another go..
For the full report click here (/a)
bidin'matime says:
I’m not going to give up..!
For the full report click here (/a)
bidin'matime says:
For the full report click here (/a)
bidin'matime says:
okay I give up. time for bed..
phdinbubbles says:
Goodnight!
devo says:
rotflmaobbq!