Post Office Pension Deficit - you're having a laugh!!!
Discussion
Just the £10 billion....
well, this will be interestign to see how the hell they deal with that!
http://business.timesonline.co.uk/tol/business/ind...
well, this will be interestign to see how the hell they deal with that!
http://business.timesonline.co.uk/tol/business/ind...
k off as far as I am concerned.....
rich1231 said:
Gordon Brown is specifically responsible for the pension timebomb that is about to bankrupt the nation. This is real proper debt not paper pretend debt loaned to the banks and it is going to hurt.
What he said, with brass knobs on.It was one of GB's first acts of socialism to raid the ACT credits of pension funds. Now the average bloke neither knew what these were, or how it might affect them. Until or unless that is, they receive an explanation as to why their carefully capitalised private pension fund suddenly failled to meet growth targets.
I was alwyas amazed and appalled at how little was made of this at the time, but I'm still more dumbfounded that the fallout has yet to hit GB personally. More press coverage please!
rich1231 said:
Gordon Brown is specifically responsible for the pension timebomb that is about to bankrupt the nation. This is real proper debt not paper pretend debt loaned to the banks and it is going to hurt.
How bad are we compared to America and the EU countries? Is everyone in the same boat or will everyone suffer a similar fate?ukwill said:
Dave Ward, deputy general secretary of the Communication Workers Union said:
“The Government must take responsibility and honour its commitment for the deficit..."
Yeah good one Dave, how do you want that - cheque or cash?
Where do these union leaders hang out - thast is so isolated from reality - when they're not spouting utter, out-moded, antiquated nonsense? Oh wait, I know:“The Government must take responsibility and honour its commitment for the deficit..."
Yeah good one Dave, how do you want that - cheque or cash?
Edited by Digga on Friday 11th December 11:08
And a couple of other things.
"Adam Crozier, Royal Mail chief executive, said the pension fund deficit was being revalued, but confirmed the figure was likely to be at least £10 billion, compared with £3.4 billion at the last valuation three years ago."
Is this just a case of the fund losing £6.6bn through poor investment decisions or was the valuation incorrect three years ago?
"Royal Mail confirmed yesterday that a £305 million payment into the pension scheme during the six months to September 30 — part of a plan to pay at least £260 million into the scheme annually during the next 14 years — more than wiped out its profits during the period."
If it's going to pay in £260m a year then that's nearly 4 decades until it squares up, and that's assuming it stays afloat. If doing that is using all the profits Royal Mail is making and then some then that doesn't seem very likely to me.
There are a lot of pension funds in this situation. What the hell is going to happen when the people depending on their pensions retire? It's not like the country will have a lot of spare cash around as we'll still be paying off Brown's credit card funded spending spree.
"Adam Crozier, Royal Mail chief executive, said the pension fund deficit was being revalued, but confirmed the figure was likely to be at least £10 billion, compared with £3.4 billion at the last valuation three years ago."
Is this just a case of the fund losing £6.6bn through poor investment decisions or was the valuation incorrect three years ago?
"Royal Mail confirmed yesterday that a £305 million payment into the pension scheme during the six months to September 30 — part of a plan to pay at least £260 million into the scheme annually during the next 14 years — more than wiped out its profits during the period."
If it's going to pay in £260m a year then that's nearly 4 decades until it squares up, and that's assuming it stays afloat. If doing that is using all the profits Royal Mail is making and then some then that doesn't seem very likely to me.
There are a lot of pension funds in this situation. What the hell is going to happen when the people depending on their pensions retire? It's not like the country will have a lot of spare cash around as we'll still be paying off Brown's credit card funded spending spree.
Fittster said:
Deva Link said:
Other European countries ensure that all employees are paid decent pensions so they don't have the state / private disparity that we do here.
Are you saying we should increase the size of state pension?There are huge numbers of people in the UK with no pension provision other than the basic state pension. So guess what, they retire and then paid additional income support and other benefits. Bonkers.
Fittster said:
rich1231 said:
Gordon Brown is specifically responsible for the pension timebomb that is about to bankrupt the nation.
Gordon Brown invented public sector pensions?
. Anyone that thinks he's been the best chancellor this country has ever had then you do you must be a card carrying myopic member of his clan, or just plain daft. Deva Link said:
Fittster said:
Deva Link said:
Other European countries ensure that all employees are paid decent pensions so they don't have the state / private disparity that we do here.
Are you saying we should increase the size of state pension?There are huge numbers of people in the UK with no pension provision other than the basic state pension. So guess what, they retire and then paid additional income support and other benefits. Bonkers.
Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff