RE: I'm Fuming, Pensions and Savings23 Jul 2023 15:46
You miss the point Skier; My point was that they're going after Banks to increase interest rates on savings accounts, for people who probably have a few thousand pounds and little to gain, yet say nothing about the injustice of Public sector pensions versus Private sector pensions. In the example I used with the chart, the person receiving the public sector pension would receive a total of £2,960,892.41 over the 30 years, whereas the capped Private sector pension would only pay out a total of £1,050,086.62. Most private sector pension schemes are now Defined Contribution schemes, and there are no guarantees on future payouts. Although I was fortunate to join two final salary schemes during my career, my second and by far largest scheme was altered over the years and then cut short while I was still in the job, and I was then moved onto a DC scheme. It was Government policy that destroyed Private Sector Final Salary Pensions, why do they still benefit from something they ruined for people like me? Don't get me wrong, I'm in a better position than many who were, and are employed in the Private sector, but why aren't the Treasury Committee looking at Pension injustices where they clearly benefit from far superior pensions, than people like me and many others, due to a situation that they the politicians created? Wage increases drive inflation, so there's an argument that Public sector pensioners, receiving far higher inflation linked rises, drive inflation higher doubly disadvantaging Private sector pensioners seeing far lower increases.
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