Pensions Hole Plugged

Discussion in 'Current Affairs, News and Analysis' started by Sven, Jun 1, 2007.

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  1. Channel 4 has just reported that the pensions deficit has been reduced to under £3billion - down from £100billion - with over half of the pensions showing a surplus. The article also showed that 99.5% of all pensioners retiring over the last 4 years got the pension they were promised.

    This not from a government spokesperson but from an industry analyst.

    Here is a BBC link which has the bare bones of the story.
  2. Damn that's interesting.
  3. in_the_cheapseats

    in_the_cheapseats LE Moderator

    It is good news but all it needs is one slump in the markets and 3Bn becomes a lot, lot more......
  4. So.... a 97% decrease of deficit eh? Sounds like companies are finally funding their pension accounts rather than only putting enough in them to keep 'em solvent and keeping the balance to collect interest on. What caused the change? Did the government crack down and threaten action?
  5. Funnily enough Khyros, in the article various companies wanted the right to use the pensions as a cash cow if times got rough.

    Given that a proportion of the deficit was caused by these companies taking payment holidays (another reason beng the taxing of pensions by the last two governments) is it surprising that just as things get brought into line employers call for the right to fnck it all up again
  6. Hmm, but who in the long term will have to pay for it.
  7. Certainly not pensioners Moody - Channel 4 said that 99.5% of got the amount promised to them
  8. in_the_cheapseats

    in_the_cheapseats LE Moderator

    Initially, people like you and I, Moody......and thereafter that ever decreasing "UK" population that comes after us. I suppose we should just hope that the immigration of new blood and families from abroad continue (and that they choose to save in pension funds too) 8O
  9. Hmm... hopefully your government does the right thing and ends such corporate behavior. Here in the states, pensions are just about a thing of the past... 41K accounts (personal savings accounts which are tax free up to a certain level and matched by employers) are latest rage. A good 41K and savings plan is a must here... as Social (in)Security is a total joke... not one person has ever lived long enough to collect more than a quarter of what they paid into that scam after retiring...
  10. Sixty

    Sixty LE Moderator Book Reviewer
    1. ARRSE Cyclists and Triathletes


    Best laugh I've had all day. Cheers Sven.

    They were final salary or defined benefit schemes. Assuming the scheme rules weren't changed since 2003 of course they got what they were promised.

    Good grief.

    Edit: And even if the scheme rules had changed they still get what they were 'promised'. Expectations are very different to guarantees.
  11. So

    Over Ninety Nine percent of those in pesnion schemes who retired in the last four years were on final salary or defined benefit pensions?

    Channel 4 certainly didn't report that :roll:
  12. Sixty

    Sixty LE Moderator Book Reviewer
    1. ARRSE Cyclists and Triathletes

    No? The BBC link you posted did

    Now read, think, think again, and then post. Rules to live by :roll: Clue is in the words 'final salary'.
  13. Yes, You are quite right -the Beeb does.

    However, Peter McGlone - whilst talking about the Aon report - talks about all pensions recipients and not those in the top 200 schemes. At least that is my interpretation of His interview.

    If You go to this Channel 4 News page and click on the appropriate link then You will see the news report and the McGlone interview therein
  14. in_the_cheapseats

    in_the_cheapseats LE Moderator

    Sven - you really will make a good politician. "Your interpretation" indeed. You are standing again, aren't you? :D
  15. Sixty

    Sixty LE Moderator Book Reviewer
    1. ARRSE Cyclists and Triathletes

    Mate, I'm in an Actuarial profession and moreover work for a very large Life, Pensions and Investments firm (which explains why I feel the need to spend weekends wearing green).

    If you seriously want to pursue this argument then feel free to do so via PM or Mon - Fri. Buggered if I'm getting drawn into it on a Friday night when I do it all day.

    Edit: The above was to Sven rather than ITC, obviously.