Wednesday, June 24, 2009

Public sector employees get four times bigger pensions than private sector employees

I think the interest in Ayn Rand's John Galt is only starting.

Apparently the Pru calculated that for the same pension contributions public sector employees can expect to gain four times higher pensions.

The stories on pension funding I've been reading over the last week are truly scary.

My own money purchase pensions have put in returns between -15 and -18% this year. Gordon Brown's stealth taxation and destruction of wealth is starting to be noticed.

How is a society going to insist on lavish taxpayer funded extortion to fund gold plated public sector pensions when those who earn the money we all spend in doing the productive things live out their retirements in poverty ?

See Also John Redwood on "The death of the final salary pension fund - for the private sector"
Also note the government has just backed down on raising taxpayers contributions to MPs pensions - already some of the most generous in existence.

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