More should be done to defend and support decent pensions for all (not just the failed CEOs) in the private sector rather than to wreck those in the public sector.

i am sick of this whingeing about public sector pensions. It is just about the only reason most of us would want to work in the public sector. No mention of this in the boom years when middle and senior manegement level salaries outstrip those in the public sector not to mention perks like cars and travel that public sector workers have never had. Any attempt to remove or curtail pensions for medical staff in the NHs will result in mass resignation. Believe me it will happen.

It is clearly time that pensionable age has to be raised for everyone to a more realistic level, and my view is that it should be up to 70 for men and women and reached in stages over the next 20 years.
I cannot understand why there is so much disparity in pensions, whether it be public sector, private sector large employers or private sector smaller employers.
The retirement age should be the same for everyone, and every employer, large small or public, should pay into a personal plan for their employees on the same minimum percentage scale, and so should the employee to a similar scale, levels of all determined as minimums by legislation. Then, above this level, if employees wish to raise their payment, then employers do also to a similar scale. These resultant individual funds should then be available to the employee at a time of his/her choosing with which to buy a pension and retire.
The country cannot afford to go on as we are. I read that 25% of your council tax goes on council employees pensions. This is probably more than each individual pays into his own pension fund, and that does not include all other public employees.
I cannot understand why anyone, whether public or private employees believes they have a right to an unfunded pension, paid for by someone else..

The cost to the employer of local government pension is 18% of the employees wage. The employee pays 6%.The cost is likely to rise again next year. This is not as much as has been quoted above, but it still has an impact on the rates. I do not believe a change in the public sector pension schemes would result in mass resignations.Where would they go to? The private sector average pay is no better, and no possibility of a a final salary pension.

They would set up in chambers and contract to the NHS or whatever was left of it. If you think this can't happen ask yourself why there probably isn't an NHS dentist near you. I can easily earn more in the private sector as can most of my colleagues and the pension is what keeps me loyal to the NHs very little else.

Those of us who work in the pensions industry have known for a long time (Pensions Act 1995) that final salary pensions schemes were unsustainable. Proof of this is that most private industry has already closed such schemes. The future for the public sector is the same. Public sector schemes will progressively go through major changes. Only MP's will survive (and perhaps senior civil servants) as they are the lawmakers. A discussion like this would have been unthinkable a few years ago, even though we in the pensions business have been talking about it for a decade.

What a load of humbug from the envious. I have never worked in the public sector but my private sector employers have been taking "pension holidays" for years in the good times. This despite their contribution being a part of my contract and agreed remuneration. They just went ahead and broke the contract with me. Then, they told me times were hard, the markets expected better returns, so the final salary pensions had to go. Finally, half my pension was lost because it was invested in high risk stocks & shares, rather than the government bonds pensions used to be invested in.

Meanwhile, the pensions "industry" has been "debating the changes".

I have no problem with public sector employees getting exactly what they contracted for when they took their jobs, and if that included a decent pension, then good luck to them. If they remained organised and had their unions fight any changes that would strip them of what they had bargained for, good for them.

As for us poor private sector employees and rate payers, we agreed these contracts including the pension rights, so we must pay them. It not "our" money. We owe these people a decent retirement because that's what we agreed to give them for their labour.

The real debate is what should be done about our dreadful private pensions industry, that happily debates changes to private pensions for a decade, thinks its smart to invest our contributions into highly volatile investments, and continue to be paid hansom fees for their bother. When the balloon goes up, there they are sagely stroking their luxuriant beards telling us we should not expect a pension at all. What this country will do when literally thousands of good people, who have worked hard all their lives, end up begging on the streets in the last days of their lives, I don't know.

I just hope we have enough strength to string up the pension "industry players", who mis-sold and mal-administered their roles; and sent thousands to long term poverty.

Paul

It is particularly annoying that so many articles and comments start in the fashion "...can industry/public sector/taxpayer afford to find the money to continue to pay pensions?"

This nonsense needs to stop. Long before Brown and Darling were bleating about how workers should save for their retirement we were doing just that; 15% of our income for 40+ years put into the safekeeping of our pension fund trustees, overseen and protected by our politicians and various "independant" quangos over the years. If the money has been squandered or raided and stolen then where has it gone and why is no-one in gaol? Whatever, it's not the pensioners that are the bad guys, so lay off!

I doubt if it will noticed.

PhilDoc Needs to wake up - mass resignations good. Then the BMA Trade Union will be broken up. Its the greedy Consultants who use the NHS to pay for their medical support staff but who float in and out of their private work at our expense that will bring on the demise of the NHS and their fancy salaries - circa £250k per ann - plus final salary pensions. As usual its the higher echelones that will ruin it for the rest.