On Feb 23, 11:38*pm, bert ] wrote:
In message , Andy Champ
writes







On 23/02/2013 00:13, bert wrote:
It used to be compulsory with any large company to join the pension
scheme after 1 or 2 years.
But then the twittering classes said that wasn't "fair" and so few opted
in and the schemes have died.

That's not why the schemes have died.

People tended not to die so soon, so costs went up. *Then we went
through a phase where the returns on the investments were really good,
and companies realised it was cheaper to pension off their older staff
rather than make people redundant (cost to pension fund, not to
company, and it was overfunded so WTH). Then the returns went back to
normal leaving funds underfunded... so Blair and Brown came along and
made a "minor change" (about 5 billion a year) to the way pension funds
were taxed, and suddenly they were unaffordable.

Yes another contributing factor. At the same time they also raided the
NI pension contributions as I have explained in a previous post.Except to those paid by the taxpayer, not private sector companies.

Andy

I don't see why the state should pay more in pension to its own
employees than to the other pensioners.
--
bert

They are not paid by the taxpayer. Money was deducted from wages.
However, instead of investing it, they spent it.