When a Town Clerk, now called Chief Executive, can be paid £200,000 a year we are in trouble. The most worrying aspect of Marks economic article is the public sector pensions provision, a simple sum can work that problem out, take a senior nurse, planning officer or fireman, rising through the ranks and gaining promotions, or similar and follow this:
30 years working for their employer,
10 years at £30000 per annum
10 years at £40000 per annum
10 years at £50000 per annum
Total earned during their career £1.2m, 10% of their earnings paid into pension provision with the government, £120,000 in their pension pot, no growth as the money is used to pay current pensions for public servants. Retire at 55, normal life expectancy 72 years ( male ). 17 years at £7000 a year, or £140 a week, Add the index linking or final salary guarantees into this and the amount that we the taxpayer are liable for is likely to be double what the worker has paid in.Hence the massive black hole in the governments pension provision, £42bn and rising. The pensions should not be handled by the state, they should be done on the financial markets like everyone else, leaving the opportunity for growth and no state dependency.The working population is shrinking, good wage earners and companies are deserting the UK every day, leaving a higher burden for those who remain. I don't know what the solution is but public spending is out of control.
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