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Who will tackle the public sector pension issue?

As the ordinary UK citizen continues to struggle with an array of living expenses which seem to increase on a regular basis, there are concerns about the widening gap between public sector pensions, corporate pension schemes and individual pension arrangements. Over the last few years we have seen the public sector pension liability, many of which are final salary related, increase dramatically as the public sector workforce continues to grow.

At this moment in time it appears that no one political party is willing to take on the unions in what would be a potentially unwelcome fight and one which would see significant negative headlines. However, the typical UK taxpayer is now struggling more and more to live off the state pension and many are now finding it a struggle to maintain their own private pension contributions. Under the surface, many people may not be aware but a larger and larger percentage of ongoing council tax increases are actually being diverted to cover pension fund arrangements and ongoing liabilities.

There are some startling figures in relation to the ever growing public sector pension liability and the fact that many are inflation protected and based on final salaries will see literally hundreds of billions of pounds of pent-up liabilities in the future. So who will look after the typical UK taxpayer in their later years?

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