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The great pension divide

It has been revealed that public sector pension funding requirements will approach £4 billion a year over the next few years. While the ordinary worker in the private sector struggles with funding for the future, final salary schemes are now commonplace in the public sector. There is great concern that a divide is appearing in the UK whereby taxpayers are being saddled with massive future debts to cover final salary schemes in the public sector at a time when they are struggling to fund for their own future.

One reason for this massive increase in public sector pension funding is the mushrooming of workers in the sector under the current Labour government. A recent report showed that the public sector has been by far and away the greatest recipient of new workers over the last decade which has led to the massive increase in pension funding requirements.

The Conservative Party has today suggested they will change the system if they win the next general election although already the unions have drawn their battle lines as they look to protect the benefits of their members. Whatever happens in this situation it is certain that the UK taxpayer will be saddled with billions and billions of pounds in pension payments and pension funding for the foreseeable future.

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