The pension gravy train continues in the public sector
Information gleaned from official government statistics has further confirmed the growing gap between private sector and public sector pension funds. It shows that over one third of senior civil servants in Britain have a pension pot of more than £1 million waiting for them on retirement. The figures include four "mandarins" within the Scottish government in Edinburgh who can expect a pension in excess of £50,000 a year after building up a pension pot of £1.35 million each.
Across the board it seems as though Whitehall chiefs are still enjoying the pension gravy train with a total pension fund of over £130 million shared between just under 190 top-level civil servants. This equates to an average pension pot of over £700,000 each!
There is no doubt that the final salary pension scheme is dying a death in the private sector but very much alive and kicking in the public sector where taxpayers are expected to pick up any deficits. The difference between the public and the private sector has never been larger than today and is set to expand even further in the short to medium term. Taxpayers are now becoming more and more annoyed at the fact they are struggling to pay their own everyday living expenses, let alone plan for their futures, while bailing out top civil servants in the UK.
Share this..
Related stories
EHRC suggest retirement age should be scrapped
The Equality and Human Rights Commission (EHRC) has today issued a report suggesting that the official retirement age in the UK should be scrapped. The commission believes that employers in the UK should be incentivised to maintain older staff within their workforce and utilise their experience and skills into later years. However, is there an undercurrent to this particular suggestion? While i...
Read MoreUK government targets benefits, tax credits and pensions
The UK government has indicated that future budget cuts will take in areas such as benefits, tax credits and pensions as well as many other different departments and different spending plans. This is the first time the government has formally indicated which areas will suffer most from the expected £60 billion of cuts to be implemented in the short-term. However, is this enough? This comes on...
Read MoreUK pensioners concerned about the future
A survey from Aviva Group has today confirmed that just under 70% of workers in the UK, around 33 million people, fully expect to work beyond their retirement age purely and simply as a way of making ends meet. This is yet another reflection of the growing difficulty facing many people in older age as the cost of living continues to rise in the UK and pensioners appear to be off the radar with reg...
Read MoreIf you have no pension..
It is thought that around 12 million people across the UK have made little or no provisions for their pension - and figures from Prudential have shown that in the region of 216,000 employees across the UK currently have no pension scheme at all. Although awareness surrounding pension schemes has increased in line with the economic downturn, too many people are still ignoring the need for a pensio...
Read MorePublic-sector pensions back under the spotlight
The Confederation of British Industry (CBI) has today called for a review of UK public sector pension schemes which are set to cost each and every worker in the UK an additional £330 a year to plug the ever-growing blackhole. The total cost of "unfunded" public sector pension schemes has now reached £1 trillion and is set to grow in the future. This comes at a time when many UK citizens are stru...
Read More