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Politicians clash on pensions as huge deficit is revealed (From Thurrock Gazette)
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Politicians clash on pensions as huge deficit is revealed
11:07am Wednesday 18th April 2012 in News
THURROCK Council is facing a pension deficit of around £104million.
Figures released by the TaxPayers’ Alliance show the authority had assets of £203million in 2010 to 2011, but liabilities of more than £308million in the Local Government Pension Scheme – a deficit of £104million.
Local authorities across the UK had a combined pension deficit of £54billion for 2010 to 2011, with Birmingham City Council the largest at £1.3billion.
Thurrock’s Tory MP, Jackie Doyle-Price, said the answer is for workers in the public sector to pay more into their pension.
She said: “Thurrock is in no worse a place than any other local authority.
“These figures illustrate why those of us who work in the public sector need to start paying more into our pension pots.
“Because we are all living longer, there simply isn’t enough money going into the pension fund to keep paying the pensions which will need to be funded over time. If we don’t grip this now the taxpayer will have to foot the bill and that isn’t fair.”
The Alliance says the Local Government Pension Scheme is more generous than private sector pensions and needs reform.
But Labour parliamentary candidate for Thurrock, Polly Billington, criticised the campaign group. She said: “Thurrock Council’s pensions scheme is about mid-table when it comes to similar councils.
“The TaxPayers’ Alliance doesn’t help find a solution by undermining the principle of properly funded pensions for people who work hard and provide services we rely on.
“It’s important that regardless of who we work for, we have decent pensions that support us in our old age. It’s a pity the TaxPayers Alliance doesn’t recognise that.”
A spokesman from Thurrock Council said: “Thurrock is part of the Essex County Council pension scheme which, like many such schemes worldwide, has a deficit.
“However, the deficit is not a ‘real’ one and would only come into play if every member of the scheme retired today – not a realistic scenario.”
Comments(8)
coddy
says...
12:08pm Wed 18 Apr 12
A Dermot
says...
12:39pm Wed 18 Apr 12
Before she claims we are all in this together, her MPs pension scheme is way beyone what any of us mere mortals could ever receive when we retire.
If you want to put your money where your mouth is Jackie then publicly campaign that your golden MPs pension scheme is reduced to the current Local Government workers pension scheme - and every time you reduce its value then have your pension scheme reduced by the same amount.
Is that the sound of silence from Jackie?
improving road safety
says...
5:00pm Wed 18 Apr 12
Mattster
says...
7:28pm Wed 18 Apr 12
Marcus P
says...
11:47pm Wed 18 Apr 12
Bernard 87
says...
8:34am Thu 19 Apr 12
MPs have also had to contribute more to their pension, from about 10 to 13% on average I think, so this isn't a case of telling public sector workers to do one thing while they do another (for once!). In order for public sector workers to contribute more, they need to earn more which is why I said wages will have to start creeping up again before increased contributions can begin to plug the gap.
I do not know why the left seem to refer to this government as Thatcher like? There is very little that this government has done which is remotely Thatcher-esque so I see little comparison. I think every Tory government between 1990 to eternity will be labeled 'Thatcher-like' by the left. Even one as liberal as this coalition.
Yes Eds best mate Polly would be a great start in changing Thurrock, just like all of those other Thurrock Labour MPs who have all made sure that Thurrock remains one of the least prosperous parts of Essex.
Yet again, I agree with Marcus P.
A.N.Other
says...
9:40pm Thu 19 Apr 12
Bernard 87 wrote:Mps can choose to contribute 5.9%, 7.9% or 11.9% - the more they pay in the more they get out.
Improving Road Safety - have a read of Mattsters post as it sums up the situation perfectly. The pension problem is not a new thing but the last government simply chose to ignore it knowing they would be booted out of power and it would be somebody elses problem.
MPs have also had to contribute more to their pension, from about 10 to 13% on average I think, so this isn't a case of telling public sector workers to do one thing while they do another (for once!). In order for public sector workers to contribute more, they need to earn more which is why I said wages will have to start creeping up again before increased contributions can begin to plug the gap.
I do not know why the left seem to refer to this government as Thatcher like? There is very little that this government has done which is remotely Thatcher-esque so I see little comparison. I think every Tory government between 1990 to eternity will be labeled 'Thatcher-like' by the left. Even one as liberal as this coalition.
Yes Eds best mate Polly would be a great start in changing Thurrock, just like all of those other Thurrock Labour MPs who have all made sure that Thurrock remains one of the least prosperous parts of Essex.
Yet again, I agree with Marcus P.
Even the most basic of research shows the scheme is beyond the wildest dream of any local government employee with a maximum final pension being two thirds of final salary.
MPs pensions should be exactly the same as the local government pension scheme.
Bernard 87 says...
11:22am Wed 18 Apr 12
JDP is spot on. The pension pot needs to be expanded and the only way this can happen is if people who are going to receive a public pension put more into the pot from their own pockets. Hopefully this will become easier once public sector wages start their slow assent upwards again.