Did we do this about pensions

[alreadypacked]

The information below about the uk is bad, but I think it's a lot worse in the UK, because if you look at the story about Ireland with population of 4.5 million they are short €324bn. The UK with a population of 62 million is short less? Sorry I don't buy it.

State will face €324bn shortfall over pensions

State will face €324bn shortfall over pensions - The Irish Times - Wed, Sep 12, 2012

Deficit in UK pension schemes widens to a record £312.1 billion

Deficit in UK pension schemes widens to a record £312.1 billion - Business News - Business - The Independent

Ros Altmann, director general of Saga, said the situation is a result of the Bank of England's quantitative easing policy. QE is a disaster for company pension funds since the more the Bank prints new money to buy gilts, the worse pension deficits become

[eek]

The information below about the uk is bad, but I think it's a lot worse in the UK, because if you look at the story about Ireland with population of 4.5 million they are short €324bn. The UK with a population of 62 million is short less? Sorry I don't buy it.



State will face €324bn shortfall over pensions - The Irish Times - Wed, Sep 12, 2012




Deficit in UK pension schemes widens to a record £312.1 billion - Business News - Business - The Independent

If you saw the terms of those guaranteed irish pension you would understand why ireland is in a worse position than the UK.

[Doggy Styles]

The information below about the uk is bad, but I think it's a lot worse in the UK, because if you look at the story about Ireland with population of 4.5 million they are short €324bn. The UK with a population of 62 million is short less? Sorry I don't buy it.

From what I can see from this article, the UK figure is only for final salary pension schemes.

It doesn't include private pension or the state pension liabilities, which I'd guess will come to a lot more.

[SimonMac]

This is one of the reasons I am giving up my gold plated CS pension and transferring it into a SIPP, I don't trust the next 25 years of governments not to screw it up, at best they will push back the age I can take it, and worst, I dare not think!

[FiveTimes]

If you saw the terms of those guaranteed irish pension you would understand why ireland is in a worse position than the UK.

To get a full pension in ireland you only have to contrib 10 years (I think) and they get ~ 250/week.

Their version of dole was 250/week for 1 year. Not quite the same as £63/week for 6months

[lukemg]

Demographics and massive public sector resistance is making this worse before it gets better.
Private sector has reacted to this in most cases, removing FS schemes for new entrants and diluting existing ones. Even this has been a late reaction.
Public sector have dug in hard and no gov has been able to do much or knows they can kick it down the road.
Retirement ages will drift upwards I think and as ever you need to make your own provision or pay the price later !

[alreadypacked]

To get a full pension in ireland you only have to contrib 10 years (I think) and they get ~ 250/week.

Their version of dole was 250/week for 1 year. Not quite the same as £63/week for 6months

I think the current government intends to change that.

But if you say the Irish government is paying out 6 times per person more than the UK.
That's 4.5 x 6 = 27 million UK

The sum still don't add up. I think DS is correct when pension figures are given in the UK only a sector is given, the total figure is not given.

[KaiserWilly]

They can always import millions of Nigerians to pay for their pensions.

[alreadypacked]

They can always import millions of Nigerians to pay for their pensions.

Sorry to tell you, but the email you got from the Nigerian oil company director is not true. He will not be paying $8 million into your bank account.

HTH