Readers here may have read my posts over the years on the pensions crisis facing this country, most recently HERE. It’s pleasing that this issue is being addressed sensibly, as shown in the interim report of the Independent Public Service Pensions Commission.
One of the issues that has troubled me is the unaffordability of those at the top of the public sector pay scales and their pensions.
To illustrate another of the problems, that we are all thankfully living longer, I’ve captured a graph from the report that illustrates the problem perfectly.
I think we’re all going to have to pay more for our pensions. That seems to be a preferable choice to cutting the pension. I’ll come back to this topic when I’ve read the report and considered its recommendations.
UPDATE: Those good fellows at Citiwire has a neat summary of the Interim Report – 10 public sector pension myths busted by the Hutton review. It’s good to see tha they report on the review’s which says high flyers do best, writing, “Final salary schemes primarily reward high earners which is why Hutton has described them as ‘fundamentally unfair’”. Totally agree.