Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Nickbat on 22 February 2010, 22:59:27
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I can't help but think there is a lot of sense in this article (and, for once, DK does not swear!).
Do National Insurance Contributions really work?
Is it a Ponzi scheme and could the government, one day, default on state pensions? An interesting point, especially for the younger ones on the forum. (That includes me, of course. ;) ::) ::) )
http://www.devilskitchen.me.uk/2010/02/solving-pensions-ponzi-scheme.html
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I can't help but think there is a lot of sense in this article (and, for once, DK does not swear!).
Do National Insurance Contributions really work?
Is it a Ponzi scheme and could the government, one day, default on state pensions? An interesting point, especially for the younger ones on the forum. (That includes me, of course. ;) ::) ::) )
http://www.devilskitchen.me.uk/2010/02/solving-pensions-ponzi-scheme.html
default on state pensions
I mentioned the possibility of this (in general) to several colleagues who retired on the very generous 'final salary' government scheme - they laughed me to scorn.
Needless to say I'll be very surprised to get the same deal - and have it maintained for the duration of my retirement.
I can't see how it's possible for them to continue paying out the sums involved.
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Imo they have already defaulted on my pension by stealth. As it stands atm I will be entitled to my basic state pension on retirement, but my company pension which I put money into for years was one of the first things Brown plundered when he became chancellor.
I know this is controversial but I believe the government should "default" on public sector pensions because the only possible way of paying for them is to squeeze even more taxes out of the already very highly taxed and shrinking private sector.
The sums dont even begin to add up, the country simply cant afford it. They have employed something in the order of 500,000 extra people in the public sector since they came into office and therein lies the biggest part of the problem imo. So if some future administration cuts your public sector pension please remember it was all the fault of new liebore. ;)