Public Sector Workers
Did you know that public sector workers make up 18% of the workforce but they are entitled to 36% of accumulated pension rights. Essentially private sector workers are financing index linked public sector pensions whilst at the same time being told they are not saving enough for themselves.
Gordon started the rot with his pension raid when Labour first came to power. By denying pension funds the right to recover the tax credit on dividend income he reduced pension fund income by 20% a year. This costs our pension funds £5 billion a year.
At the same time as they lecture us about not saving enough MP's have voted themselves one of the most generous government pension schemes in the world.
Tony Blair's pension is reckoned to be worth £1.5 million. That is the amount required to buy an annuity equal to the monthly pension he will be entitled to. Under laws to be introduced it won't be possible to save this much in a private pension scheme so Tony gets a pension that will be impossible for the rest of us. I don't begrudge him his pension but it should be possible for the rest of us as well.