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April 28th, 2012 
FAKE NEWS for the Zionist agenda - 98% of money ‘will come out of taxpayers’ pockets’
- £3.8tn bill for state pension payouts
- £1.2tn will go to pay retired doctors, teachers and civil servants
By
Dan Hyde
17:40 EST, 27 April 2012
|
18:52 EST, 27 April 2012
Dissenting voices: Public sector workers went on strike last year
Hard-pressed taxpayers will be forced to foot a £5trillion bill for pension promises made by the Government, official figures revealed yesterday.
It is the first time the total amount owed in state pensions and gold-plated payouts to public sector workers has been laid bare.
The enormous liability will heap untold strain on future generations, with every household in Britain picking up a tab for £180,000.
It dwarfs the official £1trillion national debt and comes just days after the UK slipped back into recession.
Dr Ros Altmann, director-general of Saga and a former pensions adviser to Number 10, said: ‘In the past, the Government has hidden these pension obligations – at least we now have some kind of estimate.
‘This is a real liability and the money will have to be found somewhere.’
The figures, released by the Office for National Statistics, account for everything owed to Britons aged over 16, either in state pension entitlements or old age benefits built up working in the public sector.
They suggest 98 per cent of the money will come out of taxpayers’ pockets over the coming decades.
This includes a colossal £3.8trillion bill for state pension payouts to current and future OAPs – worth a basic £107.45 a week each today.
Another £1.2trillion will go to pay retired doctors, teachers and civil servants.
Although state staff make a contribution towards the costs, it covers just a fraction of the total. The Treasury uses money it has taken from taxpayers every year to make up the difference. Therefore a bigger deficit could lead to tax rises.
Campaigners calling for reform say a ‘disproportionate’ share of taxpayers’ money will end up in public sector workers’ pockets
And contrary to popular belief, the state pension is ‘unfunded’.
Even though workers qualify by paying National Insurance contributions, there is no ring-fenced pot of money set aside today to pay for future pensions.
Squeezed families have already faced rises in VAT, cuts to child benefit and child tax credit, an increase in National Insurance contributions and fuel duty hikes.
In addition the Bank of England’s policy of pumping £325billion of extra money in to the economy to stimulate recovery, known as quantitative easing, has caused rises in the cost of living, which are steadily eating away at savers’ returns.
Tom McPhail, a pensions expert at Hargreaves Lansdown, warned: ‘A large part of the pension system is built on a wing and a prayer; the smart money is on making sure you have your own pot of savings to look after yourself.’
‘We don’t know whether the Government will be able to afford these eye-watering sums.
Pensions minister Steve Webb said the figures show the Government is right to pursue cost-cutting reforms due to rising life expectancy
‘The cost will fall squarely on taxpayers’ shoulders.’
Pensions minister Steve Webb said the figures show the Government is right to pursue cost-cutting reforms due to rising life expectancy.
‘These large and rising pension bills show why the Coalition had to take urgent action to reform public service pensions and to bring forward the increases in state pension ages,’ he said.
The Government plans to link the state pension age – currently 65 for men and 61 for women – to life expectancy.
Pension experts say babies born in 2012 might not get their state pension until they reach 80.
The state pension age is already rising to 66 for both men and women by 2020 and 67 by 2028.
Mr Webb said further plans to raise this will be published ‘later this year’.
He said: ‘We need to make sure the state pension system is kept on a sustainable footing and that costs are shared fairly between the generations.’
The figures give the Government further ammunition in its bid to reform public sector pensions – which have been labelled ‘unsustainable’ by Chancellor George Osborne.
Campaigners calling for reform say a ‘disproportionate’ share of taxpayers’ money will end up in public sector workers’ pockets.
They say around 37 per cent of the national pensions bill – around £1.85trillion – will be used to pay for public sector retirements.
This is despite the public sector only accounting for one in five Britons.
Miss Altmann said: ‘The irony is that millions of public sector workers think they’re getting a bad deal when they are actually getting more than anyone else.’
Last November one million public sector workers went on strike over proposed reforms to their state pensions.
NHS workers and civil servants will stage another one-day strike in May over the dispute.
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The figures DO NOT give the Government further ammunition in its bid to reform public sector pensions. Independent figures already show that the costs of such as teachers’ pensions are sustainable and set to fall. While the schemes for MPs, police and firemen, based on generous 1/60th accumulation rates, perhaps should be cut, the real problem is the excessive pay for the management layers at the top of the police, local authorities, NHS PCTs, hospitals etc. Cut the pay progressively at the top, along with what I think is now generally accepted to be excessive pay for GPs, and the schemes will be very good value.
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NO,NO,NO. Enough is enough.Why are doctors pensions being funded in this way. GP’s are grossly overpaid nowadays ( thankyou Labour ) , they work part time at best. Our local examples seem to be gardening,shopping,sailing etc,etc. than at the surgery nowadays.I thought they also have some sort of odd existence as State employed but also selfemployed at the same time.They can damn well fund their own pensions.
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My father was a policeman and he retired from the police in 1977 after 28 years service. He went on to work for GUS but has claimed a police pension since 1977. He has now been claiming a pension for 35 years thats seven years longer than he worked for the police. The pensions the police get now are far higher in real terms than they were in 1977 so god only knows how we can afford them.
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Die young and make a good looking corpse.
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the £3.8tn bill for state pension payouts I can just about understand but what I find hard to swallow is the £1.2tn will go to pay retired doctors, teachers and civil servants, most of whom will retire early and benefit the most from the pension fund. Doctors for instance have had their hours halfed and their wages doubled, yet the taxpayer stil has to fund their pensions! THE BURDEN AS ALWAYS FALLS ON THOSE WHO HAVE THE LEAST.
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