In the private sector we already have as I said earlier. Out of approx 23 million private sector workers, 22 million have already lost their final salray pension schemes. We don't like it but understand it's unmaintainable. Time for others to waken up!
And this is what I mean, people aren't paying attention. The problem is not the switch from final salary pensions as such, it's the fact we're actually being asked to pay 50% more out of our salaries for a worse pension and work 6-8 years longer to do so.
Give you an example (don't pick me up on the details, it's an example). You buy a brand new Gti for 30k. The VW dealer gives you a deal where you pay £500 a month for 3 years, and after the 3 years they'll give you 10k for the car. Fair enough you think.
Then, after a year, the dealer rings you up and says "sorry, we're a bit skint at the moment, so you'll have to pay £750 a month for the next two years, and we'll only give you 5k for the car".
You'd be down your local solicitors in a flash, wouldn't you?
And this is exactly what this is - legalised theft.
Incidentally, the life expectancy for white collar staff is currently 85.4 years. For teachers it's 78.8. We're cheap in pension terms
