Pensions
From the day we leave school and begin employment we are expected to pay towards our retirement. It is a part of our tax bill. The obvious unwanted truth here is that the money we pay does not go towards our pension but towards the pensions of those who are now retired. Another unwanted truth is that we could spend 50years paying for a state pension and die the day before it is due thus paying 50years for nothing. Let’s not pretend this is the same for every one, Miners, Asbestos Workers and Chemical Workers amongst many tend not to have long retirements if any at all, whereas those with cushy numbers often reach one hundred. I suppose taking everything into account this is a lesser evil than the monster, private pensions.
As I remember private pensions was one of many really bad Tory ideas, a Thatcher thing. Paying into private pension schemes was just like paying into Farepak and we all know what happened to Farepak and peoples Christmas hampers. The unwanted truth is that when you put your money into company pension schemes the company thinks it is company money and blows it, just like banks. If you find a company that doesn’t blow it, what is the chance of them lasting 50years; what are the odds of you living 50years or staying with the same company 50 years and what happens to your pension when you change companies?
Not in all cases but by and large private pension schemes stink. The only working people getting decent pensions, bankers and the like aside are government employees. Government employees, their pensions and salaries are paid for by the private sector because all government industries were sold off. The people getting good pensions are getting their money from people who after retirement get lousy pensions.