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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | June 2009 (15 blogs) | Pension millionaires in the public sector
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Pension millionaires in the public sector
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Using the Freedom of Information act, a Sunday newspaper asked 1,000 public sector pension schemes how many pensioners were in receipt of a pension of £33,000 p.a. or more, net of any cash lump sum. According to Terry Arthur, a fellow of the Institute of Actuaries, it would cost £1m on the open market to pay a pension benefit of that amount.
I wasn’t too surprised by the actual number, nor by the organisation that has the most (67% of the total ‘pension millionaires’ came from one organisation).
What did take me back though was the quote from a Treasury spokesman who said the pensions of state workers were "fully costed and fully affordable" and were an integral part of attracting high-quality staff to the public sector. I agree with the latter, but I’m not that certain about fully costed and fully affordable! To find out how many ‘pension millionaires’ there are in the public sector and who has the most, see:
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Mike Jones, MyCompanyPension.co.uk Ltd, June 8th 2009
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