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20th June 2019
:: Blog | July 2008 (14 blogs) | Pensions: irresponsibility

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Pensions: an act of gross irresponsibility 
According to one of the letters in the Financial Times yesterday (22nd July, 2008), there are 7.5 million people working in the public sector including teachers, NHS employees and the armed forces.
What you might not know is that the pensions that are promised to many public sector employees, ex-employees and pensioners are unfunded. Whilst the majority of these schemes receive employee contributions, there is effectively no employer contribution and no pension fund - except the UK taxpayer, that is.
According to a leading pensions expert, the capital cost of these schemes is around £800 billion and remains unrecorded on the UK’s balance sheet – an act of irresponsibility according to this article.
Mike Jones,, 23rd July 2008

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