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Public sector pensions likened to Ponzi schemes
The TUC has launched an attack on the tax relief given to higher rate taxpayers. Quoting Treasury figures it says that the top 1% of earners account for 25% of the total pensions tax relief bill. That’s equal to £10 billion.
Accompanying the press release is its report entitled ‘Decent pension for all’. However, The Guardian’s website reports on this too and quotes Ross Altmann who ‘…likened the unfunded schemes covering teachers and nurses to a "Ponzi scheme" that depends on contributions from existing staff to fund pension payments. In this way, she said, current workers were making an unaffordable promise to themselves that younger workers must pay extra taxes at a later date.’ See:
And, if you can’t decide whether the recession is over, important not least because of its effect on retirement provision, take a look at the excellent and revealing graph, ‘How the last five global economic recessions compare’. See: