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Is it not time to join the real world?
10:13am Thursday 28th August 2008
I READ with horror the deficit of £133 million in the council pension fund.
Is it not time for council workers and others to join the real world and go over to a defined contribution pension scheme for future service?
Tax payers can no longer support final salary pensions, which are being stopped by many public companies. At each actuarial review (three yearly) the council is required to meet the demands that the actuary say are necessary. In the current market conditions it will be very hard to keep a cap on the amount going into pensions.
The government caps the increases in council tax but the pension deficit will have to be paid within a reasonable timescale. The increasing burden of pensions will have a detrimental effect on the services the council can provide within its budget.
We have an ageing population which will require more money to support, yet the money will not be there to fund these items and many other services that the council currently provide.
CHARLES HUNTER, Bacton, Hereford.
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