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At the heart of all of this is the fact that previous pension assumptions are no longer correct due to our population living longer and to a degree the poorer than expected returns on financial investments undervaluing pension funds. This has been recognised by the government, the ONS, and the actuaries of private pensions - they cannot all be wrong and it is unlikely to be any kind of conspiracy.
Whether you are in the private sector or the public sector and have a pension plan you are affected.
Inside of fighting each other we have to wake up and find a workable solution but this has to apply to everyone not just public and not just private sector workers.
The only solutions are:
1. We pay more.
2. We pay the same but get less.
3. The government or companies inject money into pension schemes.
4. The economy rebounds, investment values rise, and the country earns more so that wealth is created to plug the gap.
1. and 2. are self explanatory but naturally nobody wants to do that.
3. has been tried by private companies but found to be unaffordable with many closing their own pension schemes. That said, some of these companies are trying to support other pension routes e.g. stakeholder pensions.
3. could be achieved by government by many means e.g. paying money into funds, reversing the pension fund earnings raid etc. However, they can't rob Peter to pay Paul. If they do this, they have to withdraw money from something else with knock on implications as there is not an infinite pool of money available. For example, we could cut military spending but that would affects soldiers, sailors, airmen and all of the suppliers to them and their jobs. There would also be more people on benefits and less money to spend in the economy, affecting the suppliers of consumer goods and service with a further effect on jobs and thus the downward spiral continues. The government would also have to cut public sector funding which would reduce jobs and increase the risk of privatisation.
3. could also be achieved by raising taxes but in reality that is the same as option 1 and would have to be done in a way that public and private sector workers can equally benefit (so one doesn't pay for the other).
4. is not a realistic consideration for a good few years yet while the world pays down its debts.
There is no easy or painless solution and it affects everyone whether they like it or not. Keeping everything the same will not work.
Striking is not the answer as it pitches us against each other as demonstrated by this thread. It becomes public vs. private too easily.
The only truly palatable answer is to generate more wealth in the nation but we are a long way from doing that in the amounts needed.
The sad reality is that we all have to pay more if we want to plug the gap and keep what we have or accept less.
Whether you are in the private sector or the public sector and have a pension plan you are affected.
Inside of fighting each other we have to wake up and find a workable solution but this has to apply to everyone not just public and not just private sector workers.
The only solutions are:
1. We pay more.
2. We pay the same but get less.
3. The government or companies inject money into pension schemes.
4. The economy rebounds, investment values rise, and the country earns more so that wealth is created to plug the gap.
1. and 2. are self explanatory but naturally nobody wants to do that.
3. has been tried by private companies but found to be unaffordable with many closing their own pension schemes. That said, some of these companies are trying to support other pension routes e.g. stakeholder pensions.
3. could be achieved by government by many means e.g. paying money into funds, reversing the pension fund earnings raid etc. However, they can't rob Peter to pay Paul. If they do this, they have to withdraw money from something else with knock on implications as there is not an infinite pool of money available. For example, we could cut military spending but that would affects soldiers, sailors, airmen and all of the suppliers to them and their jobs. There would also be more people on benefits and less money to spend in the economy, affecting the suppliers of consumer goods and service with a further effect on jobs and thus the downward spiral continues. The government would also have to cut public sector funding which would reduce jobs and increase the risk of privatisation.
3. could also be achieved by raising taxes but in reality that is the same as option 1 and would have to be done in a way that public and private sector workers can equally benefit (so one doesn't pay for the other).
4. is not a realistic consideration for a good few years yet while the world pays down its debts.
There is no easy or painless solution and it affects everyone whether they like it or not. Keeping everything the same will not work.
Striking is not the answer as it pitches us against each other as demonstrated by this thread. It becomes public vs. private too easily.
The only truly palatable answer is to generate more wealth in the nation but we are a long way from doing that in the amounts needed.
The sad reality is that we all have to pay more if we want to plug the gap and keep what we have or accept less.

, but it certainly isn't them being alienated over this, not sure how the strikers ever thought it would or could add to their cause.