Submitted on Thursday 22nd March 2012
Published on Tuesday 27th March 2012
Current status: Closed
Closed: Wednesday 27th March 2013
Signatures: 2
Public sector pensions - Stop the Maxwell approach
"I own the pension scheme," Robert Maxwell once declared. Considering statements like these, it is no surprise that one day he decided to take what he wanted from his employees' pension fund to prop up his failing business empire - (http://news.bbc.co.uk/1/hi/business/1251019.stm)
'Sound familiar?' - aren't public sector pension payments (and indeed national insurance contributions) being used to prop up general government spending?
No company is allowed to spend its pension income and pay for existing pension provision from its operating profits. The government should adhere to its own 1995 Pension Act and put pension contributions into a separate managed fund able to freely negotiate retirement ages and pension annuities with its members.
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