Moving public sector pensions to defined contribution would be a huge favour to the dwindling number of workers in the future who will otherwise be condemned to slaving for longer to pay the pensions of the increasingly long-lived architects of a broken system. The transition will be messy and appear "unfair", but the private sector has managed it largely unscathed, and without even being allowed to run its DB schemes unfunded.
Sadly, those short-term politicians lack the courage and ambition to make such bold moves, whether in the death throes of a doomed parliamentary term, or the honeymoon following a landslide victory. As much as I don't want to wish it on us, maybe a new leader drawn from the private sector is the only answer. Someone willing to move fast(er) and break things, not hamstrung by the trappings of a political "career". Elon for Prime Minister...? 🫣
Nick, couldn’t agree more about the need for a cross party pensions solution…(and health service, education and police force) Happy New Year to you !
Thanks, Ruth, I appreciate that. Wishing you a fab 2025.
Got to the end. Need a stiff drink. But I gave up drinking. Maybe a noose instead.
As always, brilliant stuff.
Moving public sector pensions to defined contribution would be a huge favour to the dwindling number of workers in the future who will otherwise be condemned to slaving for longer to pay the pensions of the increasingly long-lived architects of a broken system. The transition will be messy and appear "unfair", but the private sector has managed it largely unscathed, and without even being allowed to run its DB schemes unfunded.
Sadly, those short-term politicians lack the courage and ambition to make such bold moves, whether in the death throes of a doomed parliamentary term, or the honeymoon following a landslide victory. As much as I don't want to wish it on us, maybe a new leader drawn from the private sector is the only answer. Someone willing to move fast(er) and break things, not hamstrung by the trappings of a political "career". Elon for Prime Minister...? 🫣
Thanks, Alastair. Elon for PM? Mmm - why not? It really couldn't get any worse and we're not getting out of our malaise with the Uniparty offerings.