Government raid on pension funds to rescue schools building scheme - Times Online
And if you're really unlucky you'll pay to make yourself redundant too!
I can think of few pension schemes I would rather see raided first, MP's, The Teachers' Pension Scheme? Should be a few billion in each.Partnership for Schools, the government body responsible for the £55 billion building programme, has approached several local authorities to ask for emergency cash from pension funds because private finance has dried up.
How about we don't give them the money and cancel the programme? Or even more radical, if you are going to pay for the schools with state funds why use PFI at all?
Last edited by somabc; 23rd February 2009 at 11:21 AM.
Like PEO, I don't trust them either. I'm beginning to think I'll be better off cancelling my LGPS and paying the same amount into a savings account each month. Anyone else do the same?
Think I'll have a word with my union rep about this little brainchild...
I imagine you are giving up a lot by not paying into the LGPS, you will miss out on employer contributions, there are tax advantages, its a final salary scheme etc.
Hang on, how is this different to say the likes of Robert Maxwell who propped up his companies using the pension funds??
If they are going to use OUR money then I want a say in how that money is spent - like what happens with ICT...
john (24th February 2009)
After we have paid for this will there be any money left for schools?
BBC NEWS | Business | Taxpayer may get £500bn liability
note: somabc is just upset that changing jobs seems to have landed him a large unpaid tax bill
Last edited by somabc; 24th February 2009 at 12:00 AM.
If they go ahead with that, I could see it being challenged in court. A LA can't just suddenly decide to use up pension funds because they're short elsewhere - they are a protected scheme... ie. the money is there for a reason.
The first line says it all Dos_Box:
All these big numbers are simply making my head hurt and as time goes on, I find it increasingly more difficult understanding where money is coming from and going to and visa versa. I can't believe the Government would even consider valuing education (especially BSF) over someone's pension. It's just plain wrong!Billions of pounds could be taken from council staff pension schemes to bail out the Government’s PFI school projects, The Times has learnt.
£1.3 trillion = £1,300,000,000,000BBC business editor Robert Peston says that if the deal is completed it will take the total support by British taxpayers to the banks to £1.3tn
These numbers really are absolutely crazy. It'll take decades at this rate to pay it all back. A very sad day!
I don't know it would be very easy to paint a gloomy picture just now. I don't know what to believe on the news front.
eg. UK Taxpayer paying out £1.3 trillion, British banking system nearly nationalized, American banking system looks like it could be nationalized, US Stocks at 12 year low, IMF running out of money, Increasing Drought & World food production down??
oh well, cheer up eh?
The Associated Press: Major stock market indexes fall to 1997 levels
Citigroup turns to US government for help | Business | guardian.co.uk
Police warn that Britain faces summer of rage due to recession | UK news | The Guardian
FT.com / Global Economy - Source of extra IMF funds unclear
Catastrophic Fall in 2009 Global Food Production
Last edited by somabc; 24th February 2009 at 12:33 AM.
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