I know that’s what happening, but it shouldn’t be allowed. Blah blah blah can’t afford it.. it’s amazing what the government can afford. Public sector pay now often outstrips private sector, the pensions still do, it needs reform, but as I said, it should be done more at entry rather than exit.Potter wrote: ↑Wed Feb 03, 2021 7:08 amIf you were daft enough to sign a 40yr contract for beans then you'd have change clauses in to cover changes that you may need to make during that time period. Change in law, change in economic circumstances, change in markets, variations, etc.Wreckless Rat wrote: ↑Wed Feb 03, 2021 6:49 am Yup - as I said it needed reform, massively, but it should have been done with new starts, not dicking with peoples pensions years in.
I’m the last person you need to convince public sector pensions were and still are way to high compared to what everyone else has to do to get a pension.
To use the forward analogy - if I buy a forward contract for beans - I can’t change my mind half way through because I can buy cheaper beans because the price has dropped - im contracted at that rate.
That's what's happening.
It’s like buying a mortgage and the mortgage company deciding half way through that it can’t afford your fixed tracker mortgage anymore and interest rates are too low, so it years up the deal and writes a new one, doubling your payments.