Taxing challenge (From Oxford Mail)
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Taxing challenge
7:47pm Sunday 14th March 2010 in
THE Tax Payers Alliance (Oxford Mail, March 3) appears to know even less about pensions than it knows about tax.
There is no ‘black hole’ in the Oxfordshire pension fund which, even in the middle of the recession last year, had investments of £797m. They are worth even more now.
We are proud that councils in Oxfordshire pay decent pensions to their hard-working and committed staff. We think it is entirely right that this should be paid for with contributions both from employees and from their employers.
A decent pension should be a right not a perk. It is scandalous that so many younger people in the private sector are forced to buy a pension from an insurance company, which creams off a profit.
The tax payer, in any case and quite rightly, is left to pick up the bill to provide for people in their old age who have not got work pensions.
The Oxfordshire Pension Fund is well managed and the actuary makes sure that there is always enough money in the fund to pay the liabilities to pensioners.
It makes sense to look after council staff so that they deliver high quality, value for money, services for the people of Oxfordshire.
John Tanner
Labour Member of Oxfordshire Pension Fund Committee
Mark Fysh
Secretary of County Unison
County Hall
Comments(2)
Victor Meldrew2
says...
8:57pm Mon 15 Mar 10
If you are going to suddenly become pension advisers at least make your argument a bit more accurate.
It is so full of holes that we could be here a long time so just a couple of points.
'The tax payer, in any case and quite rightly, is left to pick up the bill to provide for people in their old age who have not got work pensions.'
So your members don't pick up the state pension as well???
I think you'll also find the original article was making the point that a large proportion of our council tax goes to council pensions and we fund both the employers and employees contributions so your actuary is in the enviable position of pulling money from two inexhaustible sources. Even a council run fund would struggle to make a loss in that position,although I am sure it has happened.
And when we hear of 500 job cuts we don't seem to hear of pension contributions being cut back, even when they have £797 million pounds of tax payers money.
In a time when alot of people cannot afford to fund their own pension perhaps you should not gloat quite as much when they have no option but to fund yours.
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Concerned one says...
10:18pm Sun 14 Mar 10