800,000 Londoners Caught Out by Pension 'Apartheid' ; Under-35s Without Schemes Pay Taxes That Fund Deals for Public Sector Workers [Edition 2]
Evening Standard - London › March 26, 2009
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Summary
THE full scale of London's "pensions apartheid" is revealed by the Evening Standard today.
Experts warn that more than 800,000 Londoners under 35 face an impoverished retirement because they have failed to start a pension. All of them work in the private sector. But each is paying hundreds of pounds a year, through taxes, to fund the copper-bottomed final salary pensions of the capital's 760,000 public sector workers.See the full content of this document
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800,000 Londoners Caught Out by Pension 'Apartheid' ; Under-35s Without Schemes Pay Taxes That Fund Deals for Public Sector Workers [Edition 2]
As the Standard revealed yesterday, London's public sector pension funds have been ravaged by the stock market collapse, with local authorities alone facing a Pounds 10 billion deficit that will put extra pressure on taxpayers' pockets.
Dr Ros Altmann, a former government pensions adviser, warned: "We already have a pensions aristocracy and the pensions paupers who are paying for them." A Standard investigation has found: Around two thirds of young Londoners in the private sector have not signed up to company or private pension schemes.Only 12...See the full content of this document
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