GD4ELI Posted March 26, 2023 Share Posted March 26, 2023 22 hours ago, WTF said: and yet they aren't ponzi schemes allegedly. They aren't Ponzi schemes. They are pay as you go (PAYG). Quote Link to comment Share on other sites More sharing options...
mad_manx Posted March 26, 2023 Share Posted March 26, 2023 (edited) 3 minutes ago, GD4ELI said: They aren't Ponzi schemes. They are pay as you go (PAYG). If the govt schemes haven't been given the extra funds from the government they will collapse due to the shortfall. No one will pay in due to lack of confidence. In effect the government is doing a bail out every year . Edited March 26, 2023 by mad_manx Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted March 26, 2023 Share Posted March 26, 2023 1 minute ago, mad_manx said: If they haven't been given the extra funds from the government they will collapse due to the shortfall . In effect the government is doing a bail out every year . The government is the employer and It's PAYG - always has been. Not uncommon. Quote Link to comment Share on other sites More sharing options...
Banker Posted March 26, 2023 Share Posted March 26, 2023 4 hours ago, mad_manx said: If the govt schemes haven't been given the extra funds from the government they will collapse due to the shortfall. No one will pay in due to lack of confidence. In effect the government is doing a bail out every year . There’s nothing to collapse as mentioned previously, there’s no fund! Members & employees pay in. Employees don’t have to join & contribute but you would have to be stupid to refuse a final salary scheme with 15% employer contributions unless you plan to leave after a short period Quote Link to comment Share on other sites More sharing options...
John Wright Posted March 26, 2023 Share Posted March 26, 2023 2 hours ago, Banker said: There’s nothing to collapse as mentioned previously, there’s no fund! Members & employees pay in. Employees don’t have to join & contribute but you would have to be stupid to refuse a final salary scheme with 15% employer contributions unless you plan to leave after a short period There are funds. They just aren’t fully funded. Quote Link to comment Share on other sites More sharing options...
Banker Posted March 27, 2023 Share Posted March 27, 2023 13 hours ago, John Wright said: There are funds. They just aren’t fully funded. There’s no pension fund to manage, which is why the shortfall comes from revenue or reserves. There was a public sector pension reserve fund which will be used by 2023 Quote Link to comment Share on other sites More sharing options...
CallMeCurious Posted March 27, 2023 Share Posted March 27, 2023 14 hours ago, Banker said: There’s no pension fund to manage, which is why the shortfall comes from revenue or reserves. There was a public sector pension reserve fund which will be used by 2023 Taxpayers pocket then so hence the tax/fee increases across the board while services continue to decline right at the time when the poorest are being hit the hardest from every front. 2 Quote Link to comment Share on other sites More sharing options...
finlo Posted March 27, 2023 Share Posted March 27, 2023 25 minutes ago, CallMeCurious said: Taxpayers pocket then so hence the tax/fee increases across the board while services continue to decline right at the time when the poorest are being hit the hardest from every front. Time to do everything in your power to give them as little tax as possible, that's what I'm doing, as an example about 95% of my discretionary spend is now off island. Quote Link to comment Share on other sites More sharing options...
Banker Posted March 28, 2023 Share Posted March 28, 2023 8 hours ago, finlo said: Time to do everything in your power to give them as little tax as possible, that's what I'm doing, as an example about 95% of my discretionary spend is now off island. So you’re supporting the Uk government/economy rather than supporting local economies, that’s a big help for everyone!! 1 Quote Link to comment Share on other sites More sharing options...
finlo Posted March 28, 2023 Share Posted March 28, 2023 57 minutes ago, Banker said: So you’re supporting the Uk government/economy rather than supporting local economies, that’s a big help for everyone!! Tired of funding incompetence. 1 Quote Link to comment Share on other sites More sharing options...
Banker Posted March 28, 2023 Share Posted March 28, 2023 5 minutes ago, finlo said: Tired of funding incompetence. So you think Tory government is highly competent 😂 The sooner you move there the better for all!! 1 Quote Link to comment Share on other sites More sharing options...
asitis Posted March 28, 2023 Share Posted March 28, 2023 Probably a better way of putting it is "tired of funding profligacy and incompetence ". Quote Link to comment Share on other sites More sharing options...
Banker Posted March 28, 2023 Share Posted March 28, 2023 2 minutes ago, asitis said: Probably a better way of putting it is "tired of funding profligacy and incompetence ". As I said above, anyone who thinks UK government is any better is delusional Quote Link to comment Share on other sites More sharing options...
asitis Posted March 28, 2023 Share Posted March 28, 2023 1 minute ago, Banker said: As I said above, anyone who thinks UK government is any better is delusional Agreed but the UK aren't a small offshore island, striving for economically active young people to relocate ! 1 Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted March 28, 2023 Share Posted March 28, 2023 23 minutes ago, finlo said: Tired of funding incompetence. +1. Paying 30+ people £350k+ each over a five year period to lead us into some of the financial situations that we are now in, with more currently under construction (literally) with the taxpayer expected to bail it out on every occasion. Huge payoffs and superannuation rewarding proven and rank incompetence throughout Govt elsewhere. Much of the natural magic and plus points that the Island had have been swamped and lost, for me anyway. 1 Quote Link to comment Share on other sites More sharing options...
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