Why Have Private Pensions Been Decimated?
The constant excuse of Cameron and the government for
attacking public sector pensions is that workers in the private sector do not
have access to final salary pensions but have to rely instead on the
fluctuations of the money markets to provide the pension funds with enough
income to give to its members a miserly pension. But it was not so long ago
that the majority of private sector workers had the opportunity to enrol in
final salary schemes. It was only after 1998 that schemes started to close to
new members so that today only 15% of private sector workers are covered by
final salary schemes.
