A bit out there but AIBU in my opinion on Pub sector pensions/striking

[mrskeithlemon]

Ok, so I am of the opinion that we are in the midst of a global recession, and that just because you chose to work in the public sector, it does not make you more important than private sector workers. Therefore I think the pension cuts are justified (armed forces aside) if we are to move on to a brighter future as a whole country. I think everybody has to suck up the fact that we are all affected by the recession and public sector or not, we are all going to take a hit

Abra1d, they are not just closing a final salary pension scheme. I think if it was just that, people might be a bit more understanding.

YABU
Concentrate on tax avoidance, tax loopholes etc for the super rich and capping excessive salaries.
Barclays Chief Exec is paid £1m salary plus a whole lot more in other remunerations. Does he deserve this? Does he contribute more to society than a nurse by a factor of 40? Is nobody capable of being a first rate chief exec willing to work for say £200k pa? What do you think his pension will be?

If he were paid £200k then the extra money would go to shareholders ie pension funds for the many private pension holders.

GingerLemonTree - they are honouring the contracts.

Provision for change in contributions rates is part of the existing pensions scheme.

Noble giraffe: "'The financial institutions could ship out at any time they choose, and both Barclays and HSBC have looked at it.' Then why haven't they moved out, hmm? Perhaps they know that other countries might not bail them out as much as the UK".

As Barclays received 0 from the public purse, then they can hardly have less. HKBC only listed in London in the 1990s. They review their domicile on a regular cycle, and this is the bank I expect to move first, and revert to its previous Hong Kong domicile. Estimate of how much this will cost the UK vary, but is generally (on corporation tax alone) quoted as about £1billion per annum.

Savonarola - no they are not.
I signed up to certain T&C's.
I now have to work 8 years longer in a v physical job.
I have to contribute more.
I will receive less.

It's wrong.

revert to its previous Hong Kong domicile

Previously Hong Kong was British. They obviously didn't fancy China then, if they moved in the 90s.

Barclays paid 1% corporation tax in the UK in 2009 - the UK rate is 28%. Barclays presumably paid lots of money to fat cat tax advisors to achieve this.

Let Barclays go abroad and wve them off. We can then have homegrown banks who pay corporation tax at 28% instead.

noblegiraffe: immediately post-Tiananmen, no they didn't. Everyone was very uncertain then. I think that picture has changed enormously.

GingerLemonTea: obviously I won't push you into disclosing which scheme you belong to. But the provision for variable contributions is standard across all the main ones. So for most strikers/potential strikers there is no breach whatsoever. Even teachers' union leaders admitted this publicly earlier in the year.

If China is that attractive, then they'll go anyway.

The outcome of the High Court legal challenge about the switch from RPI to CPI by the NASUWT among other unions is expected in a few weeks time.