to not understand where the money has gone?

[Mitchy1nge]

once upon a time we were propping up nationalised industries, the NHS hadn't been privatised by stealth and we poured loads of money into huge inland construction projects, motorways and so on

we no longer spend public funds on such things so where does it all go these days?

Problem is that the pensioners understandably aren't going to vote for changes that will negatively affect them and they are a huge percentage of the voting population...

When the state pension was introduced the pensionable age should have been increased as life expectancy increased but it wasn't. Originally you were only expected to be around long enough to claim for a few years - certainly less than 10! We are now trying to play catch up.

these graphs are great, thanks, that helps with perspective over recent decades

I had no idea that state pensions were not means tested, I remember a lot of chat about opting out and of course all that money that was lost in various private pension crises, my own pension is probably worth about 87p a week

so I could still have a state pension anyway?

Blimey Boffin

Super quick answer...

(yes)

Saudi? Didn't know that - thought it was mostly just China. They own us all basically, not healthy.

Is it Saudi Gvt or individuals / Royals?

Yes, you will likely get a state pension. Especially given the new flat rate they are bringing in.

OP, you are being unreasonable now constantly going on about public sector/ civil service pensions when it has been explained to you loads of times already on this thread that State Pension costs and the timebomb of an ageing population with higher healthcare costs and less people working to pay for this, due to declining birthrates, are the cause of the public expenditure pressures.

Public Sector pensions are totally negligible in this and everyone working in the public sector has paid into their pensions - either directly like the police, local government and nursing staff or with the deductions being taken into account before the salary levels are set in most of the civil service. Most public sector workers had to work 40 years full time to get the full pension and the majority couldn't retire before state pension age. There were some exceptions like the police, firefighters and prison officers who pay a very large monthly amount from their salary foor their pension and could retire at 50, from an extremely demanding job, but I think that has been changed now as well.

What Fifty says, loads of private companies get huge handouts, rail companies, energy companies for example. My DH has just been working at Drax power station, they are getting huge subsidies to switch to biomass power but they are a private co.

Corporation tax for large companies was reduced (again) in the budget last week!! Rich get richer, civil servants and welfare claimants made to look like the bad guys!

We're paying for the banks' fuck ups and bonuses. That's where it's going

I'm amazed that the country isn't completely bankrupt.

We spend masses on the things you mentioned in the OP, but we pay it in the form of contracts, subsidies and bail outs to the private industries that now undertake the work, but not the risks.

I'm not going on about it, someone asked me what I meant by the way I referred to it and I was probably attempting to explain!

Good question...I think most UK gilt is owned by the insurance and (ironically) pension sector caramelwaffle.

Yes let's not forget in the last 'recession' they GAVE 2 BILLION pounds of public money to 'inflate' the car industry. If that isn't theft I don't know what is.

That too of course Rosetta

I thought it used to be the case that people could leave the civil service or retire relatively young and enjoy a generous pension/allowance for the whole of the rest of their lives

I'm am pretty sure that was never the case and just part of the ongoing prejudice against the civil service. The pensions were final salary based, but calculated on a x/60th rate where x was years of service. So you were expected to retire at the normal national age and can't claim them before this age. Yes the pensions lasts for the rest of your life, as pensions do.

FWIW, my salary in the civil service has always been less than what I could earn in the private sector, but in addition to feelig like I'm doing something worthwhile, there are good non-pay rewards and the pension is part of that.

Have just checked figures...didn't realise so much had gone overseas in recent years.

Still, it was mostly the Dutch in the c18th wasn't it (which is when government debt began really). Don't think being in debt to foreign investors is a new phenomenon.

And yes...this public sector bashing is tedious given the amount of public money given to the private sector. Plus the fact that the public sector is a large client of many private sector industries.

thanks preciousbane, I might be brave and do that tomorrow :)

chased, I'm thinking of the mid-late 70s and people leaving the service at about 50 or possibly even younger - but really that's not much different from some military service is it? there is a very high chance I am misremembering things that might not have been true at the time of course

anyway have we established it is Old People generally taking out more than they have paid in whichever sector they worked in?