T&R to tackle 10% fall in employees’ pension fund
Wednesday 6th August 2008, 2:29PM BST.
PLANS are in hand to alter the investment patterns of the States employees’ pension fund.
It was revealed in the States debate last week that it had fallen by roughly £60m. in the past three months, and by £90m. since the turn of the year, to about £800m.
Treasury and Resources minister Charles Parkinson (pictured), who did not have the exact figure to hand when quizzed on it by Deputy David De Lisle in the States, announced yesterday that the superannuation fund stood at £807.5m. on 1 August.
He said the department was attempting to address the decline.
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Suprise Suprise, on the BBC Radio Guernsey phone on Sun 16th March 08, Lyndon Trott said that significant extra profits (i believe he said £40M) was made by investing the public services employees pension funds in the equities market last year and as a result the states had been able to reduce significantly the amount that they have to contribute towards the fund each year as the employers contribution, saving the taxpayer a considerable amount of money towards general revenue / fill the black hole.
Last year the states employees pension contributions were raised half a percent without consultation to the man on the floor. Any wonder why states employees are disallusioned. The states employees pension has always been seen as ‘deferred salary’ and part of the whole employement package, ie. they take a lower salary than they would get in the private sector knowing that the pension forms part of the package. They were also told that their contributions were fixed and the states would make up the difference.
Also, in the past, the states have taken ‘payment breaks’, when they decided the fund investments were peforming so well they made no contributions into the fund at all.
Because of the above they shouldn’t moan now, just meet their committments.
Also I think States employees should have at least RPI pay rise + the extra half percent which was taken off them for increased pension contributions without consultation with the man on the shop floor.(This should have been balloted as it is a major change to the states employees Terms and Conditions).
It is not fair to employ someone under one set of terms and conditions and then move the goal posts when their ‘Tax Strategy’ (0-10) does not produce the revenue necesarry to meet the islands running costs.
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When will people learn that the markets should not be used for societal necessities.
If people want to gamble, use their own cash.
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