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I think that is ‘In Control’s’ Point:)

Soon will be 60 mind you! They’ll have to go out in pairs as a minimum. To pop each others hips back into place after running etc Ha ha.

To all.

What is the expected amount of retirements due in the next few years in the Public Sector? just thinking that if they continued the contracts but closed to new employees. Would that generate enough funds to reduce the deficit people are talking about? A longer period of time I guess……Answers?

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Whilst I accept the pension scheme has to change I fail to see how paying more money, working years longer and receiving less money when I do finally retire can be called ‘generous’!

I think it would be ‘generous’ to let the taxpayer pay an extra 1.5% to allow the public sector pension to remain the same.

Does my second paragraph illustrate how ridiculous it is to call what the public sector have been offered ‘generous’?

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Ha ha! I’m content with the evidence that the world is round however I remain skeptical about the rumour that the moon is made of cheese. I’m not even convinced that you think it’s made of cheese.

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Strewth – do you still argue that the earth is flat because nobody has proved to you that it’s round?

Do you disregard absolutely all evidence which contradicts your views, no matter how firmly it is staring you in the face?

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Look at the end of the day taxes don’t raise enough so deal with it! In the old days it was legal to have slaves…..I suppose it was wrong to get rid of that too!

Spartacus taking the opposite opinion to everyone does not make you right or on an higher level!! Rather a sheep than an ass! Please take a day off

Look this isn’t just a guernsey problem it’s global.

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There were no allegations made up by the Press, all the article actually said was that the pension liabilities are not included on the balance sheet which is the fact I have been pointing out to you for months.

Why would the States of Guernsey rebut that? It is true! As you can see Bethan Haines has “admitted” it. Why would anyone take offence?

All that is ambiguous is the wording by the Press which implies there is something wrong and that the reserves have been overstated, this is typical tactic by newspapers and is a matter of conjecture not a reporting of fact. They are entitled to put their spin on things and always do.

No reason to correct anything at all.

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So let me get this straight. The Guernsey Press made it up? Really? Was there any rebuttal of the alleged comments? Surely there would have been a fierce rebuttal if Beth Haines or T&R took offence at what they are reported to have said.

I cannot reconcile the admission by T&R that they knew they had overstated the reserves in the 2010 audited accounts with your apparent belief that they never get anything wrong. How much more evidence do you need?

Why did they not correct the accounting position in 2011 to show the full extent of the scheme deficits? That’s a question that needs answering by T&R. It does not stack up at all.

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There are no quotes from T&R or Beth Haines in that Press article at all.

You seem to be getting confused with what the Press has said and what T&R and Beth Haines have actually said.

The Press has been a bit ambiguous with the wording which is typical.

The proof of the pudding is in the 2011 accounts. Nothing changed, so clearly Beth Haines, T&R and the States decided the accounting treatment was still appropriate.

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Are you for real?

Beth Haines admitted that the States had failed to state the pension deficit and T&R wanted to rectify it. How could it be any clearer?

Why should any of us rely on the States of Guernsey audited accounts when THEY admitted that the accounts overstated the reserves by £73m? It isn’t me saying that that they did so – they themselves admitted it!

What else do the audited accounts not properly reveal?

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Sorry to disappoint you. I have no idea who Boomska is.

SF

You have it absolutely correct.

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Are you seriously suggesting that 4,700 employees contracts would be terminated? There is no possibility that would happen.

Page 31 of the accounts shows the various asset classes of the fund investments and the expected returns.

Returns on bonds are currently low due to the negative effects of QE however the UK government is addressing this later this year which would also effect the assumptions used to calculate the liabilities.

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Beth Haines clearly did not admit anything of the sort.

She certainly did not say “She regrets this and wanted it rectified.”

There is no suggestion whatsoever that “She will have been overruled by T&R from applying it in order to avoid reporting the bad news.”

Of course the audited accounts can be relied upon. You are the one who is disputing them.

Javert thought he was doing his duty. He realised his mistake eventually.

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Not sure what language you are reading, but here’s the printed text.

THE States has overstated its reserves in the 2010 accounts by failing to comply with an accounting principle to demonstrate its pension deficit.

And chief accountant Bethan Haines admitted it was something that Treasury and Resources wanted to rectify.

Accounting principle FRS17 requires organisations to include their pension deficit/surplus on the balance sheet. Guernsey Electricity and Guernsey Post do this but the States does not.

But, while admitting in the States 2010 accounts that FRS17 was best practice, Treasury also acknowledged that it had not been adopted in full on its balance sheet.

Clear enough for you?

So…

Beth Haines admitted in 2010 that the States had overstated its reserves in the 2010 audited accounts by not applying FRS17, and thereby not following best practice. She regrets this and wanted it rectified. (Yet you had the nerve to ridicule me for suggesting that the audited accounts couldn’t be relied upon).

Why was it not adopted in 2011? It’s pretty clear isn’t it? The deficit had spiralled further during 2011 and she will have been overruled by T&R from applying it in order to avoid reporting the bad news.

I cannot reconcile a £73m deficit. Unlike you, I don’t rely on newspaper headlines. I prefer rather more detail.

This whole thing absolutely stinks. Lets hope that the Guernsey Press Editor continues to expose yet another cover-up.

Who is Javert by the way?

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