So lots of people in the public sector are pretty hacked off at being told their pensions are not going to be as good as they previously thought.
This is an entirely understandable attitude, although it’s not as if this is something that people in the private sector haven’t also had to confront.
What confuses me is that to any actuary worth his or her salt, it must have been blindingly obvious decades ago that we would get to this point. The demographic shift that has been exacerbated by the ‘baby boomers’ retiring can hardly have taken anyone by surprise.
So with more people taking out of the pot, and fewer people paying in, there would come a time when pension arrangements agreed in different times became unaffordable.
It’s no consolation to anyone getting the bad news, but I’d love it if the government, just for once, could try to be honest with us and admit that this should have been addressed a long time ago.
At least if they did that I could have flying bacon sandwiches for lunch.