Feb 2022
12:49pm, 4 Feb 2022
16,549 posts
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rf_fozzy
Or more likely, there will be no state pensions to pay out. Because it's a ponzi scheme that will collapse at some point.
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Feb 2022
12:54pm, 4 Feb 2022
21,986 posts
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Bazoaxe
The SNP position here is laughable IMO. They expect the UK taxpayer to pay Scottish Pensions accrued while part of the UK. The SNP will collect Scottish taxes and use them for other purposes which will include Pensions accrued post Independence. And they may even offer better pensions If the SNP are right, then thats a great position for Scotland to be in. I cannot imagine the UK though are happy to pay pensions for many years to come without the tax income or some kind of negotiated settlement |
Feb 2022
12:56pm, 4 Feb 2022
15,725 posts
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Cerrertonia
But why should it collapse? It is completely impossible for the UK government to run out of money - they can literally press a button on a computer to create more. There is an actuarial calculation performed by the government to try to roughly balance the amount paid in through NI and the amount paid out, and NI revenue is somewhat ringfenced so that it can't be used for general government expenditure. But the idea that the government will somehow not be able to 'afford' pensions is simply propaganda from the usual dodgy right-wing think tanks.
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Feb 2022
12:57pm, 4 Feb 2022
41,302 posts
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HappyG(rrr)
So Cerra, there has never been a "surplus" of the amount paid in through NI and the amount paid out by pensions? So current NI payers have always funded current pensioners, not their own future pensions. Didn't think of that. Good point!
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Feb 2022
1:00pm, 4 Feb 2022
15,726 posts
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Cerrertonia
There may be a surplus from time to time - it's presumably fairly tricky to match future liabilities with future income from salaries. I wouldn't be surprised if we were in surplus currently due to Covid deaths and rising wages, in fact. But generally the aim since the 1940s has been to match the two so that they balance.
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Feb 2022
1:00pm, 4 Feb 2022
21,987 posts
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Bazoaxe
Fozzy isnt right wing and he is the one suggesting the pensions will collape. In cerra's example the actuarial calcs will need reworked if the pension liability of Scots remains while there is no Tax/NI income and the money will need found from somewhere. I would expect the UK to transfer liability to an Independent Scotland and Scottish pensioners then rely on our own Government paying Pensions |
Feb 2022
1:02pm, 4 Feb 2022
2,505 posts
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Fields
Can you provide a source for fozzy not being right wing Bazo? I’m sure that’s what he would want 
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Feb 2022
1:03pm, 4 Feb 2022
21,988 posts
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Bazoaxe
fozzy will be my source shortly
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Feb 2022
1:04pm, 4 Feb 2022
2,532 posts
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Surelynot
Bazo - I'm seriously wondering what is laughable in the following... "Pensions in an independent Scotland will be paid by the government of an independent Scotland. "But the contributions towards that, the cost of meeting that, will partly be met by historic contributions made by people paying into the UK pensions pot, pre-independence. "Pensions will be delivered in an independent Scotland by the government of an independent Scotland, but there will be historic contributions made into the UK pot that are owed from that UK side as part of what's paid out." scotsman.com There will need to be a negotiated settlement of assets and liabilities. All of the talk of 'English taxpayers paying Scottish pensions' is a coordinated noise. |
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Feb 2022
1:06pm, 4 Feb 2022
2,506 posts
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Fields
Zorba’s hit and run troll style has paid dividends again it seems
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