The government used BBC salary day as a way to sneak out news that it's moving the pension age to 68. While this was always going to happen, it was originally scheduled to be changed in 2044. It will now take place between 2037 and 2039. People aged between 39 and 47 will be affected with younger workers kept waiting to find out when they might eventually get a pension.
MPs, of course, currently earn £76,011 and get a pension that takes the value of their earnings up beyond £100,000. The FT reports that in spite of what the government says, the MPs pension scheme has a massive deficit of £176m. However the government today has spoken about the importance of making sure the public pension is sustainable.
Some might argue that the state pension is practically worthless anyway and most people could never actually survive on it. That's almost certainly true, but for many people the idea of a private pension is likely a pipe dream. When you're paying rent, food, bills and a little bit of fun out of a crap salary the last thing you're thinking about is how you're going to pay bills in 55 years. Most of us have problems planning for next week.
Anyway, MPs will continue to earn their £48,000 more than the UK average wage and enjoy a pension that's much greater than most citizens could dream of. [via BBC]