My private pension (with “Equitable Life”) has halved almost exactly in 17 years since I retired from full time work in 1994, when I was 56 and wish to put forward my point of view on behalf of both all UK Citizens and the private sector workers, often retiring for a pittance like me now
To all those who were on strike yesterday, I say how lucky you all are to still have such high pensions in proportion to your final salaries.
I commenced receiving a private pension after retiring from full time self employment work 17 years ago. The pension contributions I had made gave me a pension similar to what public sector workers would have received for the same contributions paid by their employers and themselves.
My “with profit pension” was projected to double over years, but I now received approx. half of that received in 1994, therefore being approximately a quarter of that projected.
I have heard of numerous private sector workers, employed or self employed, who have had the same financial fate. Some have lost their private pensions altogether when companies have “liquidated”.
I urge Mercury readers to have no sympathy for these strikers, they have to realise that there is now “less to go round” for all UK citizens and that even they have to have smaller pensions
John David Fearn