Pensions

Yesterday I turned 25. So, after this weeks pension 'shake-up', I have another 43 years until I reach retirement. Not that I'm bitter.

Of course, I have always accepted that the pensions timebomb had to be tackled. And, that when it was tackled, it would probably mean some hardship for my own generation. Also, I have absolutely no argument with the reform that allows women, who have not made full contributions, to receive a full pension. It's absolutely immoral to punish women who have stayed at home to bring up children.

The reduction of Gordon Brown's disastrous means testing is also welcome. However, as a third of pensioners will still be on means testing in 2050, the report doesn't go far enough and fudges the issue.

The return to the link between earnings and the state pension is welcome. But again, Gordo has interfered. The link will probably restored after 2012 , and then only:

subject to affordibilty and the fiscal position

So in the end, this is probably just an empty promise.

But back to my bitterness. What does stick in my throat is that Gordo, who has a taxpayer funded pension of at least £53,000 a year, has added 60,000 public sector workers to the payroll, after his government shamefully surrendered to the public sector union on pensions. That surrender, adds up to this:

Every month that passes when the Government fails to increase the public sector retirement age costs Britain's taxpayers nearly £1 billion

So yes, I am bitter. And, I will probably still be bitter when I am stacking a shelf in a B&Q, in 2050.