Re: Much like my pension, which I'll likely never get.
BT pension fund would be fine if they hadn't decided to not ''take a holiday' from paying into it after privatisation.
"They" in this case is not BT. The guilty party was the IR/HMRC. It is thay who decide that a pension fund is overfunded and that continuing to pay would be tax evasion. They fail to take due note of the fact that investments can go down as well as up, as can interest rates.
The adequacy of funding depends on interest rates. The amount that can be paid out from a given level of funding depends on the interest rates. We currently have very low interest rates. To fund the liabilities of the pension fund at these rates is huge. The holiday was insisted on at a time when interest rates were much higher.
Tax inspectors pensions are a public sector Ponzi sceheme so they are immune to this sort of situation. Were this not the case they might have been les capricious about declaring holidays.
Presumably this money can be got back from the shareholders?
The consequence of the enforced payment holiday is that the business (AKA the shareholders) has for some years been making large payments for a considerable period in a vain attempt to catch up and is connetted to do so for some time to come.
Biting the hand that feeds IT
