Socialist Worker

Socialist Worker

Issue: 1935

Dated: 21 Jan 2005

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Pensions: The plan to steal £100 billion

The government tells us we are living too long. What ought to be a cause for celebration has, it seems, become a problem because we are getting too much in pensions.

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Facts and myths about pensions

Myth One Pensions are a huge burden on taxation. At present 5 percent of Britain’s Gross Domestic Product (GDP) goes on pensions. The government’s official statistics say that even in 2050 this will only be 5.7 percent. This is not a crisis.

What the pensions proposals mean

Many public sector workers face:

Private sector victories

RECENT VICTORIES in private sector pension battles show that our side can win. Private sector workers have suffered attacks on their pensions for years. In the last ten years, almost 50 percent of final salary schemes have been closed to new entrants.

‘All pensioners should be treated with respect’

TALK OF a future pensions crisis makes me angry. The crisis is now and it’s pensioners who are getting a very bad deal. My long time friend Terry is one of those suffering because pensions have been sold off, robbed and devalued. He’s having to try to live on just over £100 a week.

Two groups with no complaints

MPs A recent pension review means:

Fight back like they have in Europe

FRANCE WITNESSED two of the most extraordinary mass strikes since May 1968 in the fight against pension reform. At the heart of the battles in the winter of 1995 and the spring of 2003 was the fight against increasing the retirement age—just as in Britain today.

How you can help to build the revolt

The TUC Day of Action on 18 February must be the start of a sustained campaign. Some unions are already balloting for strike action. Others were set to follow as this factsheet was produced.

Pension facts

5% Share of GDP the British government spends on pensions

Decline in state pension graph

They want to turn the clock back 50 years

THE ATTACKS on pensions are part of the neo-liberal assault.


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