Monday, December 04, 2006

Super Annuation

I don’t know if this is in your papers or not I don’t bother with newspapers these days.
In ‘Pension Week’, where I get my kicks , there is a headline ‘FAS pays out pitiful £1.7m in three years’

FAS = Financial Assistance Scheme and it is this scheme which is supposed to compensate people who have lost money in occupational pension schemes.
What I found interesting and entirely in line with my view of government, the ones who put this scheme in place, are the following facts.
100,000 people lost pensions when their sponsoring employer collapsed.
£2.3bn was earmarked in this scheme as a lifeboat.
In 3 years the FAS has paid out £1.7m to 454 of those 100,000 but has also paid £10.4m in staff wages and running costs.
The number of people paid out works out at about 6 people for every member of staff employed and that’s over more than 2 years.
I must see if I can get a job there. I reckon I could spend most of my time lounging round here in Brecon and maybe pop up to London on Ladys’ Day , Midsummer and Michaelmas do my three cases and then go home.

1 comment:

Icedink said...

It really does take my breath away, the scope of state employment, the pitiful amount of work required to hold on to it and the huge sums spent. I say cut out the middle man and just give your tax and national insurance to yourself.