Inaction on pensions is utterly inexcusable

No meaningful action has been taken to confront much less resolve the pensions’ crisis, betrayal and inequity facing hundreds of thousands of workers and their dependants.

Unfortunately, an increasingly dire situation has been exacerbated by Government inaction other than to impose levies on private sector pension funds irrespective of their viability. Rather, the inequities across the pensions landscape have been epitomised by the fact that public sector employees have been spared any comparable imposition.

The issue has not gained any political or social traction but when many of the workers who expect to retire in the next decade or so, those who imagine they will have a basic retirement income, realise that they are facing an income collapse — poverty compared to the standards they enjoy today — then it will be too late.