Pensions crisis is easily solved
I READ with great interest, and equally great relief, Peter Roffey's excellent piece on the debacle commonly known as the States Superannuation Scheme. I was so pleased someone else could see the real problem.
I would like to point out that the following comments are entirely my own and not necessarily representative of my employer.
Those of you who know me well will acknowledge that I have both an in-depth knowledge and appetite for this subject.
I am affected by this issue along with every other local taxpayer to the tune of £12,000 and the bill is growing at punitive rates of interest.
The first part of the jigsaw is to acknowledge that there will be two schemes – the new career-average scheme and, as Peter Roffey confirms, the old scheme.
When (not if, that would take another page to explain) the current scheme closes, the States will merely have ring-fenced the problem.
The focus will then revert to making a success of the new scheme and the old scheme will start to fester further as the only people who will focus on this will be the actuaries employed by the States of Guernsey.
While a repayment plan of sorts may provide some temporary relief, this is not a viable solution.
The most practical solution, which may save the States of Guernsey finances in the long term, is already, in template form , being actively pursued and actioned in the private sector as I write this letter. I am heavily involved.
The pensions crisis need not run and run. It should not need a simple Guernseyman like me to identify the solution but like my dad taught me: keep it simple, son. There are plenty of people out there who make it complicated.
MARK CHIPPERFIELD,
L'Oreille du Cochon,
Old Mill Road,
St Martin's,
GY4 6DB.
