Monday 19 August 2002

The pension scam

John Birkett's letter tells us that the "retirement" package given to Scotland's senior civil servant would require a pension fund of £1,500,000. Sir Muir Russell is not actually retiring but is to become the new head of Glasgow University from which he will no doubt obtain another tax-funded pension.

Mr Birkett asks whether the Scottish Executive has set aside the necessary £1,500,000. No, of course not. Mr Birkett correctly suggests that future taxpayers will have to cough up. The next generation of taxpayers will also have to pay for the unfunded state pension liabilities of an ever ageing society not to mention the coming bailout of the bankrupt continental pension schemes. That's why they want us in the Euro.