Private pensions for everybody!!!

[Doggy Styles]

It'll be Logan's Run territory next.

I don't remember them doing lizards.

[DodgyAgent]

DA will be happy.

It is a pathetic indictment of our public services when these sort of functions have to be privatised

[lukemg]

Fantastic idea and just the sort of government work that should be privatised.
To be clear - there is no pension pot kept ring-fenced by the gvmt, any current and future liabilities have to be paid from the revenues of the day or borrowings.
So - This is the administration of the system making payments, first thing any private co will do is computerise everything they can to reduce the costs and maximise the profit from doing this work. There is little incentive for the current agency to do this and see their budget and staff numbers slashed as a consequence.
Get a fixed cost for doing this as low as possible with guarantees/penalties on delivery and no greater than 75% of the current cost, tender it out to reduce this further, repeat every 5 years, job done...

[shaunbhoy]

Well why let 10k people administer it when you can do it less effectively by employing 100k people?

[d000hg]

DA will be happy.

[AtW]

Coming soon near you from the man who said he could live on £53 a week (but refused to prove it) -



"The government is considering saving money by privatising the delivery of the state pension, according to Whitehall documents seen by the Guardian.

In an effort to make up billions more in austerity savings, the Department for Work and Pensions (DWP) has initiated a review of how it issues 4.5m pension statements each year and the administration of £100bn in public money to millions of pensioners in the UK and worldwide.

The review, entitled DWP Efficiency Review, runs to more than 80 pages and is marked "restricted". It also considers how to make cost savings in the way the department handles 750,000 phone calls and the distribution of £98bn in benefits and tax credits.Whitehall's biggest department is facing an "unprecedented reform challenge", says the document, which was distributed to senior civil servants in January."

State pension service could be privatised under DWP plans | Politics | The Guardian