Pensions

Pensions, not pay, make for public sector fat cats | Comment

 The Times

Gold-plated retirement packages, long closed to private sector workers, need urgent revision

Public sector fat cats have been in the news again. For much of the summer the Labour former minister Andrew Adonis has been waging a one-man war against the pay of university vice-chancellors, some of whom command salaries in excess of £400,000 a year. This week it was reported that dozens of very senior civil servants have amassed pension packages worth more than £1 million.

Among all the outrage though, don’t forget one enduring fact: if you really want to get rich then the public sector is not for you. The very top earners, those on £200,000 and more, are still overwhelmingly concentrated in the private sector. Banking, finance and professional services are where the really serious money is to be made. For most, the…

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