and all pension provision is important and instead of a risk to the bottom where we see the worst pension provision in the private sector becoming the model i'd like to see a rising pension provision and saying it's a priority for people to have a decent retirement and that could be done in many ways cutting the renewal of trident for example would save us enough money to pay for those pensions for three or four years in the tax gap where the richest people in britain avoid paying over one hundred billion a year we actually mean these pensions look fairly cheap in comparison and you mentioned the private sector and a lot of private sector workers say that she has a very good deal when it comes to pensions a lot better than a lot of private sector provision do you think there's really public support for what you're doing poorly opinion polls seem to tell us already a majority of people actually believe the public sector pensions are important arriving at the right level of study to be higher that's incredible when you think of the propaganda we've had over the last two years from politicia

to make anyone to pay a penny more for their pension when the valuation of public sector pension schemes say they're costing less because that's not about pensions it's about raising taxes to solve the deficit i don't believe people should be forced to work longer and i don't believe people should have the levers of their pension slashed so where we are in the talks at the moment unless the government fundamentally accept they have to talk about those things then i believe the industrial action is going to take place you have said in fact that the government doesn't look like it's prepared to negotiate say what's the point of striking. when the point is to change your mind and saying you won't negotiate just when they're having a chat with a few people in a room is one thing saying you won't negotiate when there could be millions of people taking strike action is entirely another we actually believe that the six million trade unionists plus the thousands and thousands or hundreds of thousands of pensioners and students all becoming a joint campaign is going to be pro lexically very power

get a pbgc pension. host: let's go to a caller. caller: let's go back to your statement that the vast majority of corporations are underfunded in their pension plans. this could be nick in the bud if we had congress and the white house -- this could be nipped in the bud if we have congress and the white house establishing that no bonuses would be paid to if the pension system is underfunded. perhaps not only congress and the ordaz are sleeping at the switch, but is it -- and the white house are sitting at the switch, but also the unions and other organizations who are not getting the pension plans properly funded. guest: i have to tell you that there are a lot of folks who agree with that in some way, shape or form. there are a lot of folks that think if the pension plan is underfunded, then shouldn't something happen? and also tell you that over the starting with compl, the legislation that created the ,bgc in the mid-1970's including the federal government saying if you're going to have a pension plan

the pension plan by the government. largess daniel garvin says that the government is penalizing the wrong people with its tough spending cuts government. you know any any changes to the pensions or any other public said the cuts are entirely necessary because we have such a large debt we need to remember where this came from this came from eight hundred fifty billion pounds that was pumped into the banking sector a couple of years ago and still continues to this day so you know we have a debt and now we've got to ask ourselves how do we deal with this sort of going to cause the financial crisis and some of the wealthiest people in our society who are avoiding some twenty five billion times in tax every single year the government plans through that to basically go off to ordinary working people and if you've been struggling with the pensions is just one of many public sector cuts to come over the next four years so basically this is a huge amount of anger in this country because it's incredibly unfair that ordinary work

get a pbgc pension.et's go to a caller. caller: let's go back to your statement that the vast majority of corporations are underfunded in their pension plans. this could be nick in the bud if we had congress and the white house -- this could be nipped in the bud if we have congress and the white house establishing that no bonuses would be paid to if the pension system is underfunded. perhaps not only congress and the ordaz are sleeping at the switch, but is it -- and the white house are sitting at the switch, but also the unions and other organizations who are not getting the pension plans properly funded. guest: i have to tell you that there are a lot of folks who agree with that in some way, shape or form. there are a lot of folks that think if the pension plan is underfunded, then shouldn't something happen? and also tell you that over the starting with compl, the legislation that created the ,bgc in the mid-1970's including the federal government saying if you're going to have a pension plan you have

a pension reform was at the top. as i went through all of the town hall meetings on the budget, i indicated to the budget -- to the public that we needed to fix our financial house in the city. at the beginning of this conversation when he leaves started meeting, we had choices to make right at the beginning. the choices included whether or not we're going to hold out for months finger of blame -- claiming for what occurred. or whether we would get to work and at the numbers tell us what we needed to do. as precisely what we set out to do and allow those numbers, the numbers that we have been quoting as the numbers we had to attack. the financial house of the city , it would allow ourselves to focus as we have done. i like to thank the people that are standing beside me as well as the ones in the back of me having spent quality time in coming up with a consensus, a comprehensive plan that we believe will fix the problem for the long-term. i'm happy to announce that we have at least a sponsor's if not more to present

pensions are what while they may stop contributing to that if that was a widespread withdrawal pension funds would collapse and that would leave u.k.p. out of the very shores of investment just what it means that more than ever begins we'll be addressing that but is the government listening your avatar to me. the russian foreign minister has highlighted double standards at the un over the organization's approach to the arab world sergey lavrov says the crisis in syria and yemen are provoking vastly different and unjustified approaches let's cross live to our peter oliver has outlined the state duma for us peter there is talk in the u.n. security council of course over action to stop the violence in syria why is moscow unhappy about that. well mr lavrov was addressing a meeting of the foreign affairs. committee of the duma just behind me you know he highlighted in sess out really where russia stands concerning the ongoing situations in the arab world now he gets outside what he sees as a western desire for regime change in the middle east saying that this was unacceptable and that russi

pension fund fugitive making a law that made it public that to work if no don't think that pensions are what while they may stop contributing to that if it was a widespread withdrawal pension funds which collapsed and that would leave u.k. p.l.c. very short of investments just what it means that more than ever begins will be addressing that but is the guy. let's make your avatar three loved it. all the scale of the walkouts in the u.k. hasn't been seen for decades later we hear from the british trade union leader mark so walk up he says if the government fails to take notice this time people will return to protest and even greater numbers. having three quarters of a million people from four different unions on strike is something that happens hasn't happened in this country for decades it's the start not the finish matters to the government is if they try to ignore we'll come back in the autumn and we may well see millions of people on strike so the idea is to build pressure so the government realise that working people the length and breadth of the u.k. i'm not just going to let them g

in our pensions to pay more for our pensions reality is we've got to fight us we're just using these people do a huge variety of key work from teachers and lecturers to air traffic controllers and coast guards unisons the u.k.'s biggest public sector trade union deputy chief bob avidly says his one point three million members already a prolonged industrial action where almost fourteen we've got thirty million pounds set aside and we've got a strategy work but i must strangers that's not what we want to do we want to talk to the government and negotiate a sensible package nor the ridiculous package they're proposing at the moment that package involves raising the retirement age from sixty to sixty six raising pension contributions by workers and having payouts based on average career earnings rather than final salary the unions admit public support is fundamental to having a successful strike action the government is very unlikely to change its mind about reform if the public at large doesn't back the unions but that's by no means assured public sector workers do already get very gene

but the key thing here is making sure our pension system is sustainable so we can pay out high pensions. and i have to say there's a similar argument that the house was having at the previous set of questions about the sustainability of public sector pensions. we have to take these difficult decisions. they're right for the long term, and they actually mean a better pension system for those who are retiring. >> mr. gordon banks. >> thank you, mr. speaker, does the prime minister disagree with the institute of fiscal studies that with inflation 4.5% more than half his government's target it's hitting pensioners and low-incomed families the hardest. >> the thing into pensions there's a triple guarantee of earnings or prices or 2.5% whichever is higher so it's not going to affect them in a way. clearly we want to see inflation come down. i think there's a shared agreement across the house. it's right for the bank of the england to have that responsibility but i know what he doesn't raise today the very welcomed news we've seep the fall in unemployment that we've seen in any time we've seen

around three quarters of a million teachers and civil servants are staging a strike to prevent their pensions from being slashed. because they're trying u.s. secretary of defense robert gates leaves three wars to deal with for his successor but many question whether the incoming cia chief will turn the pentagon's course some around. and business russia's gas giant gazprom announces it will increase dividends and may boost investment to record levels join me for more on this now business bulletin in about twenty minutes time. it's three pm in moscow and this is our team coming to you live now with our top story this hour greek m.p.'s are set for another vote on the already approved tough new cuts in order to decide how they are going to be implemented the parliament gave the green light to the austerity measures to secure a further financial lifeline from the e.u. this sent thousands of angry protesters onto the streets financial journalist timothy quinn last witness the unrest in athens you can still. smell the chemicals that were sprayed when i walked a little tell i had my eyes started to t

pension fund you can bet it didn't bother me if public sector workers no don't think that pensions what while they may not help you think that that was a widespread withdrawal pepsi would collapse and that would leave u.k.p. else the very shores of investment just what it means that more than ever the unions will be threatening that it is the government list next door and it's hot seat. of the scale of the walkouts in the u.k. hasn't been seen for decades later we hear from a british trade union leader so walk up and says if the government fails to take notice this time people will return to protest and even greater numbers. having three quarters of a million people from four different unions on strike is something that happens hasn't happened in this country for decades it's the start not the finish where our message to the government is if they try to ignore will come back in the autumn we may well see millions of people on strike so the idea is to build pressure so the government realise that working people the length and breadth of the u.k. are not just going to let them get away wi

because they can't afford to pay the mortgage at the same time as paying for the pensions and people are really angry that time and because of making bonuses yeah ok we're being asked to take a pension in uk asians to pay more for a pension it's reality is we've got to for the rest which is that these people do a huge variety of key work from teachers and lecturers to air traffic controllers and coast guards unisons the u.k.'s biggest public sector trade union deputy chief paul babbly says his one point three million members are ready for prolonged in just real action and we're almost a war footing we've got thirty million pain sets aside and we've got a strategy work out but i must stress that's not what we want to do we want to talk to the government and negotiate a sensible package and nor the ridiculous package of the proposal at the moment that package involves raising the retirement age from sixty to sixty six raising pension contributions by workers and having payouts based on average career earnings rather than final fowler the unions admit public support is fundamental to ha

pension fund to pay if they have made it public sector work if they're going to take that heads. what while they may still have you think that if that was so widespread with pepsi. and not with the u.k. p.l.o. the very short of it investment just what it means more than ever the unions will be directing that but is the government listening no rabbit loved it. the scale of the walkouts in the u.k. hasn't been seen for decades later we hear from british trade union leader mark who says if the government fails to take notice this time people return to protest an even greater numbers. having three quarters of a million people from four different unions on strike is something that's hasn't happened in this country for decades it's the start not the finish to the government is if they try to ignore it will come back in the autumn and we may well see millions of people on strike so the idea is to build pressure so the government realise that working people the length and breadth of the u.k. i'm not just going to let them get away with what they're doing and we believe that pressure ulti

pension. plan that made it public sector work if no don't think that what while they may stop you think that if there was a widespread withdrawal pension funds would collapse and that would leave u.k. p.-l. the very short of investment just what it means that more than ever begins we'll be tracking that but is the government listening to your avatar tweet loved it. while the scale of the walkouts in the u.k. hasn't been seen for decades later we hear from british trade union leader mark so what kept you says if the government fails to take notice this time people will return to protest an even greater numbers. having three quarters of a million people from four different unions on strike or something the harvest hasn't happened in this country for decades it's the start not the finish our message to the government is if they try to ignore we'll come back in the autumn and we may well see millions of people on strike so the idea is to build pressure so the government realise the working people

pensions the work while they may still keep you thinking that if there was a widespread with full pension funds would collapse and that would leave u.k. p.l.o. the very shores of investment just what it needs it more than ever big unions will be threatening that but is the government lists make no rabbit party loves it. and sticking with this story it's time to make a few comparisons so there's are the images of what's going on in the u.k. that and the other it is what's going on in washington now there obviously differences in the situation we haven't seen public sector workers affected here on a federal level that battle's been taking place in the states but then again our federal government hasn't really done anything yet when it comes to drastic austerity measures so how do we compare and there's also. even worse let's break it down with our guest tonight harrison founder of the blog credit write downs our ever thank you so much for joining us tonight i like i said these are different situations but i think that we can find some similarities in some points to work off of and let's jus

that way the pension fund will also be guaranteed? >> those are long-term obligations which are going to be paid for sure, pension benefits are just like that. >> reporter: by contrast, bodie points out, stocks are subject to all sorts of risks. imagine the reaction to, say, an act of nuclear terrorism; a tsunami that drowns new york; a meteor barrage that signals a killer asteroid attack. okay, hollywood scare films may seem ridiculous for pension planning. but, says bodie, back in 1989, when the japanese stock market peaked, the disaster there since would also have been utterly implausible. >> you and i both remember in the 1980s how everyone you talked to thought the japanese economy was overtaking the u.s. economy. 22 years have gone by since then and the market in the u.s. is up. the japanese who were supposed to outperform us, the market is now roughly a quarter of what it was. >> reporter: so what about a japan-like catastrophe? we asked pension consultant emkin. >> could it happen? yes. is it likely? in my opinion, no. do you

pension. it let me public sector work if no don't think that helps is what while they may stop the abuse think that if there was a widespread with the pension fund would collapse and that would leave u.k. p.l.o. the very shores of investments just what it needs it more than ever big unions will be fretting that but is the government listening to your avatar to love the. scale of the walkouts in the u.k. hasn't been seen for decades later we hear from british trade union leader mark who says if the government found to take notice this time people returned to protest an even greater number. having three quarters of a million people from four different unions on strike or something now this hasn't happened in this country for decades it's the start not the finish where our message to the government is if they try to ignore we'll come back in the autumn and we may well see millions of people on strike so the idea is to build pressure so the government realise they're working people the length and

pension fund you can bet that a lot of me if public sector work it's no don't think that pensions what while they may start contributing to that if that was a widespread withdrawal pepsin funds would collapse and that would mean you pay p.l.o. the very shores of investment just what it means that more than ever begins we'll be tracking that but is the government listening to your avatar to see. well the scale of the walkouts in the u.k. hasn't been seen decades later we hear from this trade union what that says if that fails to take notice this time it will return to protest and even greater numbers. probably three quarters of a million people from four different unions on strike is something of how this hasn't happened in this country for decades it's the start not the finish to the government is if they try to ignore we'll come back in the autumn and we may well see millions of people on strike so the idea is to build pressure so the government realize the working people the length and breadth of the u.k. are not just going to let them get away with what they're doing and we believe

all of our expenses are paid from the pension trust for the pension plan. expenses through the 457 plan, no employer dollars go there. this is completely voluntary contributions and earnings. the only exception in the entire budget that is general fund allocated is a small number for defense that i only mention because there are no general fund dollars that is one small line item that is there. we collect no revenue. either we collect the growth, interest, and dividends on the assets, but otherwise they were not. we are not enterprise of like the airport as we do not charge people for monday -- money. respect to the budget, there is before you the figures. slightly different from what you receive from mr. rose's department induces a cut from the position on the mayor's staff that we did not realize when this was printed. it is not the numbers from the controller, we have made moderate increases in the requests. drilling down a little bit 65% of the systems are personnel related. we are a people oriented system. other things like mailing out newsletters and