Who Died in the Oil Spill?

[Rhubarb]

0

I don't think it's a pension like if you worked for the company and retired, but a government doled out pension and the funds are greatly contributed to by BP.

Nah! TK
Thats not how the government pensions get paid Joan. Everyone that works pays an income tax (at a percentage of how great your wage is)to the government and National Insurance. The National Insurance works out at about 1 day pay for every 5 earned. This is towards the basic State pension (which is very basic) a short sick benefit pay for long term illness (which Philip had for 6 months) and the National Health Service. If you are self employed the tax is higher and if you employ someone you also have to pay the same National Insurance to match each employees NI.

BP may have quite a large British employment so it must be the NI that they are talking about.
Most companies also give company pensions to 'top-up' the State pension, because if you haven't made any savings for your old age you will need benefit handouts. It is very frugal.

I have my own pension scheme, because my job doesn't come with a pension. Mark will have one from the army and another small one from the prison services when he worked as a teacher. He took a savings plan to use 'as a raining day' fund for our old age.
My pension is better than his, not just because he is afraid I will out live him (he is 9 years older) but also women are suppose to live longer. He set it up for me when I went back to work after the children. I've also opted out of the State pension, so I get a tax refund which goes into my pension fund.