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And from September 2011 to September 2012, the Department of Work and Pensions itself made more than 200 redundancies, according to figures released under the Freedom of Information Act.
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In four years it will cost the budget more than the pension itself.
He fears for the pension infrastructure itself as well as the individual errors.
American will keep responsibility for the three pension plans itself, paying these retirees their benefits in full.
"To me, it's a real conflict of interest to use anything but the pension system itself as the actuary".
Mr. Callaghan says he would not seek to overhaul the way the pension fund itself is managed, though he would tweak it.
Mr. Snell said the deal approved in Albany was similar to measures passed in other states, in that it reduced the benefits offered to some public employees instead of overhauling the structure of the pension system itself.
No employees deserve a raise more than teachers, but increases won't do them or the city much good if they force layoffs and endanger the integrity of the pension fund itself.
That said, if the pension fund itself were held to the same standards it demands of corporate America, the board of Calpers might have to fire itself.
The second difference is that the pension scheme itself pays out an income in retirement, so there is no need to buy an annuity.
C1 Business Digest C2 EDITORIAL A22-23 EdiTheials: The fear of fear itself; pensions and the mortgage mess; those missing guns in Iraq.
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CEO of Professional Science Editing for Scientists @ prosciediting.com