Average teacher pension £10k....

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  • aloise
    aloise Posts: 608
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    After nearly 30years working in the private sector and paying a lot more in to his private pension than civil servent workers,My husband has a 3000 a year pension
    .I know of one man who has worked for less than 10years getting a redundancy payment of £30.000, and then walking into a job with the same council.
    No sympathy for them at all. They want the rest of us to suffer but most certainly NOT them.
  • dori2o
    dori2o Posts: 8,150
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    aloise wrote: »
    After nearly 30years working in the private sector and paying a lot more in to his private pension than civil servent workers,My husband has a 3000 a year pension
    .I know of one man who has worked for less than 10years getting a redundancy payment of £30.000, and then walking into a job with the same council.
    No sympathy for them at all. They want the rest of us to suffer but most certainly NOT them.
    but yet again people loot at the uncommon extremes.

    I'll agree there are 'some' within the civil service who will due to time served and their lofty position within their service, receive these gold plated payouts, whether it be redundancy or pension.

    but what people forget is that the MAJORITY of civil servants are in the bottom 2 pay bands for which the top of the payscale for these ranges is £19500, far less than the national average annual salary.

    The governments propaganda machines, (DM and Telegraph) as with the benefit 'scandals' pick out the most extreme examples of peoples pensions/benefits, and then report it as though this is the norm. People are then stupid enough to believe the reports because it claims it is THEY who are paying for it. Nothing cold be further from the truth.

    Currently redundancy payments are restricted to a maximum of 12 months salary. So someone who has been there 25+ years and is on the payscale maxima for the 2nd payband will get a maximum redundancy payout of £23000. (in fact redundancy maxima is reached after 14 years for those in the bottom 2 bands)

    When I worked for a private sector company and was made redundant, I got almost £8k redundancy for 6 years service (but my salary was 9.9% less than the basic salary now being paid at the same company). This company offered unlimited redundancy terms, i.e it wasn't capped so had I worked there 25 years, and been made redundant/took voluntary I'd have been looking at £33k+ redundancy.

    My private sector pension, had I been able to continue paying into it, would be worth far more than my current public sector pension, and my contribution is exactly the same.

    So despite the reports of the DM and telegraph, we don't all get £30k/£40k/£50k pensions. The well reported average is less than £6k for a full time civil servant.

    One final thing. Some of those who are lucky enough to have larger pensions have accrued such because of the voluntary contributions they have paid on top of the ordinary contribution. However, again this goes unreported.
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  • mamabuddah
    mamabuddah Posts: 826
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    it would appear then, that although the union quote figures of an average pension of £10k for a teacher (effectively means one could get £15k another £5k to arrive at the average) we still don't get "real" figures.

    If someone (as has been suggested) doesn't work 40 years in their post and has numerous career breaks to have kids etc look after relatives or whatever and in actual fact over their 40 years possible career they only work for 20, then surely they should only be entitled to 1/4 of their final salary (like everyone else in a FS scheme) so what's wrong with £10k based on those figures?
    If you want full benefit of a FS scheme surely then you should work for the full term.

    I wonder how many of these £10k pensions are taken by teachers who have only worked 20 years and decided to take early retirement etc at an earlier age? Perhaps they should be taken out of the equation? Perhaps the figure quoted of "expected" pension should be based on "if you work for 40 years" ... "your pension should be"...based on the average salary at retirement, we may find the pensions are a lot higher.
    No two ways about this one: Anything Free is not a Basic Right..it had to be earned...by someone, somewhere
  • shop-to-drop
    shop-to-drop Posts: 4,340 Forumite
    The Unions keep quoting £10K pension they say which is 'just above the level for income support' but surely they will also get a state pension on top of this which would make a significant difference and blow that comparison completely.

    Is it me daft or do they just think we all are?
    :j Trytryagain FLYLADY - SAYE £700 each month Premium Bonds £713 Mortgage Was £100,000@20/6/08 now zilch 21/4/15:beer: WTL - 52 (I'll do it 4 MUM)
  • ThumbRemote
    ThumbRemote Posts: 4,614
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    aloise wrote: »
    After nearly 30years working in the private sector and paying a lot more in to his private pension than civil servent workers,My husband has a 3000 a year pension.
    ...
    No sympathy for them at all. They want the rest of us to suffer but most certainly NOT them.

    Your husband gets a poor pension, so you want public sector workers to get a poor pension too. Instead of fighting for better rights for your husband and others like him, you're jealous and want to drag others down to his level.

    Who exactly want the rest to suffer again?
  • I just got my pension forecast (I'm not a teacher, but a public sector worker) - I think it said I would get just under £4k a year if I carry on earning what I earn - don't really understand the maths, but I defo can't wait for my gold plated retirement, as predicted by the Daily Mail.....oh wait lol
  • juliedotcom
    juliedotcom Posts: 56 Forumite
    trumpton wrote: »
    Glasgow want to pay teachers £10,700 in their last year of study, and £10,700 in their first year of teaching. Who would want to work in a Glasgow secondary school for £10k a year?

    Sensationalist. You fail to mention that the other option is 21,400 over one year instead of the two, with no income in the first year. It sounds pretty reasonable, actually.
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  • vax2002
    vax2002 Posts: 7,187 Forumite
    They work 25 years pension adds 10 years
    so 35 years at contributions avg £2400 pa = £84000 fund
    roughly equates to
    Lump sum of £28,500 and pension of £1320 per month for life payable at 60.
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  • mamabuddah
    mamabuddah Posts: 826
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    I just got my pension forecast (I'm not a teacher, but a public sector worker) - I think it said I would get just under £4k a year if I carry on earning what I earn - don't really understand the maths, but I defo can't wait for my gold plated retirement, as predicted by the Daily Mail.....oh wait lol

    I think stating your forecast will be £4k is really useless without qualification eg:

    what age you are now?
    how long you're in the post?
    when you hope to retire (age)?
    what your salary is now?
    what are your career prospects?

    then perhaps others can see if your pension is good/bad/or better than private sector.

    Another item mentioned is what you currently pay into your pension scheme compared to what private sector employees might pay for the equivalent pension.
    No two ways about this one: Anything Free is not a Basic Right..it had to be earned...by someone, somewhere
  • antrobus
    antrobus Posts: 17,386 Forumite
    Your husband gets a poor pension, so you want public sector workers to get a poor pension too. Instead of fighting for better rights for your husband and others like him, you're jealous and want to drag others down to his level.

    Who exactly want the rest to suffer again?

    And pray what efforts have the unions made in recent years to extend the benefits of public sector pensions to workers in the private sector? It's not as it it would be impossible to create one National Pension Scheme that gave everybody the same pension rights. It hasn't happened and won't happen, because of course those employed in the public sector would end up with the same benefits as they have now, but be obliged to pay higher taxes to fund the pensions of those in the private sector.
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