Another public sector golden pension
Comments
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I've worked in both The public and private sectors.
Pensions in the private sector have gotten worse as firms and their highly paid CEOs put shareholders before workers. And the employees did not find the power to rebel against it. It makes me fume that - but we the workers have allowed that to happen and taken it on the chin.
So we then take it out on people who remain luckier - I.e. The public sector. It will surely come, it has too. And when it does don't celebrate it, be sad that it has all fell to pieces on our watch.0 -
I've worked in both The public and private sectors.
Pensions in the private sector have gotten worse as firms and their highly paid CEOs put shareholders before workers. And the employees did not find the power to rebel against it. It makes me fume that - but we the workers have allowed that to happen and taken it on the chin.
So we then take it out on people who remain luckier - I.e. The public sector. It will surely come, it has too. And when it does don't celebrate it, be sad that it has all fell to pieces on our watch.
The primary objective off all CEOs' should be to make money for the shareholders. Your pension depends on it.
Employers will pay what it takes to get the employees they need. Most employees, given the choice, would choose a job on the basis of higher pay rather than better pensions, so that's where the money has to go.0 -
Doesn't quite sound right. If they were civil service then it's likely they've spent their whole time in the Classic Scheme. In order to get a pension of half their salary they would have to have worked for 40 years or paid extra contributions that didn't attract the employer's contribution and were therefore more expensive.
If they are working 3 days a week still in the civil service whilst receiving their pension then they have partially retired rather than retired. To get a lump sum of £80k from just a partial retirement is really quite large and would indicate they were a very high earner. The rules of partial retirement are that they must reduce their work salary by a minimum of 20% and can't have a total income from their salary and pension that is greater than their salary was before. So they can't be on more money now.
So they only way they could be on more money now is that they are getting another pension in addition to the civil service one as otherwise their pension would be abated, and unless they were on very high pay that other pension also contributed to the lump sum figure you were given. If that is the case they won't have 40 years service if they worked elsewhere and therefore will have an annual pension quite a bit less that half their salary.
If we are going to compare ourselves people who earn much much more than us then even in their retirement it's likely we'll be dissapointed.Don't listen to me, I'm no expert!0 -
The primary objective off all CEOs' should be to make money for the shareholders. Your pension depends on it.
Employers will pay what it takes to get the employees they need. Most employees, given the choice, would choose a job on the basis of higher pay rather than better pensions, so that's where the money has to go.
Understand what you are saying - but without a workforce you have no product0 -
chucknorris wrote: »I didn't quite take that much of a salary hit, when I went to work in the public sector I could have earned about £75k in the private sector, my PS salary was only about £52k (I forget), but when you add the pension on and all the holidays (I'm university lecturer), and take away all the unpaid overtime that I used to work. I suddenly realised what a mug I had been, but that didn't make me angry at other lecturers, it just made me realise what a fool I had been.
Surprisingly the Universities are classed as part of the private sector0 -
It makes me so angry.......I could throw the phone down!0
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Muscle750 - I'm surprised that you know so many people who've retired from the public sector on such good deals. Besides your mate from this post there was someone else who retired with a £100k(?) pension and some other couple who swanned around the caribbean or somewhere several times a year. I worked in the NHS for over 25 years and I don't think I know that many people who've done that.
Why didn't you get a public sector job 25 or 30 years ago like your mates?
I think you've said before that you work as a welder or mechanic or recovery truck driver and where could you get a job in the public sector, but when I joined the NHS in 1987 it employed all of these trades. Some may have been contracted out by now, but I'm pretty certain my local ambulance trust still employs drivers (and not necessarily ambulance drivers) and mechanics. My own trust still had an in-house engineering dept when I left 5 years ago. Apart from welders and mechanics they even employed upholsterers, and they even generated income for the trust.0 -
Sitting here enjoying my DB pension taken at 56 three months ago (albeit reduced) after 40 years in the Pulic Sector. I watched as many others left to sometimes double their salary working in London.
I decided to stay. When I finally left I think I was contributing about £200/month though as I recall back when I was 16 there was no contribution
I doubt back then it would have even occured to me set up a pension, so count my self fortuanate that it was done for me.
Jerry0 -
You know Muscle750. There is nothing to stop you from working in a temporary public sector role with access to a DB scheme which accept transfers in. Normally, you need two years minimum but I believe that bought benefits with transfers in doesn't apply in that case.
Just find such job,. Transfer all DC fund into it and then you actually got DB benefits. That is what I am seriously considering doing if such schemes still exist in twenty years.
That is my very long term plan when I am in a decade before my retirement anyway is to switch to a job with most advantageous pension scheme. No matter how much I am personally saving, it is just not enough atm.0
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