Pensions Ahhhhhhh

jack_spratt_2

margaretclare wrote: »

What insulting nonsense!

I am a spouse but I resent the imputation that I am dependent. My spouse and I each have our own pensions and neither of us is 'dependent' on the other. Perish the thought.

Lucky you

I personally think your comments are perhaps just as insulting to the many people who are not as fortunate as yourself !! to many widowers of company employees continuing to receive a company pension makes a huge difference to them and there lives I just find it a very selfish attitude to have .
You knew the scheme rules when you joined your company pension if you did not agree with them you had alternative options .

I am sure if your company pension had to apply to the PPF you would be grateful to the many pension schemes that have contributed to it and received no return

margaretclare

jack_spratt wrote: »

Lucky you

I personally think your comments are perhaps just as insulting to the many people who are not as fortunate as yourself !! to many widowers of company employees continuing to receive a company pension makes a huge difference to them and there lives I just find it a very selfish attitude to have .
You knew the scheme rules when you joined your company pension if you did not agree with them you had alternative options .

I am sure if your company pension had to apply to the PPF you would be grateful to the many pension schemes that have contributed to it and received no return

You accuse me of 'being insulting' but in fact you were very insulting to write 'what a load of tosh'.

You make another assumption, that we have company pensions. We haven't.

The pensions of my spouse and myself are made up from a combination of full SRP in our own right, SERPS, and some annuities. I took my NHS pension and put it into the private sector, way back in 1989. My spouse did similar with a 'golden goodbye' when his company folded. There is no widower's pension apart from the SERPS, which can be inherited by the widowed survivor.

Jennifer_Jane

dunstonh wrote: »

That is the age old argument. Why should men pay for women (as women live longer), why should those with dependent children get more, why should those with spouses get more.....

The whole benefits package is cross subsidised and a single person living 30 years is going to get more than a married person living 15 and the spouse a further 20 years. There are always winners and losers.

Thanks for the reply, Dunstonh.

My Company pension converts by a factor of 12.4 and AVCs by 17.0 or something, for both men and women. So why not average out for single/married people. It's not everybody's pension in the Company, only those after a certain date when the rules changed, and prior to the next rule change.

I know lots of people at work are very unhappy about this rule for the reasons given by margaretclare, EdInvestor, earlier.

Certainly, if I were getting a private annuity then, of course, women are penalised, and I understand this because of statistical evidence of women living longer (which I believe will change in a decade or two)! People who take annuities with longer guarantees for dependents; inflation-linked annuities, etc, all mean a smaller initial amount. I can understand that, and it's a choice. There's no choice with this. Well, it may just bring me down to pension credit status, which would be shame.


Jen
x

jack_spratt_2

I took my NHS pension and put it into the private sector,:eek:

jem16

jack_spratt wrote: »

Lucky you

I personally think your comments are perhaps just as insulting to the many people who are not as fortunate as yourself !! to many widowers of company employees continuing to receive a company pension makes a huge difference to them and there lives I just find it a very selfish attitude to have .

I agree.

I am in receipt of a pension from my late husband's scheme after he died in an accident and left me a widow at the age of 46 with two children to bring up. His pension scheme has paid a pension to me and both my children which enabled me to see them through university. At the time of his death I was not dependent on him as I was working full time as a teacher. However the sudden loss of his salary would have made a tremendous difference to our lives had it not been for his pension scheme.

My own Teacher's pension scheme will now have a redundant spouse benefit attached to it but I certainly do not begrudge it being there.

margaretclare wrote: »

I took my NHS pension and put it into the private sector, way back in 1989.

Why did you take your pension out of one of the best schemes to put it into the private sector?

Jennifer_Jane

jem16 wrote: »

I agree.

I am in receipt of a pension from my late husband's scheme after he died in an accident and left me a widow at the age of 46 with two children to bring up. His pension scheme has paid a pension to me and both my children which enabled me to see them through university. At the time of his death I was not dependent on him as I was working full time as a teacher. However the sudden loss of his salary would have made a tremendous difference to our lives had it not been for his pension scheme.

My own Teacher's pension scheme will now have a redundant spouse benefit attached to it but I certainly do not begrudge it being there.
quote]

Well, perhaps after your very sad experience, it would be a bit churlish to complain. My point is that with my company pension, when you get your penison you can choose what level of spouse pension to take (with corresponding reduced initial amount), but you cannot decide - whether or not you are married - to not have a spouse portion.

Also, I think that my pension scheme would pay to a beneficiary if I die prior to taking the pension - but that is a separate issue.

(would also like to know about Jack Spratt's moving from NHS to private pension).


Jen
x

jem16

Jennifer_Jane wrote: »

Well, perhaps after your very sad experience, it would be a bit churlish to complain. My point is that with my company pension, when you get your penison you can choose what level of spouse pension to take (with corresponding reduced initial amount), but you cannot decide - whether or not you are married - to not have a spouse portion.

I would say that the main point is that with a company pension scheme you know the rules and either choose to join or not. If you don't want some of the features then go with a different scheme. I still get a pension based on half my final salary with no investment risk at all. Where else would I get that?

My aunt and mother-in-law are now receiving half their husband's final salary pensions so they are certainly benefiting too.

(would also like to know about Jack Spratt's moving from NHS to private pension).

I think he was referring to MargaretClare's strange decision to take her NHS pension to the private sector.

jack_spratt_2

(

would also like to know about Jack Spratt's moving from NHS to private pension).

I was stating my shock to margaretclare statement that she moved her NHS pension to the private sector

If we were to cherry pick the bits we wanted and the bits we did not it would of cause an increase in the cost overall !! with us all living longer and turbulence in the money markets pension scheme managers are struggling to keep there schemes financially strong

Jennifer_Jane

jem16 wrote: »

I would say that the main point is that with a company pension scheme you know the rules and either choose to join or not. If you don't want some of the features then go with a different scheme. I still get a pension based on half my final salary with no investment risk at all. Where else would I get that?

My aunt and mother-in-law are now receiving half their husband's final salary pensions so they are certainly benefiting too."

A spurious argument - as you yourself say, there are advantages with being in Company schemes that outweigh the lack of choice about the spouse pension, of whether to go into the Company scheme or not.

I understand that your uncle and father-in-law were in a different scheme to mine - final salary, I expect. These days pensions are not as advantageous as they used to be. You cannot compare the final salary scheme with my hybrid, just as you cannot compare the pension scheme in my company that came after mine.

Thanks for pointing out that it was MargaretClare who moved her NHS pension to a private one.

Jen
x

jack_spratt_2

jem16 wrote: »

I agree.

I am in receipt of a pension from my late husband's scheme after he died in an accident and left me a widow at the age of 46 with two children to bring up. His pension scheme has paid a pension to me and both my children which enabled me to see them through university. At the time of his death I was not dependent on him as I was working full time as a teacher. However the sudden loss of his salary would have made a tremendous difference to our lives had it not been for his pension scheme.

My own Teacher's pension scheme will now have a redundant spouse benefit attached to it but I certainly do not begrudge it being there.



Why did you take your pension out of one of the best schemes to put it into the private sector?

Thank you for sharing what must have been an horrendous time for you