Council Tax

MrFonzerelli

mewbie wrote: »

I mainly started this because of the term "gold-plated" which is a bit of a nonsense. I guess a council job has a council pension. That's the deal. Bit unfair to take pensions away, we're talking cleaners, bin men, librarians here, not Fred Goodwin. And if you think they are so well off, then go for a job in the council.

The private sector has had it's pensions taken away by govt taxation and stock market falls. Bit unfair to tax (in general) poorer private sector pensions to pay for guaranteed public sector ones.:cool:

Old_Slaphead

MyLastFiver wrote: »

There certainly aren't that many applicants for teaching posts. So anyone who has spent four years at university and is prepared to take on classfuls of teenagers all day every day, get your applications in. The holidays and pensions are excellent.

Just googled 'teachers' and 'applications'

http://www.dailymail.co.uk/news/article-1103070/Teacher-training-applicants-40-finance-sector-workers-turn-stable-jobs.html

mewbie_2

Actually I think you are all right. Yes it's unfair paying high taxes for undeserved pensions. Yes you can't take people's pensions away. My only contribution was mocking the "gold-plated" cliche, so I'm not going to try to pursue a political agenda one way or another.

macaque_2

mewbie wrote: »

Actually I think you are all right. Yes it's unfair paying high taxes for undeserved pensions. Yes you can't take people's pensions away. My only contribution was mocking the "gold-plated" cliche, so I'm not going to try to pursue a political agenda one way or another.

Anyone who makes a stand against hackneyed phrases like "gold plated pensions" has to command my respect.

MPD

macaque wrote: »

There is the small matter of self respect.

How do all these doctors, police officers, nurses etc live with themselves? :rolleyes:

lukekelly_2

Old_Slaphead wrote: »

A 'public servant', 40 years in the job, finishing on a salary of £20,000 will require a pension fund of approx £330,000 to fund their pension. Even a lowly librarian will require up to £250,000. Multiply that by 5million (??) public sector employees and you get a very, very big number.

Very few people in the private sector (other than very senior directors aka fatcats) can aspire to that.

A pension pot worth £250,000 is perfectly reasonable aspiration for most people on a reasonable salary. With a salary in the low £20,000's you'd need to invest approaching 10% of your income to achieve that kind of sum. 10% of your income for 40 years for a decent pension for the next 20? Not too bad!

Old_Slaphead

lukekelly wrote: »

A pension pot worth £250,000 is perfectly reasonable aspiration for most people on a reasonable salary. With a salary in the low £20,000's you'd need to invest approaching 10% of your income to achieve that kind of sum. 10% of your income for 40 years for a decent pension for the next 20? Not too bad!

A person with a private pension plan earning £5,000 rising to £20,000 over 40 years would need to make contributions of around £3700 per year. Based on average pay of £12500 that's about 30% of the salary.

Not too bad !!!! Surely you're having a laugh. Could you save 30% of your salary throughout your working life?

You seem to have forgotten about the effect of inflation.

Public sector pensions would be slightly more paletable if they were based on career average rather than final years salary.

Guy_Montag

Old_Slaphead wrote: »

A person with a private pension plan earning £5,000 rising to £20,000 over 40 years would need to make contributions of around £3700 per year. Based on average pay of £12500 that's about 30% of the salary.

Not too bad !!!! Surely you're having a laugh. Could you save 30% of your salary throughout your working life?

You seem to have forgotten about the effect of inflation.

Public sector pensions would be slightly more paletable if they were based on career average rather than final years salary.

& you seem to have forgotten the effects of compound interest. For a sum to be worth £3700 after 40 years £500 need be invested (at 5% interest).

mitchaa

would need to make contributions of around £3700 per year. Based on average pay of £12500 that's about 30% of the salary.

Average pay of how much? Maybe back in the 80's perhaps.

StevieJ

mitchaa wrote: »

Average pay of how much? Maybe back in the 80's perhaps.

Is he talking about lifetime average?