What to do with with £133,000

hollie.weimeraner

marklv wrote: »

The Police gravy train will end soon. New joiners already have to stay in service until 55, and it won't be long before the 'old brigade' get their T&Cs changed as well - this will happen when the Tories come back in, mark my words. Personally, I would only have the pensions paid from age 65. The armed forces pensions also need to change, as they are also insanely generous.

It doesn't take much to get the knockers going does it? Quite simply if you're envious of the armed services pensions then volunteer and get yourself out to Basra. Yes their pension scheme is non contributory but they deserve every penny. For those that come home in boxes it's no good though is it?

Police pensions are paid for at a rate well in excess of any private pension, currently those officers still in the original scheme pay 11% of their salary. It just happens that there have been no greedy company directors dipping their fingers in any funds (in actual fact there never has been a fund as the money has never been invested by the Police Authority's as they have always chosen to spend it on existing budgets and are now paying the penalty). Again, it's so easy to stand back and be critical but would you put yourself through what most police officers put up with through 30 years of service?

Oh and for the record I am both ex armed forces and shortly to be ex police. I will retire from the police with a full pension but will be looking for a different job after I think of many ways of spending my not insignificant lump sum:T

zygurat789

hollie.weimeraner wrote: »

It doesn't take much to get the knockers going does it? Quite simply if you're envious of the armed services pensions then volunteer and get yourself out to Basra. Yes their pension scheme is non contributory but they deserve every penny. For those that come home in boxes it's no good though is it?
I don't think that is a fair description of the amounts that are being mentioned here
Police pensions are paid for at a rate well in excess of any private pension, currently those officers still in the original scheme pay 11% of their salary. It just happens that there have been no greedy company directors dipping their fingers in any funds (in actual fact there never has been a fund as the money has never been invested by the Police Authority's as they have always chosen to spend it on existing budgets and are now paying the penalty). Again, it's so easy to stand back and be critical but would you put yourself through what most police officers put up with through 30 years of service?
Yes they are paying a higher rate than a normal company scheme and it is not the easiest of jobs but that does not justify a pension scheme like this
Oh and for the record I am both ex armed forces and shortly to be ex police. I will retire from the police with a full pension but will be looking for a different job after I think of many ways of spending my not insignificant lump sum:T

In both pay and pension the police are well paid. Yes the job difficult but that is something which should be addressed by the employer which would typically involve meaningful jail sentences for those causing the problem.
At the moment they get bail and repeat the offence the next day. We should support the police and in return they should work for a reasonable return. This also applies to other public sector workers

SandC

Erm, nobody is getting these pensions without 30 years of service, remember!

Plus I believe the contributions were compulsory? That's one of the many things you sign up to when joining the police force, those who don't like all that you have to sign up to will leave and get a civilian job and then whinge about people they once worked with having a very nice lifestyle ta before the age of 50 for sticking at it.

Me, meanwhile, despite having company pensions from the age of 21 will probably still have to work til 65..................

simonfitba

Money_mad wrote: »

Work out the maths. Your lump sum is tax free, You pay base rate on the rest and your wife will do hers separate. Take the large lum sum and you will save a lot of tax. You then need to give your kids a gift each year of 6k and then spend the rest on yourself. Hopefully by the time you die it will all be gone, Make sure that when you are around 65 that you also sell your house to your kids for next to nothing and then as long as you dont end up in a nursing home by the time you are 72 they cant take that as yours and force you to sell it to pay for your care. One last thing, ensure you dont have 20k in either cash or property or they will have that as well. Enjoy

I take it you mean the tax man will have it, rather than the kids.

Cap_Scarlet

hollie.weimeraner wrote: »

It doesn't take much to get the knockers going does it?

hollie.weimeraner wrote: »

It just happens that there have been no greedy company directors dipping their fingers in any funds

So its not ok to knock the police pension (which I agree with) but its fine to make sterotypical comments about company directors is it? Of course none of them got there through hard work, innovation and endeavour did they? :wall:

Ps. This is not an attempt to hijack the thread!

elephant_guy

11% compulsory contributions from age 19 to 49yrs (30yrs) is not an insignificant amount of money to be taken from somebody's wages (not the taxpayer) each month...

Just a thought for the 'knockers'...

no_fat_chicks

elephant_guy wrote: »

11% compulsory contributions from age 19 to 49yrs (30yrs) is not an insignificant amount of money to be taken from somebody's wages (not the taxpayer) each month...

Just a thought for the 'knockers'...

To those with defined contribution schemes 11% would be a small amount to put in. I'm guessing you have a cushy pension arrangement if you genuinely think contributing 11% for only 30 years is a big contribution. Especially since the pension may be paying out for over 30 years - so could pay out 10 times what was put in.

The OPs pension is an obscene waste of public funds. It's the governments fault - I wouldn't usually support retrospectively reducing pension rights but if theres any justice in the world that will happen to these sorts of pensions.