Public Sector Pensions...

NJW69

The NHS scheme is compulsary.

To get a full pension you have to pay in for 40 years.

I have hundreds of pounds deducted from my salary every month and have paid in since I started at the age of 18.

There have been changes made for new starters for a while but for staff who have been paying in for over twenty years to now have the terms of this changed is unfair.

If this was a possibility then I should have had the option to invest my money somewhere else and manage my own pension or alternatively give me back all the money I've paid in too date and I'll sort it out myself now.

For all the people on here who are saying why should I fund your pension I would say given the money I will have paid in over my career by the time I retire you won't and I could say the same about anyone who receives WTC, FTC, JSA or any other benefit paid for from NI or taxation given I've never claimed any of these neither has my OH or DS but I don't say that because thats how the system works.

Yes I appreciate I am in a fortunate position that I haven't had cause to rely on these but years ago when my family were small we were skint and I gave up work to be a SAHM for six months and we didn't get a penny so this hasn't always been the case.

Running_Horse

NJW69 wrote: »

There have been changes made for new starters for a while but for staff who have been paying in for over twenty years to now have the terms of this changed is unfair.

Both the private schemes I have been in have been altered for long term members, and then closed to new members, creating an unfair generational gap.

It is time we as a nation decided what we can and cannot afford without bankrupting our children, and get on with it.

Sphynx

Running_Horse wrote: »

Both the private schemes I have been in have been altered for long term members, and then closed to new members, creating an unfair generational gap.

It is time we as a nation decided what we can and cannot afford without bankrupting our children, and get on with it.

What was the alteration RH? I am interested to see what they might decide to impose.

treliac

Running_Horse wrote: »

Here's a proposal. Merge all public and private schemes into one national scheme where every employer and employee compulsorily contribute the same amount. We would all have to pay a little more to gradually move all pensions to pre funded status, rather than burdening our children with future debts, and there would be no difference in benefits between the public and private sector. We could call it the Old Age Pension, and call contributions National Insurance, or something similar like the Big Society.

And would those who have never or rarely worked get benefits to the same level?

chewmylegoff

sammyjammy wrote: »

Not strictly true, my pension in DWP is non-contributory, or almost. I am in the Classic scheme and pay only 1.5% widows pension contribution, if (as now) I remain unmarried until retirement most of these widows pension contributions will be refunded to me.

i find it a bit odd that you would tell someone they're technically wrong by giving an example that doesn't prove your point! your pension isn't non-contributory!!

Running_Horse

Sphynx wrote: »

What was the alteration RH? I am interested to see what they might decide to impose.

Lower benefits, no early retirement, less annual increases, and higher contributions from staff and employer.

I used to think I was quite well provided for. Now I'm thinking my friend who is spending the money now and intends to retire on benefits has the right idea. He will probably be as well off as me.

Running_Horse

treliac wrote: »

And would those who have never or rarely worked get benefits to the same level?

Of course not.

chewmylegoff

NJW69 wrote: »

The NHS scheme is compulsary.

To get a full pension you have to pay in for 40 years.

I have hundreds of pounds deducted from my salary every month and have paid in since I started at the age of 18.

There have been changes made for new starters for a while but for staff who have been paying in for over twenty years to now have the terms of this changed is unfair.

If this was a possibility then I should have had the option to invest my money somewhere else and manage my own pension or alternatively give me back all the money I've paid in too date and I'll sort it out myself now.

For all the people on here who are saying why should I fund your pension I would say given the money I will have paid in over my career by the time I retire you won't and I could say the same about anyone who receives WTC, FTC, JSA or any other benefit paid for from NI or taxation given I've never claimed any of these neither has my OH or DS but I don't say that because thats how the system works.

Yes I appreciate I am in a fortunate position that I haven't had cause to rely on these but years ago when my family were small we were skint and I gave up work to be a SAHM for six months and we didn't get a penny so this hasn't always been the case.

the NHS scheme is not compulsory, you can opt out, and if they increase employee contributions and you don't want to pay them you can leave the scheme at any time and make your own arrangements, including the option of an NHS backed stakeholder pension.

NJW69

If this was any other scheme operated by anyone else then everyone would be up in arms.

'If you sign up to our scheme (actually you don't have any choice we'll just deduct it from your earnings anyway) and pay in x% of your wage and then meet all of our criteria i.e. age of retirement, number of years contributions etc then we agree that we will pay you this amount'.

'Okay I agree - I'm only 18 but I've been told it's sensible to save for your retirement.'

Years later when you've done as asked they say 'sorry things have changed and we're now not going to honor the agreement we made'

You say 'but you never said there was any risk to this, I never invest my money in schemes where it says interest rates may change and you may loose money - I'm always really careful'

'I didn't agree to this deal and you have now breached our agreement - can I have my money back? I'm not bothered about interest just return the money I've given you.'

'Sorry no can do.'

'What do you mean - you've got thousands of pounds of my money. Is this legal?'

'Have you not heard - we're the government?'

'Oh - thats okay then.'

chewmylegoff

Running_Horse wrote: »

Lower benefits, no early retirement, less annual increases, and higher contributions from staff and employer.

I used to think I was quite well provided for. Now I'm thinking my friend who is spending the money now and intends to retire on benefits has the right idea. He will probably be as well off as me.

i'm sure your imaginary friend who you have invented for the purposes of this post will regret this masterplan when he finds out how little he has to live off, unless he enjoys not being able to put the heating on when it's below freezing.