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Public sector pensions - cpi instead of rpi
in Pensions, annuities & retirement planning
113 replies 29.7K views
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Why not? Age 60 is the normal retirement age.
The only reason you would not get a full pension is if you started teaching later than age 20.
In absolute terms - none. The worst case scenario would be no annual increase (as may happen this year).
Unless of course the country went bankrupt then all bets would be off
Old Slaphead :-
For accrued rights: probably - we'll only find out for sure when it goes to court
Care to post a link so I can see what they're saying.
I think you mean 'could be' not 'will be'
Yep - assuming a 1% reduced increase that could be around £700 in 6 years time (£560 after tax) - you'll be getting around £12000 rather than £12700 - given that we're always told the average public sector pension is around £4000 the effect willl be much less - ie round £32pa after tax rising to around £200pa in 6 years. Again, small beer after what Labour have done to private pensions - hardly any of us get anywhere near £10,000pa....not to mention what the've done to the savings market!
Anyway do your scheme rules guarantee RPI increases? Bear in mind Labour didn't give ANY increases for S2P and SERPS - didn't see too many public servants protesting about unfairness then !
Anyone with a £10k inflation-proofed pension is reasonablly well off so why shouldn't they be expected to contribute a little? After all, someone's gotta pay for the 'free' bus passes which are slowly being deferred
This is the text from the Pension Scheme Rules to which I belong.
'We normally increase our pensions every April in line with prices. The increase is the same as the increase in the Retail Price Index in the year up to the previous September. This is laid down in law, and is the only way we can pay an increase in your pension.'
As far as I'm concerned that was a contractual term between me and my employers. HM Govt were not my employers but at a flick of a pen re-write the rules..
Given what we are told about are parlous financial state , why aren't we in receipt of foreign aid?
The point I was making was that 2 can play at a game of picking and choosing the best of one world, without presenting an honest picture.
I don't blame anyone for fighting for their pension. In fact I think that Governments are hypocritical to tell people on the one hand that they should save for their own future as they cannot rely on the state pension, yet do nothing to protect the pension investments that they expect people to make. In fact, no only do they do nothing to protect them, they actively devalue them
When did you start your pension plan, and how much was your salary during your career?
It's funny that you choose £10k as a figure, which is about double the average public sector pension.
To feel hard done to in comparison to the public sector, and feel that your pension has been devalued, what were you on as a wage? £40k?