Civil Service Pension - no more lump sum, what to do?

thefirs

Pal wrote:

It is our taxes that pay for the pensions provided by the civil service. As a result it would save us taxpayers some money if we advised civil service workers like Luis to opt out of their pension scheme and instead receive much lower state handouts when they retire...

But if you advised this then Luis would have a case for a complaint aginst you for pensions mis-selling.

djohn2002uk

Actually Pal, I contributed to my Civil Service pension, as all Civil Servants do, whilst at the same time earning less money than I would have got in the equivalent job in the private sector. Swings and roundabouts come to mind here. Talk to Admin Assistants and the like in the Civil Service who live on a pittance and then begrudge them the pittance they'll also get as a Civil Service pension.

Pal

Yes, but the salary that you use to pay your contributions are paid for by our taxes as well...

Believe it or not I was joking. Hence the

I wouldn't really want Luis to kill herself cycling to work. Not unless it was going to save me a lot of tax...

Luis

I have just got in from cycling to work on Sunday - I now weigh three stone, and had to turn around halfway home in order to get to work in time for 07:15 start Monday :rotfl: I am not in work again until 07:15 tomorrow, so having ironed my kit and made my butties, I am about to start off again!

Seriously though, thanks to everyone. I am going to have to keep digging on this one - it looks as if they are making us all work until we are 60 (NOT happening), so I wonder if that means I would not be able to draw my pension before then even with early retirement. It seems the more I find out, the less I know

I think they are stopping the final salary thing, and it is going to be based on your contributions over the length of your service. Going on my experience with the Civil Service so far, I expect to be getting about £3.90 a year - they still haven't actioned my contributions, despite me starting this new post September last year!

To whoever it was who wrote about Admin Assistants, you have my full sympathy - my friend is an AA and the pay is pathetic. Even EO pay is feeble too.

Regards to all,

Luis.

Now where did I put those cycle clips.................

Pal

You should still be able to retire early after 55, but your pension will be substantially reduced, however this isn't really any change from before.

Be glad that civil servants are only being "forced" to work to 60. Out in the "real world" most people will not be able to retire until 65 at the latest. No doubt the civil service will follow suit in due course.

Still, if you are wealthy enough to be able to retire earlier than 60, then I am obviously paying too much in tax to support the hedonistic lifestyles of our civil servants. Perhaps I should insist that you run to work instead of cycling to cut down on the expense of puncture repair kits?

p.s. If I were you I would be kicking off big time about your pension contributions not being taken. It is possible you are not actually in the scheme, and if you died (say, got squished by a lorry cycling to work) your family might not get the valuable death benefits that would be payable. I suggest you actively start writing or e-mailing your pensions and payroll people every day until this is sorted out.

Pal

Luis wrote:

Now where did I put those cycle clips.................

They are still on your legs, as you have been wearing them all day. Much to the amusement of everyone around you.

Luis

Pal - trust me, I have been kicking off HUGELY about it - however I might as well save my breath (for cycling) for in an institution as big as the one I work in I am easily overlooked and passed from pillar to post! Suffice to say, I don't even have a contract yet. I am sure that anyone who has ever worked in the civil service, and in particular the branch I work in will be nodding in recognition at this.

The way in which I fund my hedonistic lifestyle involves working from 07:15 to 21:00 each day (added on leaving the house at 06:00 and not getting in til 22:00) - therefore ensuring I am always in work and never out of work in shopping hours! :rotfl:

I think I will look into AVCs as suggested - I am afraid I am a bit of a boring old Hector in that I would rather plan and economise now in order to enjoy the free time I may have when I retire and enjoy life - if I don't burn out before then

Luis.

Luis

Does anyone know what is happening to these pensions now? I hear plans have been shelved due to threatened industrial action........?

isasmurf

The industrial action that was due to take place yesterday was called off after the government agreed to enter into negotiations over these pension changes.

unspec

Just to wait for the general election to pass and then make the changes they want anyway....

If your a member (or your union is a member) of the PCS, you can get some more information here:

http://www.pcs.org.uk

I'm also looking at my pension (I'm on the Premium pension too), but it's impossible to make any long term plans with so much up in the air.

Interesting times.