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Guaranteed to Make your blood boil
Comments
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Well the two main benefits of the local government pension is that it is linked to the RPI for it's duration (both drawn and deferred benefits) and it is linked to your final salary. I would think that the final salary element will eb changed to be an average earnings over your time in local government, which I think is fair enough.
Please don't have a go at the local government pension when the NHS, teachers and civil servants get a FAR better deal though!
one might have thought the main benefit is receiving a pension that costs about 25% of your income whilst only having to pay 6.5%0 -
Please don't have a go at the local government pension when the NHS, teachers and civil servants get a FAR better deal though!
I agree that the LG workers are the poor relations in the great public sector pensions give-away but they're still better than about 99% of what's available privately.
BTW you forgot to include the Police & MPs who are in the front carriage on this gravytrain.0 -
No the irony was not wasted..silly billy's..getting back to the thread..
There is nothing self inflicted about poverty, that arises from what we can/not earn.Take it from me getting a decent job to afford a pension, will be tougher.A decent education does not guarantee a decent job.
The problem are those retiring from nowish until death will cause the most financial burden on this country.Possibly another 50 years apiece..!! and there are a lot of us retiring very soon, whether we have paid into a pension or not.
The country faces all benefit payments on unfunded resources..the pot is empty..and the massive pension deficit especially for public servants has to be reigned in..and in the old days these guys were indeed on lower wages with the compensation of a decent pension.Sadly times have changed .This should have been sorted out years ago, but subsequent governments have refused to tackle the lack of pension parity that is now raising its ugly head.0 -
annie_tanks wrote: »No the irony was not wasted..silly billy's..getting back to the thread..
There is nothing self inflicted about poverty, that arises from what we can/not earn.Take it from me getting a decent job to afford a pension, will be tougher.A decent education does not guarantee a decent job.
The problem are those retiring from nowish until death will cause the most financial burden on this country.Possibly another 50 years apiece..!! and there are a lot of us retiring very soon, whether we have paid into a pension or not.
The country faces all benefit payments on unfunded resources..the pot is empty..and the massive pension deficit especially for public servants has to be reigned in..and in the old days these guys were indeed on lower wages with the compensation of a decent pension.Sadly times have changed .This should have been sorted out years ago, but subsequent governments have refused to tackle the lack of pension parity that is now raising its ugly head.
You can afford to contribute something to a pension no matter how much you earn.
Personally I would scrap the state pension altogether, but that's just me
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What on £6.15/hr..£400/month..maybe I should live in next door's chicken shed....should be worth a punt..then I could afford that pension..0
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annie_tanks wrote: »What on £6.15/hr..£400/month..maybe I should live in next door's chicken shed....should be worth a punt..then I could afford that pension..
Why can you not work more hours?0 -
Ah ha..I am old, with bad knees, and getting more hours at an even lower wage..ie another job..could be an option that does not fill me with relish.I am not complaining about my lot in life..I do manage..its just that there are many people through no fault of their own who are on low wages and can ill afford a pension.0
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annie_tanks wrote: »Ah ha..I am old, with bad knees, and getting more hours at an even lower wage..ie another job..could be an option that does not fill me with relish.I am not complaining about my lot in life..I do manage..its just that there are many people through no fault of their own who are on low wages and can ill afford a pension.
Yes but usually they are the minority, who would likely be getting help (for example, one poster I know on here gets DLA and some other support as he is on mimum wage working full time. He still contributes to a pension)0 -
Lokolo - they do contribute something now - 6.5%!!
I agree with annietanks - a largish proportion of LG employees are not highly paid executives, they are cleaners and carers, teaching assistants and catering staff and they are on low wages (around the minimum wage or a bit more) If you are struggling to pay your bills now, putting up your pension contribution by a couple of percent on top of everything else that has gone up may just be the straw that breaks the camel's back (as they say) If you think you are too small to make a difference, try getting in bed with a mosquito!0 -
Well I think the 1.5% I pay into my CSPS is more than enough! Oops sorry I forgot I'm paying 3% at the moment coz i'm on two years for every one I work..... well someone has to don't they.
Flak jacket donned and ready :grouphug:0
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