Public sector wellcome to the real world

Koicarp

Actually not sure about your sums on total contributions either? I currently pay £185-200 per month depending on how many weekends/nights I did. I had 3 promotions in my first 5 years, and my last one in year 8 so didn't make lower payments for long either. I guess the career average would suit those with a similar profile?

WhiteHorse

Koicarp wrote: »

Not complaining, just giving some real figures for people to understand what they are aguing about. Not everybody lives to 85 either, neither of my parents reached 65, so I doubt I will get to 85 or anything like it.

The pension age was originally set at 65 for men on the assumption that very few would ever live to receive it.

If any evidence was ever needed regarding the ruthless contempt in which government holds the people, that's it.

geoffgeofftygeoff

taking_stock wrote: »

...i've no issue with benefits changing going forward, but agree that accrued benefits should be protected (which they are, apart from the rpi to cpi).

The RPI to CPI change is not an accrued benefit as I understand it.

taking_stock

geoffgeofftygeoff wrote: »

The RPI to CPI change is not an accrued benefit as I understand it.

i'll give an example, someone who worked 10 years and has a preserved pension worth 10/80ths final salary on leaving, which would've been uprated with rpi until the normal pension age and then increased with rpi whilst in payment. that rpi promise is becoming a cpi promise, ergo the preserved benefit is being reduced, or eroded over time.

Le_Chuck

ILW wrote: »

Think you are missing the point.

As a taxpayer, I do not see why I should be paying for someone elses very generous pension that I do not have access to myself. If you want a high pension you should be funding it out of your own pocket.

You do have access, by joining the public sector ;-)

I think you are missing the point aswell, the pension is part of the total renumeration package. If the generous pension wasn't there salaries would be higher, so you still paying out of your taxes. Its no different to someone who works in a shop, gets 10-15% discounts, share of the profits, all paid for by me the customer.

Le_Chuck

taking_stock wrote: »

i'll give an example, someone who worked 10 years and has a preserved pension worth 10/80ths final salary on leaving, which would've been uprated with rpi until the normal pension age and then increased with rpi whilst in payment. that rpi promise is becoming a cpi promise, ergo the preserved benefit is being reduced, or eroded over time.

TBF, that isn't an example of an accrued benefit.

Le_Chuck

cyclonebri1 wrote: »

I worked in engineering for 38 years until I was invalided out.
Same company.
Salary back in the 90's was just under £40K at best
After a few promotions and being staffed my final salary at enforced retirment was just £30K and for that I was the companies chief engineer.
Pension system rules decreed the average of the best 2 years from the previous 10 was £28k and that's what my pension was based on.

And It's a 1/120 scheme, unlike your 1/90 or 1/60 or even 1/45:eek: for doctors/surgeons

Does that explain why "we have little sympathy??

Same is happening in the public sector. Have a final salary pension, but many facing pay cuts due to the ConDem spending cuts, meaning if they don't get back upto their old grade before they retire, they'll have lost pension

Koicarp

Just had a look at buying "added pension" on the nhs scheme. I can buy £5000 extra per year (from age 60) for £78k paid over the next ten years. To make anything over and above the payments in I would have to live beyond 75 years 8 months, which is unlikely because of my family history. Not sure how that stacks up against ppp, stakeholder or avc's but looks a non-starter for me at present.

roysterer

It seems pretty clear to me that there is a complete split between Public Sector and Private Sector workers in this country regarding their pension provision.
What options are available to this current and future governments with regards to funding the Public Sector Pensions in their current format??????
Option 1, Increase taxation and community charges.
Option 2, Increase taxation and community charges and VAT.
Option 3, Increase taxation and community charges and VAT, and dream up some more taxation like the recent increased tax on north sea oil producers (even though this will probably result in Jobs being cut in the oil industry and Producers like BP moving from the north sea).
Option 4, Just carry on borrowing recklessly and let our grandchildren pick up the tab.
Option 5, The Bankers can fund it with their bonuses?? (will it be enough??) I don't think so some how??

So on Thursday when your on strike perhaps you might like to think about how your Pension is going to be funded??????

THE VAST MAJORITY OF PEOPLE IN THIS COUNTRY ARE NOT PREPARED FOR OPTIONS 1, 2, 3, & 4 TO BE APPLIED. AS FOR OPTION 5, THEN WE WILL GO 50-50 BETWEEN PRIVATE AND PUBLIC SECTOR AND HAVE HALF EACH = EVERYONES HAPPY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

The Title of this thread was wellcome to the real world so forget option 5.

Alter_ego

Le_Chuck wrote: »

TBF, that isn't an example of an accrued benefit.

How would you define it then? T&C? Contract?