Public sector wellcome to the real world

sharnad

toshy wrote: »

I am a woman and in 2008 I was in my late 50's, I now have to work to 65 to receive my full pension. The current talks are about this being raised even higher.

Im having to work until im 68 Im sure I will have lost my marbles by then and wont have a clue what I am doing

toshy

Old_Slaphead wrote: »

Let's do the maths again please.

Would you explain to me, as a member of the teaching support staff (presumably on a lower salary than a teacher ??), how you arrive at a figure of £81900 in contributions over 40odd years.

By my rough calcs - not knowing exact wage figures, I would have reckoned it's much closer to £20,000 and, given that you get £10,000 back tax free, your £7200pa is provided at a minimal cost to yourself.

My monthly contribution to my pension is currently £168 per month, the % we have to pay was increased in 2008
I will be working for a minimum of a further 5 years
My annual contribution has never been less than £428 p.a even in the first years
I have been working in the public sector since 1966
The lump sum is taxable if I choose to take it.
In 2008 I, like many other public sector workers chose to make additional AVC's on top of my % pension contribution in order to keep my pension at around £7,000 p.a.

Uglymug

sharnad wrote: »

You would need to be a higher office in charge of over a hundred people to get that for your pension

A £3000 pound a year index linked pension is worth about £100000
A £6000 pound a year index linked pension is worth about £200000
A £9000 pound a year index linked pension is worth about £300000

etc etc

toshy

sharnad wrote: »

Im having to work until im 68 Im sure I will have lost my marbles by then and wont have a clue what I am doing

I'll be joining you as I had to extend my mortgage term to keep up the repayments and now need to work till I'm 71!

Uglymug

sharnad wrote: »

You would need to be a higher office in charge of over a hundred people to get that for your pension

I don't know what teachers are on, say their final salary was £30,000 a year. After 40 years they probably get a £20,000 per year index linked pension.

This pension is worth about £666,666!!!!! (2 thirds of a million pounds)

sharnad

Uglymug wrote: »

I don't know what teachers are on, say their final salary was £30,000 a year. After 40 years they probably get a £20,000 per year index linked pension.

This pension is worth about £666,666!!!!! (2 thirds of a million pounds)

Thought this post is about public sector workers not just teachers

Uglymug

sharnad wrote: »

Thought this post is about public sector workers not just teachers

Sorry, only mentioned teacher in one post as an example - I've reworded:

I don't know what public sector workers are on, say their final salary was £30,000 a year. After 40 years they probably get a £20,000 per year index linked pension.

This pension is worth about £666,666!!!!! (2 thirds of a million pounds)

sharnad

Uglymug wrote: »

A £3000 pound a year index linked pension is worth about £100000
A £6000 pound a year index linked pension is worth about £200000
A £9000 pound a year index linked pension is worth about £300000

etc etc

they are linked to the CPI arent they

toshy

sharnad wrote: »

Is she is on £900 a month take home pay and worked 40/80 and retired at 68 she would have to live until she is 101.

You really think that every public sector worked is going to live until 100

My pension is worth £600 a month, I will get £400 a month government pension. Yes I no longer will pay NI or pension contributions but this will not affect my nett income and I will be taxed.
I WILL however be marginally better off in retirement than when working, so this only re-inforces my original argument about low salaries in the public sector. Pay us a better salary to enable us to make effective private pension arrangements and all this arguing will not be necessary!!

sharnad

Im really going to have to get my pension statement out to look at what I am worth in my old age