Local government pensions, unions nd scaremongering

Jessikita1983

jem16 wrote: »

I thought you had already decided, after help from this site, that it would be stupid to leave?

http://forums.moneysavingexpert.com/showpost.php?p=47515917&postcount=20

At the moment, as it stands, I will not be leaving the scheme. I received some very good advice with regard to the situation at present.

Mr_K

I don't see anything wrong with the unions leaflet, it is correct and of course biased one way.

You get the same from management, factually correct info biased the other way (e.g. in my work place they're only mentioning pension contribution increases next year, conveniently forgetting to mention the further planned increases the next couple of years after that !)

You have to look at both sides of the argument and come to your own conclusion, which I think most have the intelligence to do.

Jessikita1983

Mr_K wrote: »

I don't see anything wrong with the unions leaflet, it is correct and of course biased one way.

You get the same from management, factually correct info biased the other way (e.g. in my work place they're only mentioning pension contribution increases next year, conveniently forgetting to mention the further planned increases the next couple of years after that !)

You have to look at both sides of the argument and come to your own conclusion, which I think most have the intelligence to do. You would be very surprised. That certainly hasn't been the case in my work place at present. I am seeking the facts to hopefully find out exactly the implications. I am frequently told by older colleagues "You won't get a pension anyway" or "may as well come out of it, it won't be worth anything anyway!"

You get the same from management, factually correct info biased the other way (e.g. in my work place they're only mentioning pension contribution increases next year, conveniently forgetting to mention the further planned increases the next couple of years after that !) That doesn't surprise me lol.

jamesd

Jessikita1983 wrote: »

I am hoping to have a better idea of whether or not the service I work for is being cut by the need of Oct so I think in the short term I will stop overpaying from November payday and save the amount just incase. (overpaying £500 a month now, so will give us another £2500)

Good move to top the overpaying. I didn't start to feel reasonably comfortable until I had a whole year of living expenses in savings.

If you think you won't need the money or or won't need some of it you could use the 8% regular saver for £300 a month from First Direct. The interest rate drops greatly if you take the money out before the one year duration ends but with your timing that should be avoidable.

You'll need a First Direct current account to get that regular saver, open their standard savings account as well to avoid paying the current account fee. the regular saver alone isn't sufficient to avoid it.

The regular saver may be paying more than your mortgage interest rate anyway, so it may make you better off even if nothign bad happens.

Jessikita1983

jamesd wrote: »

Good move to top the overpaying. I didn't start to feel reasonably comfortable until I had a whole year of living expenses in savings.

If you think you won't need the money or or won't need some of it you could use the 8% regular saver for £300 a month from First Direct. The interest rate drops greatly if you take the money out before the one year duration ends but with your timing that should be avoidable.

You'll need a First Direct current account to get that regular saver, open their standard savings account as well to avoid paying the current account fee. the regular saver alone isn't sufficient to avoid it.

The regular saver may be paying more than your mortgage interest rate anyway, so it may make you better off even if nothign bad happens.

Brilliant thanks. 8% does make it worth it. My mortgage interest is 4.1 (overall cost for comparison). I think I will set up that account now/asap.

longleggedhair

Hearing all the scaremongaring litrerature being put out by Unison makes me laugh. Dave Prentis (general secrutary of Unison) is trying to fight for his own pay packet (in excess of £100 k p.a.). And how dare Unison moan about what the government is doing when they CLOSED their pension scheme completely for union staff due to "cost savings" utter hypocracy!!! I would not join a union ever, they just line their own pockets and pass on the remainder to the Labour pary who in turn ruin the country-No thanks.

Haybob

I wonder what terms and conditions we all would be working under without trade unions?

Jessikita1983

Haybob wrote: »

I wonder what terms and conditions we all would be working under without trade unions?

I am in no position to comment one way or another, on this or longleggedhair's post. I do not have enough knowledge on the subject to express an opinion. I do understand though, they have their place.

longleggedhair

Haybob wrote: »

I wonder what terms and conditions we all would be working under without trade unions?

Haybob I do not doubt that Unions have done a great deal for UK workers, however they are now run by people who have a political motive, their members have become secondary.

jamesd

Jessikita1983 wrote: »

My mortgage interest is 4.1 (overall cost for comparison).

That probably includes the initial fee and maybe some termination charge. For comparisons with savings accounts you should use the advertised ongoing main interest rate because you've already paid or committed to the fees and it's just the ongoing bit that you're paying.