Local government pensions, unions nd scaremongering

Jessikita1983

jamesd wrote: »

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.

Thanks. I have tapped the figues in Martin's "overpay or save" calculator, and I am better off with the savings account. I currently get £5 a month off Halifax for their current account. But by swapping to First Direct, it does "buy" me £10 months as I should qualify for their £100.

Do you know if First Direct are a member of the faster payments service? I looked on their website but couldn't see.

jamesd

Yes, First Direct use Faster payments for sending and receiving and have a £10,000 per customer outbound daily limit. Transfer in and out typically take a few seconds, usually completing before I can log in to check.

Andy_L

longleggedhair wrote: »

and pass on the remainder to the Labour pary who in turn ruin the country-No thanks.

Except of course for all those Unions that don't make a contribution to the Labour party

longleggedhair

Andy_L wrote: »

Except of course for all those Unions that don't make a contribution to the Labour party

If you read the post accurately you will see I was refering to UNISON, who are one of the largest donors to Labour.

Andy_L

longleggedhair wrote: »

If you read the post accurately you will see I was refering to UNISON, who are one of the largest donors to Labour.

"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. "

Looks like that refers to all Unions, not just Unison. Feel free to edit it to say "I would not join Unison ever.." (although shouldn't that be "I would never join Unison" as your then referring to only one Union rather than them all?) and thus avoid any confusion over what you mean

longleggedhair

Andy_L wrote: »

"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. "

Looks like that refers to all Unions, not just Unison. Feel free to edit it to say "I would not join Unison ever.." (although shouldn't that be "I would never join Unison" as your then referring to only one Union rather than them all?) and thus avoid any confusion over what you mean

You must lead a very boring life

Andy_L

longleggedhair wrote: »

You must lead a very boring life

Ah, personal abuse

browneyedbazzi

I know i've joined this late, but wanted to add that the unions (GMB and Unison) in my workplace are trumpeting about pension contributions doubling too - apparently they've come to this conclusion because the proposals are for the average increase to be 3% of salary but that the exemption for people earning less than £15k will have to be made up by those earning more. So some people will pay no more, some will pay 50% more and higher earners (various figures have been bandied about but the most recent was those on more than £22k) will pay double to make an average 50% increase.

I too am trying to read as much as I can and to filter out as much of the spin from either side as possible to properly understand the position!

Jessikita1983

browneyedbazzi wrote: »

I know i've joined this late, but wanted to add that the unions (GMB and Unison) in my workplace are trumpeting about pension contributions doubling too - apparently they've come to this conclusion because the proposals are for the average increase to be 3% of salary but that the exemption for people earning less than £15k will have to be made up by those earning more. So some people will pay no more, some will pay 50% more and higher earners (various figures have been bandied about but the most recent was those on more than £22k) will pay double to make an average 50% increase.

I too am trying to read as much as I can and to filter out as much of the spin from either side as possible to properly understand the position!

We have both GMB and Unison at my workplace too.

The links another poster provided near the beginning of the thread were the most useful ones on the proposals. They were a bit more factual.

I really don't have an opinion on Unions one way or another to be honest. Hence why I have kept out of the debate, I can't really offer anything useful.

jamesd

browneyedbazzi wrote: »

the exemption for people earning less than £15k will have to be made up by those earning more. So some people will pay no more, some will pay 50% more and higher earners (various figures have been bandied about but the most recent was those on more than £22k) will pay double to make an average 50% increase.

That's not too badly wrong if you're one of the few high flyers, but I doubt it'll be anything remotely close to doubling. For the high flyers the cost will be reduced pension more than higher contributions, because the switch to career average will reduce the benefit of their years at high pay levels boosting the pension they get for their earlier lower income levels.

browneyedbazzi wrote: »

I too am trying to read as much as I can and to filter out as much of the spin from either side as possible to properly understand the position!

My personal take is that it's a good thing to avoid paying high flyers pension for lots of years at lower salaries as if they were at high salaries all of their career. I think that's more fair to the majority of scheme members.

I can understand high flyers disliking it. Fortunately they will have higher incomes so can use personal pension contributions just like those in the private sector to boost their pension income.

This still leaves the general increase in contributions and later retirement ages but that's just paying for increased longevity and splitting that cost between employer and employees. Beats not having increased longevity.