Incensed again

sprite1508

no your right, i was mearly going off the comment stated by another posterswhich was................ "Well lets see 50% of my council tax goes towards council pensions, your over generous pension pot is subsidised by the mugs err tax payers including you but unlike you we in private sector land get no benefit"

i dont really know too much about what other people get in their pensions, all i know is ill be paying in far more than ill be getting back (i think), by the time ill be retiring (67 if its up to them) ill have paid in about 39 years worth of contributions to recieve a 8k lump sum, going to request an app with a pension advisor to see if its worth while coming out of it now and putting the money away in an isa or sometihng ?!? lots to find out

ViolaLass

sprite1508 wrote: »

not sure where youv got your figures from, i pay around £150 a month into my nhs pension - have done for 9 yrs, i intended on retiring at 60 - this WOULD have given me around 22k lump sum. What they are proposing is for me now to pay in an extra £760 a yr till im 67 yrs old then recievve a lump sum of around 8k!!

Is this right? Is it really going to make that much difference? (Not arguing with you, just genuinely not sure you've got it right).

dunstonh

As far as I am aware the increase in contributions for public sector workers pensions paid for by public sector workers is not even going in the pension pot, but is going towards paying off the deficit.

Most public sector pensions are paid by the Govt and they work on a money in/money out basis. So if, at the end of the year, the Govt have a deficit then effectively they contributions have gone towards that. If its in surplus, then they form part of the surplus. The Govt in return agrees to pay pensions on a defined benefit basis.

Also the unions realise there is a need to change and adapt, but the sticking point is that the contributions are being raised in the face of a public sector pay freeze, which amounts to a pay cut.

Whereas many in the private sector get pay cuts and pension cuts. Many roles in the public sector need a pay freeze to bring the earnings back down to realistic levels again.

not sure where youv got your figures from, i pay around £150 a month into my nhs pension - have done for 9 yrs, i intended on retiring at 60 - this WOULD have given me around 22k lump sum. What they are proposing is for me now to pay in an extra £760 a yr till im 67 yrs old then recievve a lump sum of around 8k!!

You are not reading it right or have been given duff info. Plus, someone in the private sector would have to pay around £1000pm to get the same level of benefit as you. Plus, that £760 increase is about £590 after tax relief and NI. So, for a £50pm increase at a total cost of £165pm net, you will get a pension that most in the private sector will never get close to.

michelle1506

dunstonh wrote: »

Most public sector pensions are paid by the Govt and they work on a money in/money out basis. So if, at the end of the year, the Govt have a deficit then effectively they contributions have gone towards that. If its in surplus, then they form part of the surplus. The Govt in return agrees to pay pensions on a defined benefit basis.



Whereas many in the private sector get pay cuts and pension cuts. Many roles in the public sector need a pay freeze to bring the earnings back down to realistic levels again.

It still amounts to a pay cut

dunstonh

It still amounts to a pay cut

Welcome to the real world. Maybe if the unions hadnt been so greedy in the credit boom years and we had responsible politicians in place back then who didnt give into the unions demands, you wouldnt be in this position.

sprite1508

ViolaLass wrote: »

Is this right? Is it really going to make that much difference? (Not arguing with you, just genuinely not sure you've got it right).

yea i got a pension calculator thing through my email from unison, put my own age, yrs in service, pay band ect and it works it all out for you .

wish i knoew how to put pics on here coz i could show you

michelle1506

dunstonh wrote: »

Welcome to the real world. Maybe if the unions hadnt been so greedy in the credit boom years and we had responsible politicians in place back then who didnt give into the unions demands, you wouldnt be in this position.

The pay rises have never been up to very much quite honestly! Not quite sure where this is coming from???

michelle1506

Also my pension is not worth very much either!

sprite1508

michelle1506 wrote: »

The pay rises have never been up to very much quite honestly! Not quite sure where this is coming from???

Agreed, in fact iv been on a pay freeze for the last two yrs, now iv got to pay more in to less back?!!! i really do hope i have been given duff info by i doubt it tbh or there wouldnt be this uproar would they

longleggedhair

michelle1506 wrote: »

It still amounts to a pay cut

As others have said you will still get a damn good pension which people in the private sector can only dream of. I hope the gov sticks to their guns. Let the public sector go on strike, it will help reduce the wage bill.

Do you not see what is happening in Greece. God forbid the Labour pary had been elected in 2010 we would be on the roadto becoming another Greece. The present gov is giving us some short term pain, but this will ensure a better future for us and our children.

Bottom line is-if you dont like it in the public srctor, leave. There will be 20 people behind you waiting to take your job.