Should I withdraw from Public Pension Scheme

BobQ

atush wrote: »

It is fair and not fradualent.

It is keeping your daughter in the style to which she has become accusotmed to rather than tossing her out as unaffordable. And right this may be as I am sure her work for the country is worthwhile.

But as she and her co-hort are living many years longer than yours, and for the last decade or so have not been underpaid as they were in the past, it is better to have a few changes and keep as many as possible in their jobs. If we dont, it could be sacking all round as in Greece.

If your daughter is a fat cat at the top in management, she may be worse off than before, but career average is better for the rank and file who don't end up their working lives in the top tier but go up quickly then stay at plateau. And they go from one year/80ths to one year/60ths.

We value public sector workers, but need to keep their total remuneration incl pensions affordable so as to keep as many of them working as possible.

Sarcasm is the lowest form of wit!

Just_landed

Should I withdraw from Public Pension Scheme

YES

BobQ

oldwiring wrote: »

A bit OT, and I am not directly concerned, just interested, as my married daughter works for a county council.
Will benefits earned so far under the exiting scheme be protected with only those earned after the introduction of the new subject to career averaging?

I hope so as anything else seems unfair, if not fraudulent.

What has happened is that before the election the Tory and LibDems promised that the value of accrued pensions before the changes would continue to be index linked. What they never said until after the election was that this would be against the lower index CPI and not RPI, an issue that is currenty undergoing a judicial review.

The answer to your question depends on your view of this change.

Over time CPI indexation reduces the accrued value of pensions compared with RPI, but some would see this as fair.

The case that it is not fair is partly based on the fact that for years (until the last election) the information given to scheme members and in scheme rules talked of indexation against RPI or more generally of being indexed against general price iinflation.

Some would see the change made as a clever move by the Government, others will view as deceitful. Whatever your opinion, if a private pension provider had said RPI and then changed to CPI they would be accused of misselling.

BobQ

Just_landed wrote: »

Should I withdraw from Public Pension Scheme

YES

And the basis of this crass advice is ? General ignorance?

CannySaver_2

Just_landed wrote: »

Should I withdraw from Public Pension Scheme

YES

Care to explain this in depth and well considered piece of advice?

Meeper

To be fair, he has "Just Landed". Presumably from Mars.

atush

BobQ wrote: »

Sarcasm is the lowest form of wit!

You are the one being sarcastic, I was saying what I meant.

We need Public sector workers in their jobs (but maybe not so many expensive paper pushers? Quangos?) and we want to keep them there- as many as possible. And they deserve a pension. Just maybe not as generous as before, but pensions built up before any changes will remain as they are.

If you don't want to keep public sector workers working, fine. I like my kid's teachers, and my GP. Nto so sure about the dentist though, as he has made me go private.

atush

Meeper wrote: »

To be fair, he has "Just Landed". Presumably from Mars.

Probably. And i guess he doesn't value the public sector.

I think the pensions are still a good deal going forwards, and the OP should stay in. Things may be tight now, but they never seen to get 'easier' so a temporary opt out could become long term to the OP's detriment.

hugheskevi

Not so sure about the dentist though, as he has made me go private.

That sounds like a good thing.

Whereas your dentist was previously an overpaid, overpensioned burden on society who was supported only on the backs of productive workers of the private sector, your dentist has now become one of the productive class supporting public sector workers.*

You should be grateful

*crudely, and selectively, drawing on arguments made in posts on other threads.

atush

He kept the kids on as NHS patients, and dumped all the adults pateients int he practice into private. Luckily I have good teeth so not costing me much but I guess I should shop for an NHS one locally. And he was 'supporting public sector' with the money he earned on my teeth when he was treating me NHS lol. Bet you he has a nice little NHS pension going and a private one alongside. Talk about a double dipper lol.

But at least the boys are still treated free.