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Public Sector Pension Strikes – A JOKE !
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I'm a public sector worker who will be retiring (according to the pension forecast I got last year and depending on me retiring at 63) with a pension of £5000 after 40 years service - hardly gold plated.
Yes there are sections of the public sector who will get a large pension, namely senior civil servants, senior health service workers, senior teachers but for someone like me who is at the lower end of the scale it is not that generous.
As someone previously stated, it's only partly to do with money. The fact is many of us signed a civil service contract with the promise of a final salary pension. Government is now trying to change that - that is why the majority of those who voted, voted for strike action.0 -
The fact is many of us signed a civil service contract with the promise of a final salary pension.
If that is fully honoured (ie, the scheme and contribution rate you pay are the same throughout all employment as when you joined), then one of a few different outcomes could happen:- Public sector workers relative to private sector have high pension and low salary within their overall remuneration, but overall their remuneration package is consistent with remuneration in private sector for similar skillsets
- As above, but public sector are remunerated at levels above private sector for similar skillsets.
- Different contracts are used for different entrants. People doing identical jobs receive significantly different total remuneration depending on when they joined. DB pensions are of most value to older employers, who would benefit from this, further increasing the differential.
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http://highpaycommission.co.uk/wp-content/uploads/2011/08/HPC-DPpensions.pdf
I find this a joke myself. WOuld members of the innovate private sector realise that the benefit reductions that they have seen have not been universally shared by their directors and bosses above.0 -
2gorgeousgirls wrote: »The fact is many of us signed a civil service contract with the promise of a final salary pension.
As did many of us in the private sector. Wake up and smell the coffee. If you don't like it, get another job.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
1) The figures are incorrect – They’re close enough.
2) They’re on a 1/80ths scheme - Oh dear they might have to take a slight drop in income when they retire compared to when they worked.
Whoo hoo!
can you give me 30/60ths of £50k, and I'll give you 30/80ths of £50k?
It's close enough ain't it?
More mindless debate on pensions. It's always quite obvious it's the low paid (under £25k) who are most irate about this issue; which is ironic really. :cool:0 -
!!!!!!_here wrote: »As did many of us in the private sector. Wake up and smell the coffee. If you don't like it, get another job.
Hmm, yes. You could just as easily suggest a private sector worker should go get a public job if they don't like their private sector pension.
The debate in general is largely nonsense.:www: Progress Report :www:
Offer accepted: £107'000
Deposit: £23'000
Mortgage approved for: £84'000
Exchanged: 2/3/16
:T ... complete on 9/3/16 ... :T0 -
Funny that every union except one got a clear yes to strike action.
The suprising votes were from the Head Teachers Union and the Senior Civil Servants Union. This government better wake up and smell the coffee or they will be trying to draw unemployment benefit come the next election! :T0 -
One of the key problems is the quality of the people on the goverment side.
Alexander says things which are plainly wrong. No government can impose a policy on a subsequent government but he has claimed the deal will last for 25 years and no further changes will be required.
Osborne has destroyed trust by the change from RPI to CPI which should have been one of the bargaining counters now in use. After all, it is possible (though unlikely) that change will be overturned by the legal challenge. I think it is quite likely that for at least one small special group it will be overturned. So how can anyone do any reliable calculations at present? Osborne has zero tactical ability - as well as being innumerate.
Note - I do think the cost of public sector pensions needs reducing. But the current approach to the problem is just so poor.0 -
It’s absolutely ludicrous that they’re going on strike because they’re expected to pay a bit more, or work a bit longer, or receive a bit less.
1. Their contributions will rise 50%. Around £100 a month more for the average teacher.
2. Their working life will be extended 8 years.
3. Their pension is being cut by around 15% by the change from RPI to CPI.
4. Their final salary scheme is being replaced by a career average scheme.
If you are a teacher around 30 years old, these changes will cost you over £300,000. Now you may think £100 a month is a 'bit'. You might think working an extra 8 years is a bit longer. You might think a 15% cut in the value of your pension is a bit of a reduction. And you might think £300000 is a just bit of a money.
The people on the receiving end of this attack on their T & Cs of employment do not appear to share your perspective.0 -
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