Public Sector Pension Strikes – A JOKE !

real1314

howee wrote: »

There you go your now accepting you are on a far better crack than the rest of us (at last).

I actually do pay in to a pension scheme (10%), but for a pittance. What gets me is having to subsidise yours grrr

Did you think this conversation would not have come up under Red Ed? God that would have been funny the bottler and the union bully maybe he would have caved in but a future government minus the weakling would have changed the pensions regardles of party.

I actually do think I chose wrong at 20 and should have gone in for extra holidays (aka sickies), PS workers definitely corner that market. I deal with planning departments but never call before 10am as there is never anyone there and if you can't do the job your moved somewhere else but not sacked and of course knowing all your rights and using them to the max is a given (do you ever go back off your lunch 5mins early? or is it forbidden by the unions lol

You've been paying 10% of salary since you were 20 and it's worthless?
How much do you earn?
How old are you?
How much does your emplyer put in, if anything?

ps. I haven't taken a lunch break in the past 3 years, but I've had to show one on my time sheet. :cool:

Backbiter

real1314 wrote: »

If they retire at 60 they will lose over £30k of pension from the age change alone.

So, who else is paying £30k of cold cash towards the deficit?

There's 20 million in the private sector aren't there?

20 million x £30k = £600 billion.

That would clear the deficit.

We clearly are NOT all in it together.

The 30k figure quoted above to illustrate the public sector worker's contribution to paying off the deficit is nowhere near the truth.

A teacher aged 40, with 18 years of service (based on 3 years at Uni + one year post-grad teaching course), would have been looking at (at today's values) a pension of £17500 at age 60, with a lump sum of £52k. (Based on 38 years of contributions of £7.5k a year, the pot would have been £285,000, which with typical growth over that period would yield a pot of £560k, enough to pay a pension of £21k, with spouse benefits (but no lump sum). In reality, as I'm sure people are aware, the money is not invested, so there is no real growth).

The changes mean they will be paying £100 extra a month for the next 26 years, or £31000 more.
Working until 66 will mean they will lose 6 x £17500 of annual pension, or £105,000.
Based on the RPI to CPI change, which will cut the value of their pension by 15%, they can expect to lose (if they live to 86), 15% of 20 x £17500, or 15% of £350,000, which is £52k.

So the 40 year old teacher will contribute, in today's values, £188,000 to paying off the deficit.
Younger teachers will contribute vastly more, some well over £300k.

Starship9

Backbiter wrote: »

...A teacher aged 40, with 18 years of service (based on 3 years at Uni + one year post-grad teaching course), would have been looking at (at today's values) a pension of £17500 at age 60, with a lump sum of £52k. (Based on 38 years of contributions of £7.5k a year, the pot would have been £285,000, which with typical growth over that period would yield a pot of £560k, enough to pay a pension of £21k, with spouse benefits (but no lump sum). In reality, as I'm sure people are aware, the money is not invested, so there is no real growth).....

Is this good or bad - I've lost the plot

I've recently retired from the Civil Service aged 51 with a £17,000 PA pension and a £50,000 tax free lump sum. I'd worked 33 years but had my actuarially reduced pension enhanced as part of the package - I think that cost the Government around £150K on top of the above maybe more ????.

I thought that was a reasonable deal - the chance to be retired for as long as I have worked, as long as I stay reasonably healthy. Or is this sort of thing frowned on these days :undecided

Happy to accept a CPI rather than RPI annual uprating though. I'd be getting zero then 1% for the next few years if I'd stayed in my job :sad:

Moby

howee wrote: »

There you go your now accepting you are on a far better crack than the rest of us (at last).

I actually do pay in to a pension scheme (10%), but for a pittance. What gets me is having to subsidise yours grrr

Did you think this conversation would not have come up under Red Ed? God that would have been funny the bottler and the union bully maybe he would have caved in but a future government minus the weakling would have changed the pensions regardles of party.

I actually do think I chose wrong at 20 and should have gone in for extra holidays (aka sickies), PS workers definitely corner that market. I deal with planning departments but never call before 10am as there is never anyone there and if you can't do the job your moved somewhere else but not sacked and of course knowing all your rights and using them to the max is a given (do you ever go back off your lunch 5mins early? or is it forbidden by the unions lol

Cartoon post probably provoked by wrong life experiences methinks! Howee wind your neck in and don't blame others for not making provisions for your retirement. Its childish! and you made the mistake of not putting all that cash in hand to better purposes;)

sheffield_lad

No bitterness in my post merely a bit of realism,

Yes Michelle there is some generalisation in there, is that better or worse than your posts where you make your pension figures up? oops err shall we move on lol

and if the post is so wide of the mark then why does the private sector steer well clear?

http://www.reedgateway.co.uk/HRC/pages/45.html

Backbiter

Starship9 wrote: »

Is this good or bad - I've lost the plot



Happy to accept a CPI rather than RPI annual uprating though. I'd be getting zero then 1% for the next few years if I'd stayed in my job :sad:

I suppose I should have added in the real-terms pay cut being imposed over the current period, which equates to a cut of 10% for the duration of the pay freeze, and will be followed by a further cut for the following 2 years up to 2015, with 1% rises. As we don't know the inflation rate yet, we can't know the actual pay cut, but taken together over the 4 year period, it's a substantial one.

It will take the 40-year-old teacher's contribution to slashing the deficit to around £200,000, or around £4500 a year for the next 46 years.

It works out at £362 a month. Which is pretty impressive.

The teaching unions should stop moaning.

michelle1506

howee wrote: »

No bitterness in my post merely a bit of realism,

Yes Michelle there is some generalisation in there, is that better or worse than your posts where you make your pension figures up? oops err shall we move on lol

and if the post is so wide of the mark then why does the private sector steer well clear?

http://www.reedgateway.co.uk/HRC/pages/45.html

You talk out of your backside! I can tell you that I have seen SEVERAL people sacked in my 'cushy little number'. Don't appreciate you calling me a liar either! WHAT AN IDIOT!!:mad:

jem16

michelle1506 wrote: »

Don't appreciate you calling me a liar either! WHAT AN IDIOT!!:mad:

Michelle several people have asked you to clarify the situation with regards your pension which you have ignored. This leads to people doubting what you are saying.

Why not answer some of those questions?

J_i_m

I have a distinct feeling this debate is forever doomed to go round in circles.

My conclusion, I can afford to contribute more into my pension and it's not the end of world if I have to work a little longer for it as I doubt I could live on NHS pension alone anyway.

I don't nessacarily see myself still in the public sector later in my working life, the chances are that I won't be physically fit to work on the wards (I suspect I have arthritis and I'm not even 30 yet!) But if I'm mentally fit I'll see what other work I can find.

Old_Slaphead

real1314 wrote: »

A pretty poor attempt to come up with anything really. You seem to be remarkably un-informed on what differentiates the public sector from the private sector. :cool:

If you want to comment on my posting I suggest you look at the question I was responding to and stop being so rude.

I was answering a specific question as to who else contributed hard cash to the deficit. On this occasion I was not seeking to differentiate between public & private sector.