Translink/Metro Strike 30th November

starnight_2

From what I understand as part of the pension reforms the government wants everyone in a job to have some sort of pension scheme.

A.L.D.A

starnight wrote: »

From what I understand as part of the pension reforms the government wants everyone in a job to have some sort of pension scheme.

Yes that is what the intention is.

I must say it would not fill me with great enthusiasm if I was twenty. I am going to be lodging money in for the next 45+ years in a period when we are likely to run short of oil, copper, etc and with a world population of what exactly? If we manage to get through the current economic mess we will be hitting buffer after buffer. The next 50 years is unlikely to be as stable as the last. I seriously doubt they will see their pension ( or the value of what they invested) unless they themselves control it.

Snoozle

saverbuyer wrote: »

It really baffles me sometime how people either just don't get it or refuse to even attempt to.

Where do you think this money ultimately comes from? Where does the government get the money to pay the public sector wages so the workers give the government a little of this back in the form of tax/VAT?

All this come from either borrowing or THE PRIVATE SECTOR.

It isn't that I don't get it, or refuse to attempt to get it, I just think it is nowhere near as clear cut as 'private sector pays the public sector wages' because to a certain extent its a chicken and egg situation.

As it happens, I would never argue that the public sector does not need to reform, because clearly it does, the inefficiency in some areas is truly shocking. But I don't personally think that pensions are the right target for the general public's anger. Firstly, they are part of an employee's overall salary package, so if you are that employee it is perfectly understandable that you would feel aggrieved if the terms are changed after you have already paid many years contributions. And secondly, there is no one overall 'public sector' pension, and whilst some of them are exceptionally generous, others are not. My OH is a civil servant (who as it happens did not go on strike on Wednesday) and a friend was moaning to him last week about his pension being 'far above the market rate'. When we actually compared figures, it turned out that her company pension, in the private sector, is much more generous than his public sector pension. And even if his pension was 'above the market rate' (which it isn't) his salary for the job he does (its not an admin role, I think they call it a professional paygrade or something like that) is undoubtedly far below the market rate, but she didn't see anything wrong with that strangely enough.

NAR

saverbuyer wrote: »

I would suggest it's incumbent on all to save towards their retirement.

True, any chance of answering the question?

saverbuyer

NAR wrote: »

True, any chance of answering the question?

Sorry, in the private sector the figures are 40% of men and 30% of woman have a pension. In the public sector it is roughly 85% have a pension. But the difference is the public sector figure is for salary linked pensions, in the private sector only 12% are salary linked.

Salary linked also known as final salary.

BigAl94

This is well worth a read, strikers take note!!!

http://www.thisismoney.co.uk/money/pensions/article-2068056/Public-sector-workers-pensions-worth-20-times-value-contributions.html

steveymp

saverbuyer wrote: »

Sorry, in the private sector the figures are 40% of men and 30% of woman have a pension. In the public sector it is roughly 85% have a pension. But the difference is the public sector figure is for salary linked pensions, in the private sector only 12% are salary linked.

Salary linked also known as final salary.

When I started 21 years ago in the health service, my first pay slip had superannuation subtracted from it automatically, that was a percentage of a very poor wage taken from me automatically, a deferred payment towards a pension if you like. My friends who had all completed University degrees laughed at me when they heard what I was paid, telling me they wouldn't get out of bed for that wage and boasting about their wages and bonuses.

I as a public servant doing a worthwhile public service persevered in my occupation and crawled, fought, worked and studied my way up to become a specialist in my field of expertise, 1 of only 2 in Northern Ireland at present.

As time passed and grades were attained, my pay has improved, but I am still a band lower than my counterparts in the rest of the UK

Is it my fault that I have a final salary pension, is it my fault that it is in my contract, is it my fault that the casino bankers have bankrupted the country with their greed yet still get top wage, bonuses and pensions that could fund a hospital

Final salary pensions may not be affordable now due to all this, even thou the NHS pension fund actually runs at a profit every year, something Cameron has forgotten to tell anyone. If so then do what private industry did, the likes of British Airways closed their final salary scheme to NEW ENTRANTS, but anyone who had paid in should be entitled to what they signed up for. I have 21 years paid, should that count for nothing, I have a contract of employment, should that be torn up.

Close the scheme buy all means and replace it with something else, but don't shaft the existing people on it is all we are asking.

I know you will come back with more smart answers, and to be honest I am sick of hearing how grateful I should be to you because you pay my wage (insert rolly eyes) but every story has 2 sides to it after all.

Snoozle

saverbuyer wrote: »

Sorry, in the private sector the figures are 40% of men and 30% of woman have a pension. In the public sector it is roughly 85% have a pension. But the difference is the public sector figure is for salary linked pensions, in the private sector only 12% are salary linked.

Salary linked also known as final salary.

Public sector pensions are salary linked, but are not necessarily final salary pensions. I obviously can't comment on all public sector pensions, but I know that my husband's is not final salary, it is a career average salary, and since starting salaries in the public sector tend to be low, this makes a big difference. He has almost ten years service behind him, so I'm guessing there is a strong possibility that anyone who joined the public sector in the last ten years does not have a final salary pension. As I say, I'm just taking a guess here, but I thought it worth mentioning, because I do feel that there is a lot of incorrect assumptions made about how generous the pensions are.

saverbuyer

steveymp wrote: »

When I started 21 years ago in the health service, my first pay slip had superannuation subtracted from it automatically, that was a percentage of a very poor wage taken from me automatically, a deferred payment towards a pension if you like. My friends who had all completed University degrees laughed at me when they heard what I was paid, telling me they wouldn't get out of bed for that wage and boasting about their wages and bonuses.

I as a public servant doing a worthwhile public service persevered in my occupation and crawled, fought, worked and studied my way up to become a specialist in my field of expertise, 1 of only 2 in Northern Ireland at present.

As time passed and grades were attained, my pay has improved, but I am still a band lower than my counterparts in the rest of the UK

Is it my fault that I have a final salary pension, is it my fault that it is in my contract, is it my fault that the casino bankers have bankrupted the country with their greed yet still get top wage, bonuses and pensions that could fund a hospital

Final salary pensions may not be affordable now due to all this, even thou the NHS pension fund actually runs at a profit every year, something Cameron has forgotten to tell anyone. If so then do what private industry did, the likes of British Airways closed their final salary scheme to NEW ENTRANTS, but anyone who had paid in should be entitled to what they signed up for. I have 21 years paid, should that count for nothing, I have a contract of employment, should that be torn up.

Close the scheme buy all means and replace it with something else, but don't shaft the existing people on it is all we are asking.

I know you will come back with more smart answers, and to be honest I am sick of hearing how grateful I should be to you because you pay my wage (insert rolly eyes) but every story has 2 sides to it after all.

Absolutely self-centred, filled with falsehoods and rhetoric. Shouting the "it was the bankers that done it" line is getting tired. The NHS and every other public sector pension scheme is not
self-funding so does not run at a "profit", besides life expectancy is increasing this is where the problem lies.

Oh and while you were getting your RPI pay rises every year resulting in you getting paid more than your private sector friends those same friends (because they do not have a virtually unsackable position) will be lucky is they have but still have to pay taxes to pay for YOUR pension.

Typical entitlement crap. Me me me me me.

steveymp

saverbuyer wrote: »

Absolutely self-centred, filled with falsehoods and rhetoric. Shouting the "it was the bankers that done it" line is getting tired. The NHS and every other public sector pension scheme is not
self-funding so does not run at a "profit", besides life expectancy is increasing this is where the problem lies.

Oh and while you were getting your RPI pay rises every year resulting in you getting paid more than your private sector friends those same friends (because they do not have a virtually unsackable position) will be lucky is they have but still have to pay taxes to pay for YOUR pension.

Typical entitlement crap. Me me me me me.

:rotfl:is really all I can say

RPI pay rises ? I am in the second year of a pay freeze which is a 5% pay cut due to inflation and we have been promised a maximum 1% pay rise over the following 2 years. I would love an RPI pay rise, since I'm so self centered after all but Uncle David will not give us one

You my friend are a very angry "Keyboard Warrior" I would get help for that, just make sure you identify yourself to the health service staff when you come to hospital so as you can get the "Special treatment" :rotfl: