benefits and public sector pay

Perelandra

chucknorris wrote: »

That is equivalent to a 5% annuity, annuity rates are nowhere near 5%. With spouse benefits and index linked it is nearer 3.53% which takes that 400k up to 565k!

http://www.ft.com/personal-finance/annuity-table

EDIT: There is also the death in service benefit I think that it is 3 times your salary, although I must admit that I don't put much weight on benefits that I have to die in order to gain from.

Plus the fact that it is guaranteed is advatageous! Rather than having to rely on investments/funds performing.

Oh, agree on the guaranteed part, as I said, I'd rather have that.

Okay, rechurning the numbers gives a total-career contribution figure of 25%, so 18% needed from the employer to be comparable. The employer contribution for the just-five-years-at-start-of-career person would need employer contribution of 10% to be comparable.

Okay, it's getting more generous now...

Death-in-service benefit comes with most occupational pensions, I think. My own employer does 4x, and my first was also 3x.

EDIT: When I was working for Mars, they gave contributions of up to 18%, 12% of which was index linked. I believe that this pension is still open to new employees there... so not so bad!

chucknorris

Perelandra wrote: »

Oh, agree on the guaranteed part, as I said, I'd rather have that.

Okay, rechurning the numbers gives a total-career contribution figure of 25%, so 18% needed from the employer to be comparable. The employer contribution for the just-five-years-at-start-of-career person would need employer contribution of 10% to be comparable.

Okay, it's getting more generous now...

Death-in-service benefit comes with most occupational pensions, I think. My own employer does 4x, and my first was also 3x.

Also don't underestimate the value of the additional pension, I am buying 5.6k for less than 77k, and it is indexed until retirement, so it retains the 5.6k value. I just wish that I could buy a lot more, I can buy some more due to the fact that that 5.6k was the max 2 years ago, it is about to be increased to 6k because of inflation.

Perelandra

I'm guessing that the additional pension benefit will also greatly favour those who pay in towards the end of their careers, rather than at the start- yes, 77k for 5.6k is a good price...

I need to get me a public sector job for my last 5 years in work!

Thanks for the information.

Moby

The_White_Horse wrote: »

i presume you are a public sector worker. why is it stupid to pay people what you have received in income rather than billions more????

this is your typical ignorant lefty moron with no idea on how things work.

they think it all falls from the magic money tree.

I'm a public sector worker and have had my salary frozen for the last three years. I chose my career as a 'vocation'. I had certain values and believed I was contributing towards improving society. When I see posts like this from people with your 'values' I realize how long the journey will be for many of us.:(

Moby

The_White_Horse wrote: »

you seem to still miss the point - if there is no money, there is no money. why do the employers think they can just keep borrowing to fund the madness.

they all need to be paid less. if they don't like it, work in the private sector. it is that simple.

why on earth should benefit claimants get a bigger "pay rise" than those actually working???

the public sector needs to realise it is funded by the private sector and taxes raised from the private sector (tax on the public sector is just a shame, paying lip service to them to make them feel important - empowering them they call it) and if only £x is raised, you can't be paid £y - no matter how much you cry and rant and stamp your little public sector feet.

look at the teachers - about to go on strike again for yet more money. so predictible.

You really are such an idiot. You spout anger and hate towards people that defend the fabric of the country for the rest of the community. Its easy to post such rubbish though I suppose...when its anonymous!

[Deleted User]

The_White_Horse wrote: »

why can't they just be adjusted monthly in accordance with how much money the govt had. Like most businesses, if they are losing money each month, they will cut peoples pay, or sack people.

as for layabout benefit claimants, who cares. you get what you are given. beggars can't be choosers and these people are indeed beggars.

so, there you have it, radical thoughts. you pay out what you have. not billions more. easy.

!!!!!!, there is no '!!!!' smiles

Linda_D_2

The_White_Horse wrote: »

as for layabout benefit claimants, who cares. you get what you are given. beggars can't be choosers and these people are indeed beggars.

And who is the biggest benefit beggar of them all?

Yes it's white horse with his...


GIVE ME CHILD BENEFITS!!! NOW NOW NOW NOW!!! *CRIES*

PaulF81

Moby wrote: »

You really are such an idiot. You spout anger and hate towards people that defend the fabric of the country for the rest of the community. Its easy to post such rubbish though I suppose...when its anonymous!

Pretty happy to go on strike tho aren't they?

ILW

Moby wrote: »

You really are such an idiot. You spout anger and hate towards people that defend the fabric of the country for the rest of the community. Its easy to post such rubbish though I suppose...when its anonymous!

Have you seen the amount of people sitting in Whitehall keeping seats warm, doing nothing for the commuinity?

Moby

ILW wrote: »

Have you seen the amount of people sitting in Whitehall keeping seats warm, doing nothing for the commuinity?

So we all get tarred with the same brush then? Is that the level of insight we have on here?