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Secret Steal Of Our NI Contributions
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Whereas in the private sector, 1/60th final salary schemes, which the employer needs to contribute around 30%+ of pay to, have generally been replaced by money purchase schemes where they contribute about 10%. They should try that in the public sector and really give them something to whinge about.Thrugelmir wrote: »Most of the public sector are facing increasing pension contributions. April 2013 sees year 2 of 3 years of rises. At a time when basic pay is frozen ((now until March 2016). So there is a slow squeeze on public sector pay.
There's more happening as well. Hence why the PCS union held a strike on Budget Day.
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Whereas in the private sector, 1/60th final salary schemes, which the employer needs to contribute around 30%+ of pay to, have generally been replaced by money purchase schemes where they contribute about 10%. They should try that in the public sector and really give them something to whinge about.
Many smaller final salary schemes closed when Brown removed the dividend tax credit. The funding of schemes became totally unaffordable.
The remaining schemes are still heavily in deficit. So whether some people will ever see there pensions is questionable.0 -
During the 1990s share price boom, my employer helped itself to a pension payment holiday.
My employer no longer exists. Fortunately the pension fund still does - for the present.
Any Civil Servants want to swap places?0 -
John_Pierpoint wrote: »During the 1990s share price boom, my employer helped itself to a pension payment holiday.
Browns judgement was that share prices would continue to rise. Overlooking the fact its dividends that provide the majority of the return not the share price. An undisputed fact since records begun.0 -
Whereas in the private sector, 1/60th final salary schemes, which the employer needs to contribute around 30%+ of pay to, have generally been replaced by money purchase schemes where they contribute about 10%. They should try that in the public sector and really give them something to whinge about.
You appear to have a real downer on public sector workers?
Final Salary Pensions are being phased out of the public sector from 2015 not just for new staff but for existing staff (apart from some who are close to retirement). The civil service did this almost a decade ago.
With the exception of the LGPS, the problems have been created by successive Governments treating pensions in a different way to the private sector for their own convenience. They could not be bothered to establish and manage a proper pension fund and funded pensions from revenue.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
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Thrugelmir wrote: »Many smaller final salary schemes closed when Brown removed the dividend tax credit. The funding of schemes became totally unaffordable.
The remaining schemes are still heavily in deficit. So whether some people will ever see there pensions is questionable.
Many final salary schemes closed as a result of the government action in the 1980s to force them to stop contributing to the pension fund so that more tax was paid.
When the bad times came they had insufficient reserves.0 -
With the exception of the LGPS, the problems have been created by successive Governments treating pensions in a different way to the private sector for their own convenience. They could not be bothered to establish and manage a proper pension fund and funded pensions from revenue.
I don't think convenience comes into they just couldn't afford the disruption to cash flow."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
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You appear to have a real downer on public sector workers?
Final Salary Pensions are being phased out of the public sector from 2015 not just for new staff but for existing staff (apart from some who are close to retirement). The civil service did this almost a decade ago.
NHS scheme was already being downgraded under the previous government IIRC, the 2008 scheme. This has further been degraded and increased contributions required, under this government.
Staff contribution rates of up to 10%"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0
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