worst pension ever

FatherAbraham

whitesatin wrote: »

I taught for years and am now in receipt of my pension, which I took when I was 57. I knew very little about the scheme as it wasn't the focus of my working life. I taught students with special educational needs and all my efforts went into that. I left teaching early as I felt that I no longer had the energy required to be on top form. Most teachers I worked with were the same, no real interest/appreciation of what pension they would receive.

That's precisely why it's so stupid that the rest of us are funding your excessively generous pensions, whilst starving ourselves to try get some kind of income retirement -- you guys don't even appreciate it, or consider it when deciding to become teachers.

I'll vote for any party which will terminate further defined-benefits accruals for teachers, civil servants, local-government employees and health-service workers immediately. You should all be moved to defined-contribution personal pensions like the rest of us.

Warnest regards,
FA

JoeCrystal

Actually, I think that all public pension schemes become only DC eventually but in very long term. After all, the cost of providing higher living standards for the general public who no longer bother to save in pension scheme would be much higher. Enrollment into pension scheme will become compulsory and at a much higher contribution level to stave off a potential time bomb.

The reading of statistics of people is very depressing.

A survey by Blackrock found that while young people expected to retire on a pension of £30,000 per year (Is that even just dreaming the income up or there is lot of young people actually getting that income?), only one in ten were actively saving towards a pension. Given that one in four 21 year olds can now expect to live to 100 – according to recent ONS figures - this would require them to build up a pension pot of at least £600,000, assuming they retired at age 67. Source

Cheers,
Joe

tony4147

FatherAbraham wrote: »

That's precisely why it's so stupid that the rest of us are funding your excessively generous pensions, whilst starving ourselves to try get some kind of income retirement -- you guys don't even appreciate it, or consider it when deciding to become teachers.

I'll vote for any party which will terminate further defined-benefits accruals for teachers, civil servants, local-government employees and health-service workers immediately. You should all be moved to defined-contribution personal pensions like the rest of us.

Warnest regards,
FA

Couldn't agree more, think they need to get in the real world, when you pay contributions into a pot and haven't got a clue as to what you will eventually get.

GillyR-J

tony4147 wrote: »

Couldn't agree more, think they need to get in the real world, when you pay contributions into a pot and haven't got a clue as to what you will eventually get.

Like everything these days it is easy enough to find out! The TPS can give you an online prediction of both the final teachers pension you can expect and also your likely state benefits.
Also every teacher should, providing they keep the TPS up to date with their details, receive an annual statement of accrued benefits.
It really isn't that difficult!

tony4147

GillyR-J wrote: »

Like everything these days it is easy enough to find out! The TPS can give you an online prediction of both the final teachers pension you can expect and also your likely state benefits.
Also every teacher should, providing they keep the TPS up to date with their details, receive an annual statement of accrued benefits.
It really isn't that difficult!

I think you missed my point, I'm in the private sector, I don't know what I will get, unlike the public sector.

BristolBob

bigadaj wrote: »

As a taxpayer I would fully encourage you to opt out of the teachers scheme, it will be costing me and everyone else significant amounts in years to come.

I thought the changes planned and introduced means that it will become affordable in the long term...

FatherAbraham

whitesatin wrote: »

My point was, really, that some people are not that into money or planning for the future. I know it sounds difficult to believe but it is true. I suppose I just, kind of, assumed that I would get what I deserved, which was true. The goal posts have moved and there is more emphasis on planning for the future therefore people are looking at it more closely.

Anyway, I have made my contribution to this thread now.

Given the statement in bold, the main contribution seems to have been trying to start a flame war.

Warmest regards,
FA

GillyR-J

tony4147 wrote: »

I think you missed my point, I'm in the private sector, I don't know what I will get, unlike the public sector.

My DH has always been in the private sector but we have a pretty good idea of what he will get when he retires.

N1AK

rob404uk wrote: »

I would still be a teacher if I had to pay 20%, but really in my eyes it is a stealthy pay cut.

It is effectively a stealth pay-cut. But then such good pension provisions were effectively stealth pay to begin with it's swings and roundabouts.

I agree with the changes being made, but can sympathise with you for the comparatively vast change in retirement age. However, that's not only a teacher issue, most people are expecting to work considerably longer now.

tony4147

GillyR-J wrote: »

My DH has always been in the private sector but we have a pretty good idea of what he will get when he retires.

Yes there are projections etc, but if the stock market crashes so does the pension value.

Something like the TPS / public sector is like gold, unfortunately Teachers / public sector don't seem to understand that when they get asked to contribute more.

Personally I think it's about time they started to appreciate what they have got instead of moaning to the rest of us who are contributing to THEIR pension.