worst pension ever

jem16

GillyR-J wrote: »

Equally there are women sat in school staff rooms now in their late fifties who expected to retire at 60 and are embittered that they must work on until they are 67.

They shouldn't be. Anyone who was 50 or over in April 2012 will stay on the current final salary scheme with a normal retirement date of 60.

opinions4u

rob404uk wrote: »

Everyone here Must read the sun

You're the one who put a stupid headline on the thread.

Thicko2

12.3% contribution rate for me this month.

One more year off rises to go.

It will be interesting when we get to career average, does the argument for differential contribution rates based on earnings disappear? Logically it should do for future service.

If there are any lucky private sector posters left on here with a final salary scheme i would be interested to know your contribution rates?

bigadaj

BristolBob wrote: »

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

It becomes less expensive, not necessarily affordable.

Ultimately we all take our choices in life and should take responsibility for those choices. The OP s post was either ignorant or provocative, and so has provoked a strong response from many.

Objectively we need to look at this in totality, and I'm therefore strongly in favour of quoting all remuneration as a total package. So if there is lower pay In the public sector the this can be be balanced by better pensions and other terms and conditions.

One of the main problems is that the nations wealth hasn't been spread evenly or fairly from many perspectives, of which the baby boom generation are a prime example.

jem16

Thicko2 wrote: »

12.3% contribution rate for me this month.

The highest is 11.2%. Are you sure?

Thicko2

Hi Jen

Yes, i work in the NHS.

JoeCrystal

Thicko2 wrote: »

Hi Jen

Yes, i work in the NHS.

But then, Thicko2 full-time pay rate is between £69,932 to £100,273... The maximum is 13.3% over £100,273.

I thought I looked up the contribution rates up. In other words, Thicko2 can take advantage of at least 40% tax relief on the pension contribution.

Full-time pay range: Member contribution rates
Up to £15,278 5.0%
£15,279 to £21,175 5.3%
E21,176 to £26,557 6.8%
£26,558 to £48,982 9.0%
£48,983 to £69,931 11.3%
£69,932 to £110,273 12.3%
Over £110,273 13.3%


Cheers,
Joe

Thicko2

Yes Joe.

After 2 years of 2.4% increase in each year, for 2014/15 they might only increase it by 1.2% for that year.

So currently my 12.3% goes in to the pot, my employers 14% goes into the pot. This then pays current pensioners and returns £2bn to the treasury (this figure is prior to the increased contribution rates).

hyubh

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

Fantastic - much better than atush's pathetically moderate effort. Two down, one to go. Come on kidmugsy - beat that!

chucknorris

The TPS is so good that I am paying over 25k a year for 3 years buying additional pension. I will also buy more as inflation allows me to each year (will only be about £150 a year though, except the first year after my 3 years of buying more, and you have to buy in £250 chunks). Sure it isn't as good as it was but it is still a very good deal.