7% pa return over 30-40 years

kidmugsy

atush wrote: »

People here dont really begrudge public sector workers their pensions, unless they come spouting about how they are being ripped off so much they want to strike

I think that government workers should have their defined benefit pensions replaced by defined contribution. If that meant that pay rises were necessary to attract and retain staff, so be it; stump up!

Naturally their accrued benefits should be honoured, except maybe, now that atush raises the subject, for govt employees who go on strike.

yatinsardana

CLAPTON wrote: »

you're spoiling it now using that clever word 'basic' : they actually receive a lot more

They do receive a bit more, not a lot more. My understanding is that with banding the gross salary is around 27k... Enough? :P

CLAPTON

yatinsardana wrote: »

They do receive a bit more, not a lot more. My understanding is that with banding the gross salary is around 27k... Enough? :P

I only know two junior doctors

they both earn more than 30K

planteria

same here.

atypical

CLAPTON wrote: »

I only know two junior doctors

they both earn more than 30K

Depends whether they're in the 1st or 2nd year of training. They get a supplement for working >40h a week and/or working outside 7am-7pm Monday to Friday (which they nearly all are).

1st year: £22.6k basic + 20-50% supplement (£26.8k to £33.5k)
2nd year: £28k basic + 20-50% supplement (£33.7k to £42.1k)

Global comparison here (albeit for specialists):
http://blogs.spectator.co.uk/alex-massie/2013/02/are-british-doctors-paid-too-much/

tejero23f

it's no brainer if there is one-the nhs pension is virtually gold plated, don't miss out

cheers

easilyparted

I receive a NHS pension and if starting again would definitely recommend one. It is linked to inflation, totally safe and if you have to retire early you will get the amount if you had taken it at age 60.
By all means contribute to an additional pension, though a private pension at the moment is a very poor deal. I suggest an ISA or a SIPS. Some people who started with a PEP and continued with ISA's contributing the maximum are now millionaires 25 years on.

atush

I don't think PPs are a bad deal, they are exactly the same as ISAs in that they are a tax wrapper.

And if all your outside savings are in ISAs, then when you retire your PP could be tax free as it would use all of the PA until SP age comes.

Linton

easilyparted wrote: »

....
By all means contribute to an additional pension, though a private pension at the moment is a very poor deal. I suggest an ISA or a SIPS. Some people who started with a PEP and continued with ISA's contributing the maximum are now millionaires 25 years on.

Why? A private pension is just another tax free investment environment. You can invest in most types of funds in a PP that you can in a SIPP or an ISA at possibly a lower cost. The main practical difference is a rather smaller choice of funds.

planteria

Linton wrote: »

Why? A private pension is just another tax free investment environment. You can invest in most types of funds in a PP that you can in a SIPP or an ISA at possibly a lower cost. The main practical difference is a rather smaller choice of funds.

agreed. im not sure quite what easilyparted means.