Makes my blood boil

Muscle750

It is real thats just the issue and all the ones on here from the public sector that have commented not one has said its equal, Meanwhile ill go back to work tuesday do 50 hours plus a week inc weekends pay over £400 a month just on tax just so ulot can retire at 55 and put ya feet up......................Next

Andy_L

hyubh wrote: »

Do you understand how the scenario given comes about?

• The current CARE schemes deliberately favour the poorly paid
• These schemes were designed assuming contracting out was to continue
• The fact it has now ceased means public sector scheme members are now paying the standard rate of NI in order to receive the (new) standard rate of state pension

These things combined lead to the headline example (my emphasis):

My understanding of the article is that they are assuming the old final salary schemes but ignoring that they were contracted out so won't be getting the full new flat rate pension.

Muscle750

someone i work with who has just a month to go to retirement who has been in the company pension scheme same amount of time as me and been in both the final salary and the one we were transffered into after the carpet was pulled after been contracted out etc what he will recieve from both the state and the company pension is so he says about half of what hes getting salary ...................now you tell me if thats right because this is what we have to look forward to althou i do have another 12 years before i hit the retirement door .

Andy_L

Muscle750 wrote: »

someone i work with who has just a month to go to retirement who has been in the company pension scheme same amount of time as me and been in both the final salary and the one we were transffered into after the carpet was pulled after been contracted out etc what he will recieve from both the state and the company pension is so he says about half of what hes getting salary ...................now you tell me if thats right

No idea, we'd have to know the scheme rules & his salary & length of service etc.

Edit: your OP says you (and thus him) have been in the company scheme 25 years so company pension + basic state pension = 1/2 salary is about what the CS pension (before the change to the new CARE scheme) will pay for 25 years service

saver861

Muscle750 wrote: »

It is real thats just the issue and all the ones on here from the public sector that have commented not one has said its equal, Meanwhile ill go back to work tuesday do 50 hours plus a week inc weekends pay over £400 a month just on tax just so ulot can retire at 55 and put ya feet up......................Next

Good lad .... much obliged!!

Muscle750

started in the FS in 2000, 2006 put into new scheme to this day salary id estimate £27k a year 5% contribution from him matched by employer . The company itself was took over in 1999 and both me and him have in excess of 28 years each service. I started in 88 he did in 86.

hugheskevi

Meanwhile ill go back to work tuesday do 50 hours plus a week inc weekends pay over £400 a month just on tax just so ulot can retire at 55

Civil Service pension scheme has a protected minimum pension age of 50 for members joining before 2006, so why is age 55 of any relevance?

p00hsticks

agarnett wrote: »

Some things you don't need an internet link to, because they are obvious!

You will be better off than when you were working because it will not cost you 35 hours a week of your labour to receive a decent income.

By that criteria, you could say that anyone unemployed for their whole working life will be considerably better off on reaching state retirement age, as they'll get double the benefit without the fortnightly trip to sign on. My reading of Muscle750's quote that I picked up on seemed to be saying that the majority of Civil Servants get CS pensions higher that the salaries they have previously been on, and if that is indeed what he was suggesting I would be interested in seeing something to support this.

Muscle750 wrote: »

Maybe you can enlighten us all to what im stating that isnt true here Plus of course i know that in the public sector private heath insurance isnt unheard of and expenses can get out of hand prime example on that one is that at GCHQ many were travelling up and down to London using the train and travelling first class,

That doesn't tally with my experience of what I've heard from people working in parts of the CS - private health insurance is a definite no no, as is first class travel. Again, I'd be interested in you providing some sort of evidence to back up your assertions, which seem to be getting wilder and wilder as this discussion progresses

Muscle750

hugheskevi wrote: »

Civil Service pension scheme has a protected minimum pension age of 50 for members joining before 2006, so why is age 55 of any relevance?

Gets even better then fairplay to ya, ill do another 17 years before i can get mine on top of that figure

Muscle750

At least in the CS you can access your FS scheme at 50 we cant till we retire no 50, 55 for us lot im afraid.