Makes my blood boil

[Deleted User]

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

Hiya Muscle750. Beautiful day here.

If it's any comfort, by taking early retirement, I saved my employer maybe a futher decade or so of paying me my full salary, which would also have bumped up my pension, but I thought I'd go early anyway. Just think - my selfless devotion to the nation's finances has saved the taxpayer years of pay! You should be thanking me :T !

In the interests of transparency, I should probably say that in compensation for me retiring early, I was paid a voluntary severance wad, tax free, of about 9 months salary. I thought you might appreciate my honestly? ...:beer:.

That cheered you up at all...........?

The benefits of good advice and good decisions, eh?

I might get bored at some point and decide to look for a job, but at the moment I'm content. Plenty to keep us busy, especially as Mrs Wild Rover has also retired early from the public sector, so all in all, yes, life is pretty sweet. I'd have to watch though; I'm already paying tax on my pension so I'd have to stump up the full 20% of every pound I earned if I found a job ......... .

(Cue explosion of rage, spluttering, etc...... :mad: )

WR

Andy_L

Muscle750 wrote: »

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.

So the CS pension + £6k of Basic State Pension would give him about 60% of his salary. However because the BSP is a sizeable fraction of the CS pension its very sensitive to changes in salary or years of service: your details drop it to about 52%. This £200k guy only gets 40% (because the BSP is a trivial amount of his total pension income)

Still, the 5-10% pay lead that the private sector gets over the CS (CS not the whole public sector) could have been used to make up the difference.

Muscle750

9 months salary to retire early tax free.....................meanwhile in the real world.
A whole 20% if you find a job how will one manage i wonder

hyubh

Andy_L wrote: »

My understanding of the article is that they are assuming the old final salary schemes

How do you can get to a scenario like the one described under the old final salary schemes...? (The NHS 2008 scheme was a 1/60s, NRA 65 one, like LGPS 2008.) A CARE scheme with a better accrual rate will by definition earn more pension for someone whose rate of pay stays right at the bottom end throughout their working life.

hyubh

Muscle750 wrote: »

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.

Why did you only join the final salary scheme in 2000 if you started in 1988...?

Andy_L

hyubh wrote: »

How do you can get to a scenario like the one described under the old final salary schemes...? (The NHS 2008 scheme was a 1/60s, NRA 65 one, like LGPS 2008.) A CARE scheme with a better accrual rate will by definition earn more pension for someone whose rate of pay stays right at the bottom end throughout their working life.

You can't. Well, unless you can accumulate a full 40/60ths pension at the same time as accumulating 35 years of non-contracted out NI payments whilst only achieving a final salary of £15k...which you cant.
Basically they've found a mathematical edge-case that produces an outrage headline but ignored the impossibility of it happening. Whether that's malice or incompetence I leave to the reader to decide

Andy_L

hyubh wrote: »

Why did you only join the final salary scheme in 2000 if you started in 1988...?

AIUI, back in the day, many FS schemes only let you join after a few years service.

tigerspill

Muscle750 wrote: »

Prime example Wild Rover will more than likely have his pension paid longer than hes actually worked to earn it ...................one word...........................JOKE

You really seem to be bitter. Unless you are trolling.

hyubh

Andy_L wrote: »

AIUI, back in the day, many FS schemes only let you join after a few years service.

For sure, but 12 years isn't 'a few years'.

Andy_L

hyubh wrote: »

For sure, but 12 years isn't 'a few years'.

Only out by 10 years, I mis-read/calculated & thought it was only 2