Welcome to our world

CruisingSaver

NHS worker here and I don't retire until I'm 67 so no retirement at 55 for me. On the other hand both of my parents were private sector workers and both retired early at 50!!!!!

If the OP put as much energy into improving his job prospects as he does whining about what everyone else has he'd be in a much better position. Of course that would take some effort on his part and its much easier to whine like a little baby on an internet forum. :mad:

hyubh

Muscle750 wrote: »

Why should i change jobs to get a fairer deal it should be the same not the vast difference it is

That's not how it works though, is it? Each employer has to be negotiated with separately, and in the odd case unions have arguably managed to win an even better deal in the private sector (the railways come to mind - the RPS still has an open final salary section).

In general however, for a private sector employer, the economics of a DB scheme, once the accounting requirements were tightened up in the early 2000s, don't really make much sense. Nevertheless, that doesn't explain how the DC schemes that replaced them are so poor. What arguably allowed that was/is the sort of attitude expressed by most people responding to you here - i.e. indifference from employees based on (fallacious) assumptions that pensions are unimportant, that they are 'all rubbish', etc.

One point to add i havent seen one comment from anyone saying their public sector pension isnt worth the paper its written on.

Really? We've had someone on this very thread referring to the current NHS scheme as 'rubbish'! Utterly deluded (and I'm not surprised you're insulted), but that's the attitude they have.

hyubh

CruisingSaver wrote: »

NHS worker here and I don't retire until I'm 67 so no retirement at 55 for me. On the other hand both of my parents were private sector workers and both retired early at 50!!!!!

Are you yet another public sector employee who radically understates the value of their pension arrangements...?

sangie595

Changing the subject a bit, I'd like to complain about the fact that my breakdown insurance has just gone up by 21.8%, which is clearly due to the lazy workers in tow trucks earning £32k a year yet spending all their time whinging on the internet about their pensions and salaries. What on earth are the employers doing paying them all that money to laze around doing next to nothing ( after all, the poster did complain about how his colleague was smoking outside for two hours every morning, so he wasn't exactly working hard if he was "colleague watching") and having the audacity to charge ME for it. There are plenty of people who would willingly work for a lot less, so if the employer got rid of this lot and employed people on minimum wage, I wouldn't be paying for gob-smacking increases. Even better, let's do it like Amazon - sack the lot of them and replace them with self-employed people with no emplyment rights, then they can be paid fixed rates and the living wage won't apply. After all, breakdown truck person? It's unskilled labour any idiot could pick up. It's about time these employers realised that customers aren't happy about paying for their employees.

Oh. Was the the other shoe dropping?

CruisingSaver

hyubh wrote: »

Are you yet another public sector employee who radically understates the value of their pension arrangements...?

No and I've actually spent longer working in the private sector than the NHS.

It took 10 years of working in the NHS to get back to the same level of annual leave I had in my last private sector role. Also the final salary accrual rate on my private sector pension was better than the NHS rate in force at the time, although it is now slightly better in the 2015 section of the NHS scheme.

At the time of joining the NHS the salary was probably on a par with the private sector, however I could earn substantially more these days in the private sector than I do in the NHS due to market rates and the erosion of salary due to pay rises not keeping pace with cost of living.

I'm proud to work for the NHS but that resolve is being sorely tested by the current political environment.

Andy_L

Muscle750 wrote: »

http://www.thisismoney.co.uk/money/pensions/article-2068056/Public-sector-workers-pensions-worth-20-times-value-contributions.html

Ill agree its from 2011 but the quote saying that The public sector should realise just how much their pensions are costing the tax payer etc when they threatened strike action can not be dismissed ................end of

it assumes "that a worker's salary increased in line with RPI inflation at 4 per cent over the forty-year period" which isn't a plausible situation except for a few high fliers and is based on the no longer available final salary schemes which give massive rewards to those who do manage such career progression compared to the majority of plodders

hyubh

CruisingSaver wrote: »

Also the final salary accrual rate on my private sector pension was better than the NHS rate in force at the time, although it is now slightly better in the 2015 section of the NHS scheme.

In general, final salary schemes in the private sector haven't been replaced with good quality CARE schemes, but poor quality DC ones. Talking about how your particular private sector scheme had great terms back in the day doesn't change this reality.

I could earn substantially more these days in the private sector than I do in the NHS due to market rates and the erosion of salary due to pay rises not keeping pace with cost of living.

Maybe so, but take account of the pension - if the private sector employer runs a fixed 5% employer contribution DC scheme, add about 25% to your NHS salary to be comparable to the private sector one (maybe 'only' 20% if you're a high earner, so currently pay a highish employee rate).

CruisingSaver

hyubh wrote: »

Maybe so, but take account of the pension - if the private sector employer runs a fixed 5% employer contribution DC scheme, add about 25% to your NHS salary to be comparable to the private sector one (maybe 'only' 20% if you're a high earner, so currently pay a highish employee rate).

Even taking account of the figures you quote above I'd still earn more in the private sector. As I said I'm proud to work for the NHS and I never felt the same sense of pride or ability to make a difference to peole's lives in any of my private sector roles.

Money, whilst being important, is not the only motivator!

Gavin83

hyubh wrote: »

Maybe so, but take account of the pension - if the private sector employer runs a fixed 5% employer contribution DC scheme, add about 25% to your NHS salary to be comparable to the private sector one (maybe 'only' 20% if you're a high earner, so currently pay a highish employee rate).

So in my case with the potential to earn 30%-40% more in the private sector you'd suggest I'd be better off in the private sector?

Think it's very much down to individual circumstances. Some people will be better off in the private sector, some in the public sector. I think it's too much of a blanket statement to suggest one is better than the other.

theoretica

Muscle750 wrote: »

There is a vast difference between a good pension and a poor pension at 55 and yes im a member of the GMB . Why should i change jobs to get a fairer deal it should be the same not the vast difference it is

Are you really arguing for a nationwide single system of pay and benefits? Regardless of what company or organisation you work for? How, other than perhaps a pleasant work atmosphere, would companies compete for the staff they want?