Why do we pay council workers Pension ???

BobQ

Cash-Cows wrote: »

When it was an 80th there was also a tax free lump sum. Now with the 49th there is no lump sum. You can buy the lump sum back and I seemed to recall that it works out approximately the same as the old 80th scheme if you do.

1/80ths plus lumpsum work out about the same as 1/60th in a FS scheme.

1/49th is not a multiplier for a final salary based pension. It is the accrual rate on an annual basis for a career average scheme. So if someone spends 10 years in one grade and is then promoted to another their pension will be based partly on 1/49ths of a lower salary and partly on 1/49ths of a higher salary. So you cannot say that 1/49th is similar to 1/80ths.

Many CARE schemes (although probably not the LGPS one) will have savings for the employer if the employee gets a few promotions over their career compared to a FS scheme.

GunJack

Silvertabby wrote: »

Happy memories - what did you do? I was Pers Admin.

Save

Avionics, still do (CS, now industry, still supporting RAF)

Silvertabby

Mr S was Eng Tech AE, then CS IT, now (like me) happily retired.

Acquinas

This is a resprise of a couple of old themes which essentially come down to this: (1) "why don't we get all public services without having to pay for them?" and (2) "it's not fair that my pension scheme isn't as good as that of a bunch of other people whose job I can't or wouldn't do".