Another public sector golden pension

PeacefulWaters

moneyfoolish wrote: »

You have been badly let down.......but not by the public sector! You've been let down by Gordon Brown, greedy companies who took pension holidays in the good times and corrupt bankers who caused a stockmarket crash. I worked in the private sector and the public sector and received very similar pensions from both as when I took my private sector pension it was also a final salary pension. I completely agree with you about people taking redundancy and/or retiring and then returning to work on larger salaries than they had before but that also applied to the company I worked for in the private sector at the time I took redundancy.

Not taking payment holidays would have incurred huge tax penalties.

chucknorris

Muscle750 wrote: »

Someone i know just took early retirement from the civil service took £80k lump sum off to sunny places for next 3 months and is going to carry on doing a 3 day week when they return for more than if they carried on working FT and left the pension. And the last contact i had with my pension in the private sector was informing me of a loss in the fund overall virtually wiping out the previous 12 months contributions.one word......................JOKE ...........end of.
We along with many others i know working in the private sector feel badly let down

If it is so good, why didn't you work in the public sector? Surely that omission is your error of judgement isn't it?

Muscle750

And im fuming throu no choice of our own the FS was ripped from under our feet 11 years ago with little warning and the DC pension we were given in its place aint worth as it stands the paper its written on. Yet as long we keep supporting the public sector pensions throu Tax revenue who cares

chucknorris

iltisman wrote: »

You have done it now all the members of the Public Sector (resting classes) will pile in saying what a hard time they have.

I haven't had a hard time, although I have worked bloody hard (which is totally different). I now work in the public sector, but I have mainly worked in the private sector, also worked for myself and also ran businesses. What I would say is, if the public sector is so much better, why not work in it, rather than moaning about it?

chucknorris

Muscle750 wrote: »

And im fuming throu no choice of our own the FS was ripped from under our feet 11 years ago with little warning and the DC pension we were given in its place aint worth as it stands the paper its written on. Yet as long we keep supporting the public sector pensions throu Tax revenue who cares

It seems to me that your issue is both with your employer for what happened 11 years ago, and also yourself for not moving over to the public sector when that happened.

marlot

I took a 50% pay cut when I moved into the public sector.

The department I'm in has more than 50% vacancies. If you have the right skills and are prepared to work for the salaries on offer, come and join us. We have jobs for software developers, projectmanagers, business analysts, etc.

marlot

Muscle750 wrote: »

And im fuming throu no choice of our own the FS was ripped from under our feet 11 years ago with little warning and the DC pension we were given in its place aint worth as it stands the paper its written on. Yet as long we keep supporting the public sector pensions throu Tax revenue who cares

So just because you were knifed by your employer, you want to knife other people. Nice.

chucknorris

marlot wrote: »

I took a 50% pay cut when I moved into the public sector.

The department I'm in has more than 50% vacancies. If you have the right skills and are prepared to work for the salaries on offer, come and join us. We have jobs for software developers, projectmanagers, business analysts, etc.

I didn't quite take that much of a salary hit, when I went to work in the public sector I could have earned about £75k in the private sector, my PS salary was only about £52k (I forget), but when you add the pension on and all the holidays (I'm university lecturer), and take away all the unpaid overtime that I used to work. I suddenly realised what a mug I had been, but that didn't make me angry at other lecturers, it just made me realise what a fool I had been.

Linton

PeacefulWaters wrote: »

Not taking payment holidays would have incurred huge tax penalties.

Thank you Nigel Lawson

Bravepants

I'm fuming too! I work in the public sector and they stopped my final salary when I had 19 years or so in it, now it's frozen and I have to wait until I'm 60 until I get it! I have to make do with an average salary scheme from now on that I can take from 67 at the same time as my state pension providing an extra cushion for old age (that I'm fuming about!).

I'm also fuming that 7 years ago (not as much as 11) I decided to save extra into a DC AVC (yes I said DC!) that I will only be able to take from 55 when I retire early having worked out that if I stash extra to save 40% tax (instead of spending my hard earned on utter cr*p) I can then take the 25% lump sum from the DC AVC (yes I said DC again!), which works out to be basically free money from the government!

I'm also fuming that I have also saved extra into a S&S ISA, because well I'm forced to do that sort of thing if I want to retire at 55! When I retire at 55 I will no doubt be fuming that I have a choice whether to work part time or maybe volunteer to help my community or something else that I might fume about!

(Edited because I just thought of some more stuff that people can fume about!)

I spent 7 years at University, and BEFORE student loans came into being! That means I used your money (yes public money!) to get myself a PhD in engineering! A student hippy type of qualification, which the University of Life educated amongst the general populous would declare as being a waste of time with the owner of such a qualification no doubt being berated for not having spent his time improving his or her "common sense", rather than taking advantage of free education as an investment towards the future and possibly resulting in the sort of person, now rapidly approaching 50 years old, that has NEVER been out of work!

I'm not only fuming, but positively simmering to boiling point that I've never had the opportunity to claim benefits!

If we all start fuming perhaps we could save money on our heating bills this winter!

There is no point to this post, it's fairly sarcastic and a bit silly, but no doubt someone will be fuming about it! Also, there are plenty of exclamation marks in here for those who wish to fume about that!

!