shall I go for promotion to boost final salary pension

Dorian1958

Muscle750 wrote: »

Many go for promotion in the public sector just to get a better pension and in some cases its a case of its not what you know but who you know.

Seems to me that this applies in all areas of employment and is not necessarily restricted to the public sector.

Kynthia

Muscle750 wrote: »

Many go for promotion in the public sector just to get a better pension and in some cases its a case of its not what you know but who you know.

I don't think it's been that way for a long time in the public sector. All recruitment has to be fair and transparent, with equal opportunities for all, applications scored anonymously without markers even knowing the age or gender of the applicant never mind their name, and a panel which moderates the application and interview scores at the end to ensure consistent marking. If anyone appeals the result everything is put on hold while the whole process is independently investigated. Things may not be perfect but generally recruitment and promotions aren't overided by a nod and a wink.

A_T

Often there are very few applicants for more senior roles - because of additional pressures which might make a pay rise seem not worth the stress. But for someone nearing retirement if they can put up with it for perhaps just 1 year it can make a huge difference to their pension.

thorsoak

Surely earning an extra £7k per year for the next 8 years would mean that you could also boost savings in that time?

To me, it would have been a no-brainer - if the opportunity were there, I would have gone for it - whether or not I got it.

AlanP_2

Muscle750 wrote: »

Many go for promotion in the public sector just to get a better pension and in some cases its a case of its not what you know but who you know.

If you are applying for a role inside your own organisation you are quite likely to know the recruiting manager and the interview panel, even more likely if the role is within your current department.

Don't you know any of your work colleagues Muscle?

Having worked in the private sector before joining the public sector I would say, without doubt, that the public sector promotion process is just that - a process - and it is by open advert normally.

In comparison, based on my private sector experience, the recruiting manager would often just have a chat with they wanted for the job and that's it.

GunJack

Muscle750 wrote: »

Many go for promotion in the public sector just to get a better pension and in some cases its a case of its not what you know but who you know.

Way more likely to be who you know in the private sector. As a recruiting line manager in the Civil Service, I had to run interview boards for the jobs, the panel consisted of myself, a HR rep, and an independent from the job type but a different department...the offer went to the agreed best person for the job, with written appraisals going to every candidate....and every candidate had the right of appeal. Very above-board and proper, and very unlike my experience of the private sector...

It really is about time you lost the chip on your shoulder about the public sector....

Muscle750

http://www.express.co.uk/news/uk/207375/Civil-servants-retiring-on-full-pension-at-50

Funny how the public sector have forgotten this scenerio.

GunJack

Muscle750 wrote: »

http://www.express.co.uk/news/uk/207375/Civil-servants-retiring-on-full-pension-at-50

Funny how the public sector have forgotten this scenerio.

Another fabricated article from 7 years ago, it was wholly inaccurate then, and hasn't improved with age.......

Muscle750

One point your totally missing is the fact relating to going for promotion to boost your pension has very little if any relevance in the private sector because the FS schemes are now virtually wiped out. Going for promotion in public sector however as it stands the rewards are far higher. Ok promotion will lead to a higher salary but as for the resulting pension benefits the private sector and the public sector are miles apart

[Deleted User]

Can someone help me out? If the op is 56 in 8 years time that make him/her 48 now - born in 1969. Surely they are NOW in the 2015 scheme as too young to remain in the 1995 scheme or to receive tapered protection.? If so. how does final salary come into it?

I thought that I understood this as I deal with HSC pensions every day - clearly not!