Civil Service-lump sum or annual pension max? Lump sum investment options

gillmc22

Muscle750

Everyone has a choice to make about the total package of remuneration with any job. You chose yours, I chose mine.

And the details of my Pension Sharing Order are nothing at all to do with you or anyone else. 🙄🤔

Muscle750

Indeed it isnt we just help pay for it. I have no choice but to work till im 67 and continue paying along with every other tax payer funding your pensions and lifestyle

kidmugsy

greatkingrat wrote: »

There is still an employers contribution rate set, even if it is essentially just the government paying itself money.

There's a great tradition of fiction in government reporting of financial matters. But it isn't paying itself anything - it's just waiting for future tax revenues to arrive.

Muscle750

https://www.express.co.uk/news/uk/902464/pension-shame-struggle-elderly-Personal-Finance-Society-poverty
One word........ Criminal..... whilst these pensions paid to the public sector are at the level they are.

Deneb

Muscle750 wrote: »

Indeed it isnt we just help pay for it. I have no choice but to work till im 67 and continue paying along with every other tax payer funding your pensions and lifestyle

You've also been funding your wife's pension and lifestyle though, haven't you?

https://forums.moneysavingexpert.com/discussion/5832657/lgps-scheme-question

Or will she be foregoing her public sector pensions(s) in support of your objections?

Muscle750

Deneb wrote: »

You've also been funding your wife's pension and lifestyle though, haven't you?

https://forums.moneysavingexpert.com/discussion/5832657/lgps-scheme-question

Or will she be foregoing her public sector pensions(s) in support of your objections?

Indeed i have she knows my views and she agrees its a unfair issue.

[Deleted User]

Muscle750 wrote: »

So if you have 43 years service and planning to retire at 60 means that you started at 17, however you mention also a pension from the plod am i missing something here or did you start with them at 8 years old! Also the figures you quote only reiterate what i along with many others have stated before that the difference between the Public sector and the Private sector with us having the FS schemes ripped from under my feet are obscene, Ive worked same company for 30 years and at 56 my pension looks like loose change compared to these figures quoted. So a max CS lump sum of £116k and a annual pension of £16.5 K, Or take a £72k hit on the lump sum for an extra £3.5k a year , means you would have to see 81 years old to level it out, And thats just the CS pension. ...........Nice postion to be in courtesy of the tax payer inc us low lifes in the private sector and the treasury making sure the taxes we pay are fairly redistributed..................NOT !!!

I started working for the Post Office (Telecommunications) after it broke ranks with the Cs and before it was privatised. My pension becomes payable in December, and out of interest I asked for a quotation of how taking an increased pension in lieu of any LS would look. If I give up a Tax Free LS of £20k, I get an extra £750 per annum (which I'll also pay tax on). I make that about a 1:26 commutation rate before the tax is taken into consideration. Commuting doesn't increase my spouse pension at all which is a consideration as she's 13 years younger.

I've made a spreadsheet showing me how all the figures add up. What I can't control however, is how long I'll live ... Could be today or I could live to 99 ... :rotfl:

Oh the benefit of hindsight!

gillmc22

Yawn....

Move along please with your public sector bashing attitude. I really do not care about your opinion on this matter..my lifestyle and pension have been well earned and are none of your business.

Now do bore off 👍

loskie

As a civil servant I pay around 6% into my pension scheme the police pay far more into theirs.

kidmugsy

Sleazy wrote: »

1:26 commutation rate before the tax is taken into consideration. Commuting doesn't increase my spouse pension at all which is a consideration as she's 13 years younger.

I've made a spreadsheet showing me ...

26! If I were in your shoes I think I'd find the spreadsheet redundant. I'd simply plump for the lump sum unless, perhaps, I already had heaps of free capital sitting around. According to your financial positions, making pension contributions for both of you might be a good use of it. Or you might even have a good use for it in terms of ... spending.