Will there be Pension apartheid?

coyrls

Paul_Herring said:

coyrls said:

What sort of pension are you getting at the Daily Mail?

Don't think it's the Daily Mail.

The DM uses paragraphs...

But only after the copy has been edited.

Paul_Herring

coyrls said:

Paul_Herring said:

coyrls said:

What sort of pension are you getting at the Daily Mail?

Don't think it's the Daily Mail.

The DM uses paragraphs...

But only after the copy has been edited.

That's distinctly unfair! That implies that the local 16-yr-olds on copy-editing work experience know more than the journalists!

Ah.

Um.

Oh.

Dox

OP has a DB pension https://forums.moneysavingexpert.com/discussion/6101072/what-happens-to-db-pension-on-death#latest, so perhaps pipe down and stop blethering this sort of garbage. 

zagfles

Paul_Herring said:

coyrls said:

Paul_Herring said:

coyrls said:

What sort of pension are you getting at the Daily Mail?

Don't think it's the Daily Mail.

The DM uses paragraphs...

But only after the copy has been edited.

That's distinctly unfair! That implies that the local 16-yr-olds on copy-editing work experience know more than the journalists!

Ah.

Um.

Oh.

Very unfair! We've seen the quality of our journalists at the daily coronavirus briefings. No way is the OP a journalist. 

If he was he'd be asking his employer/IFA/us hard hitting questions like "wouldn't it have been better if you'd advised me to go into cash 3 months ago, and will you now apologise for me losing £12k"

MEM62

doris540 said:

With recent events and the what can only be called a slaughtering of Private sector and Personal Pensions due to the stock market and other factors in relation to the virus, will there be a long overdue overhaul of Public sector pensions to try and equal things out,. 

What slaughter would that be then?  
Any changes to public sector pension will not have any impact on your private pension.
I assume that you posted for amusement value only.  

woolly_wombat

doris540 said:

 With a now reported that Public sector workers will enjoy up to eight times better pension return than the private sector. According to the Office for National Statistics, just 11 per cent of workers in the private sector who have a pension are in a generous final salary scheme. This compares to more than nine in ten (92 per cent) in the public sector.

Well if you can't beat 'em then you had better go and join 'em.

You know what to do.

Go and get a job in the NHS.

thickasabrick

doris540 said:

With recent events and the what can only be called a slaughtering of Private sector and Personal Pensions due to the stock market and other factors

No, it's a perfectly normal and a regular occurrence.
JL Collins "Stocks — Part 1: There’s a major market crash coming!!!! and Dr. Lo can’t save you."
The Escape Artist "There’s a major market crash coming…"

doris540 said:

will there be a long overdue overhaul of Public sector pensions to try and equal things out.

No and what exactly is there to equal out ?
It's very simple,put the same percentage of your salary into your private pension as the civil servant/teacher put into theirs, that is total of employee and employer contributions. If you earn between £ 45501 to £77000 put 35.25% into your private pension pot
https://www.civilservicepensionscheme.org.uk/members/contribution-rates/
Employee contribution rate
Annualised rate of pensionable earnings
From To £54,901 £150,000 7.35%
Employer contribution rate
Salary Band (£) ASLC rate from 1 April 2019
From To 45,501 to 77,000 27.9%

doris540 said:

According to the Office for National Statistics, just 11 per cent of workers in the private sector who have a pension are in a generous final salary scheme. This compares to more than nine in ten (92 per cent) in the public sector

See above, what percentage does the average person in the private sector put into their pension, clearly not 30% ?

doris540 said:

Ive personally seen a loss of in excess of £12000 off the value of my company pension and my own private pension over the last month. Whilst obviously those in the public sector will see no difference whatsoever to their retirement funding.

You might want to look up the difference between defined benefit and defined contribution, they are quite different.

doris540 said:

And before anyone says it i do not want to go and get a job in the public sector i just want to see a better deal for us in the private sector. With the government spending money they havent got like no tomorrow if taxes rise to cover it we will be even worse off and yes the public sector will be as well but with as it stands no loss to their pensions and we will have less income to try and recover our losses over the last month or so.

Personally, I think people in the private sector should make an effort to put a similar amount towards their pension as the public sector.
Government budgeting and spending does not behave in the same way as personal or private companies so I am not in the least bit concerned. Tax revenues, a good economy will sort that out.

doris540 said:

If the government turned round and said all public sector pensions are been reduced to a 5% contribution by the employer there would be uproar.

Try, all employers to contribute 27.9% of an employees salary to their private pension, it'll be the same uproar.

Thrugelmir

"Employer contribution rate 
Salary Band (£) ASLC rate from 1 April 2019 
From To 45,501 to 77,000 27.9%"

That's to fund current liabilities as well as future ones. Public sector is effectively in deficit. 

Ceme3000

Dare I say, I imagine that a lot of the rather defensive replies to the OP in this thread are from those that are benefiting from being a member of a public sector pension scheme.  

drummersdale

You may well be right. I’m a member of a Public Sector pension scheme and there is nothing wrong with a bit of balanced argument and debate. Everyone is entitled to their opinion else it could come across that anyone agreeing with the OP felt that those with PS pensions had somehow picked everyone’s pockets. Which I’m sure they don’t.