What would you consider to be an "excellent" pension scheme or holiday entitlement?

Marcon

thegentleway said:

Pension contribution rates are currently 9.6% of salary and 21.1% for my employer. Don’t think it gets more excellent than that   

You're in a defined benefit scheme, so contribution rates are irrelevant. The scheme rules set out the benefits you will receive.

It does get more excellent - a non-contributory final salary scheme, for example!

Barny1979

Sanne said:

Good holiday for me is 28 days + bank holidays, excellent 30. I wouldn’t accept a job with 20 unless I really had to - my current is 23, going up to max 25 + one day for your birthday.
Flexitime is always great, too - not been lucky enough in the private sector as it was usually expected to work extra hours - unpaid - either way. Already happy if I can have flexibility if I have to leave earlier / start later etc.

Pension I’ve not been lucky enough to get more than the bare minimum apart from during my short stint working for a council. Matching employer contributions up to 10% would be good; final salary pension schemes obviously excellent- and perfect is to what most of the public sector offers.

Final Salary Pensions don't exist now in Local Authority pensions, unless longer-serving members of staff.

lincroft1710

I used to get 30 days holiday (5 day week), all bank holidays, plus 2.5 "privilege" days. So effectively in every year (52 weeks), 8 weeks were holiday, or 15%. Pension was 20/40ths multiplied by number of years worked of best salary during final 3 yrs of work. I understand that pension scheme no longer exists. Also we were on flexi-time.

Plus 6 months sick leave on full pay, then 6 months on half pay.

NaughtiusMaximus

steampowered said:

I think statutory minimum holiday entitlement is fine. The statutory minimum is 28 days for someone who is employed full time. Compare that with the United States where the average person gets only 7.6 days of paid holiday. 

8 of those 20 days are bank holidays though, there is a 4 letter word I would use to describe a 20+8 day holiday entitlement but it's not 'fine'. The lowest entitlement I've ever had in a permanent full time job was 22+8 and that was over 20 years ago.

True it's a lot better than the US but they're an outlier with shockingly poor employment rights compared to virtually every other wealthy, developed nation.

hyubh

Barny1979 said:

Final Salary Pensions don't exist now in Local Authority pensions, unless longer-serving members of staff.

Replaced by a CARE DB scheme that is no less costly to local taxpayers than the old final salary DB scheme...! LGPS pensions are worth rather more than 10% employer contribution to a DC scheme.

strawb_shortcake

30 days holiday, I get all bank holidays plus one privilege day, used to be 2.5 but this perk was removed to staff who were promoted at least 5 years ago. Also get flexible working to increase my days off.
I think I'd really struggle to try and manage just 4 weeks holiday a year, may be easier when my children are no longer in school?
Alpha pension scheme which is still very good though I fully expect this to have changed by the time I get to retirement. 

Barny1979

hyubh said:

Barny1979 said:

Final Salary Pensions don't exist now in Local Authority pensions, unless longer-serving members of staff.

Replaced by a CARE DB scheme that is no less costly to local taxpayers than the old final salary DB scheme...! LGPS pensions are worth rather more than 10% employer contribution to a DC scheme.

Maybe work in the Public Sector if you want the amazing pension, rather than being jealous.

hyubh

Barny1979 said:

hyubh said:

Barny1979 said:

Final Salary Pensions don't exist now in Local Authority pensions, unless longer-serving members of staff.

Replaced by a CARE DB scheme that is no less costly to local taxpayers than the old final salary DB scheme...! LGPS pensions are worth rather more than 10% employer contribution to a DC scheme.

Maybe work in the Public Sector if you want the amazing pension, rather than being jealous.

I was simply stating the fact that the end of final salary accrual did not lead to the end of generous DB provision... As a rough figure, someone comparing potential job applications should think of LGPS membership as equivalent to at least 20% employers contribution to a DC scheme, probably more depending on personal situation.

PS - Alpha, which has also been mentioned, is similar but even slightly better in terms of accrual rate (slightly higher) and required employee contributions (slightly lower).

Ozzuk

Marcon said:

thegentleway said:

Pension contribution rates are currently 9.6% of salary and 21.1% for my employer. Don’t think it gets more excellent than that   

You're in a defined benefit scheme, so contribution rates are irrelevant. The scheme rules set out the benefits you will receive.

It does get more excellent - a non-contributory final salary scheme, for example!

Indeed, I'm lucky enough to be on one (private sector), I think its around 25-33% by employer, nothing from me.  They did also match AVCs but stopped that just before I joined - gutted!

Grumpy_chap

I am intrigued as to what the OP's context is for the original question.    Maybe applying for a job and the advert read "excellent" pension scheme and holiday entitlement, but the OP not agreeing that the statutory minimum offered by the employer matches the OP's definition of "excellent".

That said, there are very few times when an employee can influence what the pension scheme and holiday entitlement are, not even at recruitment stage, as these are set at a corporate level.

If said by the employer, then the description of "excellent" is only marketing spin - no employer is ever going to write in a job advert (or anywhere else) "appalling" or "legally compliant" pension scheme and holiday, are they now?