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

Silvertabby

hyubh said:

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).

When the CARE details were announced my colleagues and I were - um - amazed at how generous the terms were.  Yes, of course, someone who ends their career at CEO level (for example) would be better off under the old final salary.  However, the public sector employees who spend their whole working lives in the same job/on the same pay scale will almost certainly be better off under CARE. 

Savvy_Sue

Grumpy_chap said:

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?

   Indeed. My employer is a good one, and our leave entitlement is good to very good IMO. However we say we offer 'attractive' benefits when the pension meets the statutory minimum and we've only just started paying more than SMP (and that's not mentioned on our 'benefits' page!)

thebrexitunicorn

Silvertabby said:

hyubh said:

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).

When the CARE details were announced my colleagues and I were - um - amazed at how generous the terms were.  Yes, of course, someone who ends their career at CEO level (for example) would be better off under the old final salary.  However, the public sector employees who spend their whole working lives in the same job/on the same pay scale will almost certainly be better off under CARE. 

Yes, but for most people the unreduced pension under career average is payable at state pension age. The final salary pension could be taken at 60. 

Silvertabby

thebrexitunicorn said:

Silvertabby said:

hyubh said:

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).

When the CARE details were announced my colleagues and I were - um - amazed at how generous the terms were.  Yes, of course, someone who ends their career at CEO level (for example) would be better off under the old final salary.  However, the public sector employees who spend their whole working lives in the same job/on the same pay scale will almost certainly be better off under CARE. 

Yes, but for most people the unreduced pension under career average is payable at state pension age. The final salary pension could be taken at 60. 

Not now.

I'm talking LGPS, in which R85 (early retirement protections) were totally abolished for new joiners after October 2006.  Transitional protections were set in place for pre 2006 joiners, which now only apply to pre 2008 benefits for a 60 year old.  So, 2008 to 2014 final salary benefits would be reduced if taken before 65, and 2014 onwards CARE benefits would be reduced if taken before SPA.