Pensions take a hit

Getting_greyer

doris540 said:

All three of my pensions have seen a hit one way or another plus one has gone into the PPF which means ill get less than i should have. Ive just turned 60 and any thoughts of retiring early have been put to bed . What totally infuriates me is that Public sector pensions are totally shielded and whats on the bottom line is what your going to get so to speak.. With a massive 3% paid by my employer I really dont know why us in the private sector bother. It will never happen but a fairer way to pay for the public sector pensions is that all Public sector employees pay more in tax to help fund their pensions which on average are worth threes times more than Private sector ones

I agree. My public sector pension should be trebled so I pay more tax.

DoublePolaroid

I read a post by Doris540

Who was a little bit salty

About pensions for docs

Nurses, firemen and cops

Perhaps his career choice was faulty?

Nebulous2

doris540 said:

All three of my pensions have seen a hit one way or another plus one has gone into the PPF which means ill get less than i should have. Ive just turned 60 and any thoughts of retiring early have been put to bed . What totally infuriates me is that Public sector pensions are totally shielded and whats on the bottom line is what your going to get so to speak.. With a massive 3% paid by my employer I really dont know why us in the private sector bother. It will never happen but a fairer way to pay for the public sector pensions is that all Public sector employees pay more in tax to help fund their pensions which on average are worth threes times more than Private sector ones

Swings and roundabouts dear chap.

The last two years or so a lot  have had 20% rises in a lot of funds, leaving public sector pensions trailing in their wake, and lots of people here desperate to switch from DB to DC. 

You can't cherry-pick the year you want to make a point many people don't agree with, as you'll see from the responses. 

marycanary

If you want the complete opposite, striking galore, work with people who have no brain cells when it comes to simple tasks, archaic boring people, no innovation, corruption, boys clubs, white straight male clubs, teflon managers, nothing sticks (all in my opinion) etc etc.....BUT A FANTASTIC PENSION with EARLY RETIREMENT....JOIN THE PUBLIC SECTOR

A bit harsh, did a Teacher, Physiotherapist or Environmental Health Officer once break your heart?

nicknameless

Typical race to the bottom argument.  If I can't have it nobody can, instead of arguing everyone should have decent pensions.  Plenty to go around it's just being progressively concentrated in a minority of wealthy hands.  Yet you go on believing it's those pesky public sector pensions at fault.

Silvertabby

doris540 said:

All three of my pensions have seen a hit one way or another plus one has gone into the PPF which means ill get less than i should have. Ive just turned 60 and any thoughts of retiring early have been put to bed . What totally infuriates me is that Public sector pensions are totally shielded and whats on the bottom line is what your going to get so to speak.. With a massive 3% paid by my employer I really dont know why us in the private sector bother. It will never happen but a fairer way to pay for the public sector pensions is that all Public sector employees pay more in tax to help fund their pensions which on average are worth threes times more than Private sector ones

I was once told that I was very lucky to have my Armed Forces pension.  I replied that yes, I was very lucky to have completed my 22 years with my life, limbs and mind intact.  Unlike so many others. 

[Deleted User]

Some truth to this post. 

Its not fair that a corner shop owner or a truck driver or a shop assistant has to carry 100% of the risk for his/her pension and then, as a tax payer, take 100% of the risk for government employees’ pensions, be they administrators or teachers.  

Yes, everyone chooses a career, employment and renumeration comes with it but the truth is that 20-25 year olds don’t focus on pensions. Nor am I sure that opportunities for government employment are available to everyone.  The real reason was summarized best in Yes, Prime Minister. 

[Deleted User]

nicknameless said:

Typical race to the bottom argument.  If I can't have it nobody can, instead of arguing everyone should have decent pensions.  Plenty to go around it's just being progressively concentrated in a minority of wealthy hands.  Yet you go on believing it's those pesky public sector pensions at fault.

Everyone can’t have DB work pensions.  You can’t expect start-up companies, small business, etc to take on that kind of risk.  And any company competing internationally has to have a risk structure commensurate with the industry world-wide. 

Another race to the bottom argument was when feudalism was criticized by serfs as unfair.  Yes, government bureaucracies can shift 100% of the  risk to truck drivers and shop assistants because they call the shots but should be able to live with a bit of criticism every now and then. 

Prism

You would expect to put significantly more than the minimum into a DC pension to enable you to retire early - at least somewhere in the 10%+ region. It also depends very much on when you started. 18 years old or 35 years old will create very different sums.

IAMIAM

Public Sector pensions will never be reformed while we have governing parties, they are set that way and will remain that way whilst politicians govern. If I was head of pensions for the government and changes and policies were going to impact me, my team and my future, I wouldn’t change anything and drag it out for the next person to deal with - this mentality is the government through and through all the time. Hence why same old argument. No innovation, no radical changes, no long term succession planning, hence why the public sector is the way it is. The 2015 pension reforms are actually more financially beneficial for new entrants compared to the old schemes, so surprise surprise, there will be another reform of public sector pensions in say 2030.