Police pension decreases with time served?

FatherAbraham

Bobziz said:

FatherAbraham said:

hyubh said:

Imagine his much money one would need in a pot to fund such a pension oneself!

Imagine not ensuring retired police officers are comfortably remunerated, relative to their pay while working!

They also pay relatively high contribution rates, and always have done. When introduced, the employee contribution rate for PPS 1987 was 11%, and the current scheme's rate is between 12.44% and 13.78% depending on seniority. Now, would paying 13% into even the more generous corporate DC schemes around give you an equivalent annuity? No. However we're not talking peanuts here. 

A two-thirds-of-salary pension is obscenely high, compared to what private sector workers end up with. 

Do you really think that 13% is a high personal contribution? 

I work in the private sector, and realised about thirteen years ago that I needed to stay paying 25% of my salary into my defined-contribution occupational pension, so I started doing that.

Eight years ago I realised that I needed to increase it to 50%, so I tightened my belt, and started doing that.

I'm currently paying 60% to try to ensure that I get a decent pension.

I have a quite visceral understanding of how obscenely over-rewarded public-sector employees - even the saintly police - are, because I have experience first-hand how much I have had to sacrifice to get anywhere near the levels of what's required for a moderate pension.

If only public sector jobs were open to everyone to apply for rather than just a small secretly selected minority. Just think how nice it would be for everyone to have the opportunity to be obscenely over-rewarded.

Where I live you can't move for retired nurses and teaching assistants driving around in their Ferrari's.

https://en.wikipedia.org/wiki/Straw_man?wprov=sfla1

FatherAbraham

hyubh said:

Ahem, what makes you assume I don't work in the private sector, and have also long personally contributed way more than the PPS compulsory rate...?

Hallo Hyubh

I've never presumed that you don't work in the private sector.

You sent to be inventing all sorts of mad things in your counter-arguments which aren't even there. It might be better to stick to the facts of the matter under discussion..

Warmest regards, 
FA

artyboy

I seem to recall another poster that used to start threads about their perceived iniquities of the public sector pension system...? 

Sounds like politics of envy to me. Let's go and throw those nurses on the scrap heap after their nice cushy careers have ended...

Bobziz

artyboy said:

I seem to recall another poster that used to start threads about their perceived iniquities of the public sector pension system...? 

Sounds like politics of envy to me. Let's go and throw those nurses on the scrap heap after their nice cushy careers have ended...

A quick look at the OP's previous threads confirms your view. 

BikingBud

The Torygraph and its continual prodding of the public sector pensions to ensure they continue to fester and foment non-public sector worker envy must be one of the prime examples that led to "rage bait" being identified as the Oxford Word of the Year.

 

GunJack

Practical real world example.....

I left a civil service job with lots of responsibility for a private sector one in the same field. The private sector job had a dB pension which ok cost me a bit more in contributions, it had a lot less responsibility, but it did have a whacking 25% higher salary...

Now tell me private sector are hard done by compared to the cushy public sector.....

Cobbler_tone

I'd imagine most DB pension schemes have been diluted/closed over time. The police have always been known for having a good one and no surprise if it isn't as good as it once was.
I was in our (private sector) DB scheme from 1994-2021. I didn't really understand it for much of that time (when you just sign up, you're younger etc) and looking at old payslips I paid 7% for a 1/58 of final salary. I know when I crunched the numbers years ago the company were contributing 30%, hence why it closed (to new members in 2009 and totally in 2021), in addition they had to lump in over £100m at one stage to get the fund into good shape. 
I choose to put 50% into my DC now (62% total) and no idea if my output will be as good as the missing DB, as I'm building a pot of £ and won't be buying an annuity. I just know it costs me a lot more and my take home is 25% less than in 2014, at my choice granted.
I know that my DB provides my core income at 57, so everything else since 2021 has been a bonus. 

hyubh

FatherAbraham said:

hyubh said:

Ahem, what makes you assume I don't work in the private sector, and have also long personally contributed way more than the PPS compulsory rate...?

Hallo Hyubh

I've never presumed that you don't work in the private sector.

You sent to be inventing all sorts of mad things in your counter-arguments which aren't even there. It might be better to stick to the facts of the matter under discussion..

Warmest regards, 
FA

Please clarify - just a single example of what I have 'invented' will do!