Public sector wellcome to the real world

roysterer · 17 June 2011 at 7:37PM

What is happening today regarding Public Sector Pensions and contributions is what has already happened in the Private Sector.
Final salary Pensions are now gone forever!!!!!!! as much as we all dislike it.

2 years ago I went from a 5% Contribution 1/60th Final Salary scheme to a 10% Contribution 1/60th Career Average Pension.
This was non negotiable take it or leave it. So I guess the proposals put forward today are not so bad after all.

The feeble argument that Public Sector workers sacraficed higher earning potential by working in the Public Sector for greater Pension benefit is complete Bulls*** . If that's the case then wellcome to the private sector for those of you who think you can command far higher salaries, I think you will get a nasty surprise?

My contribution has doubled for less benefit. I am not prepared to pay higher income tax to subsidise public sector pensions as well.

I can guarantee that you will not receive any support if you choose to strike from the vast majority of private sector workers and private sector Trade Unionist.

Give it another few years and Career average will be taken away from us all, only for Defined Contribution rip off Annuity type Pensions to be left on the table.

I guess we have all been shafted by incompetent past and present governments. I feel sorry for the young people coming out of University in 4 years time with £50 - £60,000 of debt, they have got no chance of getting any good pension provision. Did the Public Sector Unionist consider them?
Answer:- a big fat NO. The Public Sector Metropolitan Police were hell bent on dealing with them as we all witnessed.

WhiteHorse · 17 June 2011 at 7:42PM

Amazing how the public sector thinks that the rules don't apply to them.

bigfreddiel · 17 June 2011 at 8:05PM

WhiteHorse wrote: »

Amazing how the public sector thinks that the rules don't apply to them.

well of course they don't apply to us - we're so lowly paid for a start (no pay rise for two years and when we do get one its a measly 4-5%), what with 30 days leave a year, flexi time,extra days off for the queens birthday, maundy thursday, christmas shopping day and a bonus as well - its no wonder we feel ripped off

martinthebandit · 17 June 2011 at 8:08PM

So much bitterness and envy, how the rich must love it when the poor fall out amongst themselves

swanny65 · 17 June 2011 at 8:09PM

I have always taken into account my Civil Service pension whenever i have considered leaving and joining the private sector and decided to stay put. Now over 45 with 25 years service i would be mad to leave as i have accrued most of my pension entitlement.

The Government brought in average salary for all new entrants to the Civil Service pension scheme a few years ago. Now apparently that isn't enough and we will all have to pay more and wait longer.

Personally having 30 years in the scheme when the changes are likely to come in 2015 i may opt out because 30/80's from age 60 may be better than 40/80 with 10 years additional contributions and a 6 year longer wait.

Like it or lump it i accept changes have to be made but they should be structured to give those nearer retirement a better deal - after all those younger members have time to make adjustments to their future plans.

What those in the private sector turn a blind eye to is the fact that most civil servants have had a minimal pay rise in the past 5 to 7 years. We do get a performance bonus, as the Daily Mail frequently tell everyone about, but this is report based and is always non consolidated. The maximum EO salary in my department is now £24250pa, 7 years ago it was £23500.00. As part of the pay settlement we accepted this as part of deal protected our pension entitlement.

I also work in the private sector in my second job so i can see things from both sides of the fence.

The problem with the private sector pension is employers paid higher salaries to employee's and higher dividends to shareholders, rather than make sure the pension contributions were maintained to look after employee's retirement. Sadly unions representing private sector workers took their eye off the ball until it was too late.

moggitymog · 17 June 2011 at 8:11PM

I work as a nurse for the NHS, the main reason I remained in the NHS for the last 12 years is because of the pension, no need to bother now, lets hope everyone doesn't leave as that will be the time when the government start to sell it off

ILW · 17 June 2011 at 8:12PM

martinthebandit wrote: »

So much bitterness and envy, how the rich must love it when the poor fall out amongst themselves

Their is a difference between envying someone for purely having more than you, as opposed to being forced into paying for that person to have more than you.

Mr_K · 17 June 2011 at 8:15PM

Why do a certain section of society hate anybody that works in the public sector ? Is it jealousy because they've chosen higher paid jobs that contribute nothing to society and have failed to make adequate pension provision ? Yes the public sector pension's are reasonable. Granted, a few at the very top do very well but they'll will be the ones to be least affected by this. The vast majority are on low wages with a pension of less than £5k . The private sector caused this crisis (i.e banks) who are still paying themselves massive bonuses.

Longer lifespans will mean pension reform for everyone. What's being proposed however is overly vindictive, for the sake of it, on those that can least afford it. It will backfire when nobody wants to work in the public sector any longer. No health service, no police, no service provided in where there isn't a profit involved. This is turning into a horrible country to live in.

WhiteHorse · 17 June 2011 at 8:17PM

moggitymog wrote: »

I work as a nurse for the NHS, the main reason I remained in the NHS for the last 12 years is because of the pension, no need to bother now, lets hope everyone doesn't leave as that will be the time when the government start to sell it off

Sharp.

For those who have eyes to see, that's clearly the intention. The NHS is gradually being deconstructed.

Eventually, the decentralised and carefully relabelled parts will be sold off to the private sector - probably to American and French companies, at a guess.

ILW · 17 June 2011 at 8:20PM

Mr_K wrote: »

Why do a certain section of society hate anybody that works in the public sector ? Is it jealousy because they've chosen higher paid jobs that contribute nothing to society and have failed to make adequate pension provision ? Yes the public sector pension's are reasonable. Granted, a few at the very top do very well but they'll will be the ones to be least affected by this. The vast majority are on low wages with a pension of less than £5k . The private sector caused this crisis (i.e banks) who are still paying themselves massive bonuses.

Longer lifespans will mean pension reform for everyone. What's being proposed however is overly vindictive, for the sake of it, on those that can least afford it. It will backfire when nobody wants to work in the public sector any longer. No health service, no police, no service provided in where there isn't a profit involved. This is turning into a horrible country to live in.

At that point wages and conditions will improve, just like the private sector.

roysterer · 17 June 2011 at 8:35PM

Swanny,
In my post I should have added that 2 years ago when the rules changed to career average for existing members, all New Starters would have to contribute to a deffined Contribution (annuity type pension) making a 4% contribution matched by the employers 4%.
What sort of pension will that buy in 40yrs time?????? my guess is PEANUTS.
If you dont mind me asking how many hours do you work in both of your jobs?
or have you got 2 part time jobs?

Public sector wellcome to the real world

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