More years drawing a pension than contributing?
Discussion
Saw this car related article: http://webcache.googleusercontent.com/search?q=cac...
And, while having nothing but respect for the work the chap has spent his life doing - it really made me ponder the 'real economics' of people retiring early to spend more years drawing a monthly income far in excess of the original monthly contributions and for a much longer period.
No investment strategy could possibly fund these lifestyles / lifespans.
I know of so many people of this chap's age group with timeshares in Portugal, sportscar in the garage, etc and they're just early retired run of the mill public servants, teachers, fire folks, etc etc
Future generations will never see the like.
And, while having nothing but respect for the work the chap has spent his life doing - it really made me ponder the 'real economics' of people retiring early to spend more years drawing a monthly income far in excess of the original monthly contributions and for a much longer period.
No investment strategy could possibly fund these lifestyles / lifespans.
I know of so many people of this chap's age group with timeshares in Portugal, sportscar in the garage, etc and they're just early retired run of the mill public servants, teachers, fire folks, etc etc
Future generations will never see the like.
footnote said:
Saw this car related article: http://webcache.googleusercontent.com/search?q=cac...
And, while having nothing but respect for the work the chap has spent his life doing - it really made me ponder the 'real economics' of people retiring early to spend more years drawing a monthly income far in excess of the original monthly contributions and for a much longer period.
No investment strategy could possibly fund these lifestyles / lifespans.
I know of so many people of this chap's age group with timeshares in Portugal, sportscar in the garage, etc and they're just early retired run of the mill public servants, teachers, fire folks, etc etc
Future generations will never see the like.
Where does it say that he is drawing a pension?And, while having nothing but respect for the work the chap has spent his life doing - it really made me ponder the 'real economics' of people retiring early to spend more years drawing a monthly income far in excess of the original monthly contributions and for a much longer period.
No investment strategy could possibly fund these lifestyles / lifespans.
I know of so many people of this chap's age group with timeshares in Portugal, sportscar in the garage, etc and they're just early retired run of the mill public servants, teachers, fire folks, etc etc
Future generations will never see the like.
http://www.bbc.co.uk/programmes/b07pd34k
In this programme, people discuss their pensions and lives in their sixties and beyond.
9 minutes in - a couple, 72 and 69 years of age, retired primary school headteacher and a retired police inspector, big house and big car - both retired on individual platinum public service pensions larger than the average annual salary of £28,000 - in retirement!
Nice enough folks - but wow!
In this programme, people discuss their pensions and lives in their sixties and beyond.
9 minutes in - a couple, 72 and 69 years of age, retired primary school headteacher and a retired police inspector, big house and big car - both retired on individual platinum public service pensions larger than the average annual salary of £28,000 - in retirement!
Nice enough folks - but wow!
footnote said:
http://www.bbc.co.uk/programmes/b07pd34k
In this programme, people discuss their pensions and lives in their sixties and beyond.
9 minutes in - a couple, 72 and 69 years of age, retired primary school headteacher and a retired police inspector, big house and big car - both retired on individual platinum public service pensions larger than the average annual salary of £28,000 - in retirement!
Nice enough folks - but wow!
"Platinum" ?In this programme, people discuss their pensions and lives in their sixties and beyond.
9 minutes in - a couple, 72 and 69 years of age, retired primary school headteacher and a retired police inspector, big house and big car - both retired on individual platinum public service pensions larger than the average annual salary of £28,000 - in retirement!
Nice enough folks - but wow!
Surely "gold-plated" is the accepted term for this?
What's the point of your post?
Lucas CAV said:
Just curious as to what your point is?
Surely every person on the planet knows about public sector pensions - it has been discussed to death on here.
I used to think surely everybody knows how to make a Blue Peter Christmas mobile - they've been doing it for years - but they kept showing us.Surely every person on the planet knows about public sector pensions - it has been discussed to death on here.
Not everybody knows everything at the same time - some people may never know everything - poor devils!
Some media reports are particularly good at illustrating issues with pensions - the newspaper article and radio report brought home to me now, the immediate unaffordabilty of the cost of young pensioners' incomes right now.
A related article was recently posted on another forum that I visit.
The comments ranged from "They deserve to have it taken away" to "Once they become the minority of voters, they'll be fubar'd" and included "oh boo hoo, it's so unfair".
Am I the only one who thinks about what I should be doing instead? i.e. upping my contribution.
The comments ranged from "They deserve to have it taken away" to "Once they become the minority of voters, they'll be fubar'd" and included "oh boo hoo, it's so unfair".
Am I the only one who thinks about what I should be doing instead? i.e. upping my contribution.
I had a boss that is likely to jamd his way into this.
He was a charming, but very lazy bugger, who had wriggled his way into senior management. He was eventually 'retired' at 58, with a payoff that was more than he would have earned if he had continued to work until his planned retirement age of 60 (it's almost like the business wanted rid of him...).
This was quite a few years ago now, a friend who kept in contact with him heard him boasting that he had taken more out of the pension fund than he had paid in before his 65th birthday.
My pension is now not worth very much at all and I am on a new scheme...
My Grandad was a civil servant. He did start work at 16, I think he retired in his late fifties and managed to live to 96 so would have been pretty close or even managed this.
He was a charming, but very lazy bugger, who had wriggled his way into senior management. He was eventually 'retired' at 58, with a payoff that was more than he would have earned if he had continued to work until his planned retirement age of 60 (it's almost like the business wanted rid of him...).
This was quite a few years ago now, a friend who kept in contact with him heard him boasting that he had taken more out of the pension fund than he had paid in before his 65th birthday.
My pension is now not worth very much at all and I am on a new scheme...
My Grandad was a civil servant. He did start work at 16, I think he retired in his late fifties and managed to live to 96 so would have been pretty close or even managed this.
CubanPete said:
I had a boss that is likely to jamd his way into this.
He was a charming, but very lazy bugger, who had wriggled his way into senior management. He was eventually 'retired' at 58, with a payoff that was more than he would have earned if he had continued to work until his planned retirement age of 60 (it's almost like the business wanted rid of him...).
This was quite a few years ago now, a friend who kept in contact with him heard him boasting that he had taken more out of the pension fund than he had paid in before his 65th birthday.
My pension is now not worth very much at all and I am on a new scheme...
My Grandad was a civil servant. He did start work at 16, I think he retired in his late fifties and managed to live to 96 so would have been pretty close or even managed this.
The average public sector employee pays less than 25% of the true cost of the pension they will receive, so it's not hard for them to take out more than they put in.He was a charming, but very lazy bugger, who had wriggled his way into senior management. He was eventually 'retired' at 58, with a payoff that was more than he would have earned if he had continued to work until his planned retirement age of 60 (it's almost like the business wanted rid of him...).
This was quite a few years ago now, a friend who kept in contact with him heard him boasting that he had taken more out of the pension fund than he had paid in before his 65th birthday.
My pension is now not worth very much at all and I am on a new scheme...
My Grandad was a civil servant. He did start work at 16, I think he retired in his late fifties and managed to live to 96 so would have been pretty close or even managed this.
CubanPete said:
I had a boss that is likely to jamd his way into this.
He was a charming, but very lazy bugger, who had wriggled his way into senior management. He was eventually 'retired' at 58, with a payoff that was more than he would have earned if he had continued to work until his planned retirement age of 60 (it's almost like the business wanted rid of him...).
This was quite a few years ago now, a friend who kept in contact with him heard him boasting that he had taken more out of the pension fund than he had paid in before his 65th birthday.
My pension is now not worth very much at all and I am on a new scheme...
My Grandad was a civil servant. He did start work at 16, I think he retired in his late fifties and managed to live to 96 so would have been pretty close or even managed this.
Your accrued rights should be protected though?He was a charming, but very lazy bugger, who had wriggled his way into senior management. He was eventually 'retired' at 58, with a payoff that was more than he would have earned if he had continued to work until his planned retirement age of 60 (it's almost like the business wanted rid of him...).
This was quite a few years ago now, a friend who kept in contact with him heard him boasting that he had taken more out of the pension fund than he had paid in before his 65th birthday.
My pension is now not worth very much at all and I am on a new scheme...
My Grandad was a civil servant. He did start work at 16, I think he retired in his late fifties and managed to live to 96 so would have been pretty close or even managed this.
Public sector pensions are based on the healthcare on the 1960's a people popping their clogs before they're 70.
Since both have increased plus underlying investment performance in worse it's no wonder they're unaffordable.
The government's solution? Borrow more and bring in a cheap migrant workforce.
Since both have increased plus underlying investment performance in worse it's no wonder they're unaffordable.
The government's solution? Borrow more and bring in a cheap migrant workforce.
Lucas CAV said:
Your accrued rights should be protected though?
Yep, but the DB component of it, is based on my salary when the scheme was ended and the growth rate is CPI or 5% each year, whichever is lower (pay rises should be higher than this). Unfortunately I can't transfer out my contributions, as this should give me a better return for this component.This is in private industry not civil service.
A friend of mine with one of the utilities managed to retire at 48 - they were in a big redundancy setup and somehow that was agreed.
He never worked again and now into his 70's fit and healthy. I believe he also got a decent lump sum too which cleared his mortgage with comfort so he did he maths and realised he could live on that pension for the rest of his life. Sure he didn't do lots of big high cost holidays.
Physically worked 29 years - and he is nearly been in retirement the same duration.
He never worked again and now into his 70's fit and healthy. I believe he also got a decent lump sum too which cleared his mortgage with comfort so he did he maths and realised he could live on that pension for the rest of his life. Sure he didn't do lots of big high cost holidays.
Physically worked 29 years - and he is nearly been in retirement the same duration.
My neighbour is a retired D.I. or similar, retired last summer in his early 50's.
4 bed det. house paid for, bought a new car & takes a few holidays each year. He has just started doing a bit of P/T work, mainly to keep him sane but also to top up their holiday funds & help their kids out financially.
He complains that they can't afford to buy a decent house in their prefered Cornish location, I'm tempted to suggest he gets a f
king job until he's in his 60's like the rest of us, sure he could afford it then!
A friend did 22yrs in the RAF, left on full pension in his mid 40's & got a civvie job doing pretty much the same thing but without Det's to Afghanistan etc. He'll work until his (large) mortgage is paid off then probably semi retire on his £20k ish RAF pension.
4 bed det. house paid for, bought a new car & takes a few holidays each year. He has just started doing a bit of P/T work, mainly to keep him sane but also to top up their holiday funds & help their kids out financially.
He complains that they can't afford to buy a decent house in their prefered Cornish location, I'm tempted to suggest he gets a f
king job until he's in his 60's like the rest of us, sure he could afford it then!A friend did 22yrs in the RAF, left on full pension in his mid 40's & got a civvie job doing pretty much the same thing but without Det's to Afghanistan etc. He'll work until his (large) mortgage is paid off then probably semi retire on his £20k ish RAF pension.
Edited by LordHaveMurci on Thursday 25th August 12:47
I'm looking to retire at 56, I'd have paid 40 years contributors to my pension at that point, having started work at 16. Most of my friends of my age started work aged 21-23, having been to Uni, gone travelling in gap years etc, I had several years 'head start' on them with my pension, so I'll retire earlier, equally I was working nights while they were having fun in the student union bar, or working on sheep farms in Australia.
Gareth1974 said:
I'm looking to retire at 56, I'd have paid 40 years contributors to my pension at that point, having started work at 16. Most of my friends of my age started work aged 21-23, having been to Uni, gone travelling in gap years etc, I had several years 'head start' on them with my pension, so I'll retire earlier, equally I was working nights while they were having fun in the student union bar, or working on sheep farms in Australia.
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