Final salary pension schemes should end

[Puggit]

Sky News

In the interests of all this shiny new 'fairness' - I can only whole-heartedly agree!

[sidicks]

Puggit said:

In the interests of all this shiny new 'fairness' - I can only whole-heartedly agree!

Nothing necessarily wrong with final salary pensions for public workers, but they need to be modified to be 'fair':
- Increased contribution rates to more accurately reflect the cost of the schemes
- Revised rules to make them more affordable (increased retirement age etc)

sidicks

[pugwash4x4]

it'll be a triumph for the rest of us if the Unions oppose this- they really don't have a leg to stand on, and if they strike it would be a very very good reason for getting rid of all of them!

[anonymous-user]

I don't agree.

Why should people not get the agreed pension they have worked for. Stop it for new joiners or even tinker with the contributions but not end it for current members.

It doesn't seem very fair to me.

[Puggit]

el stovey said:

I don't agree.

Why should people not get the agreed pension they have worked for. Stop it for new joiners or even tinker with the contributions but not end it for current members.

It doesn't seem very fair to me.

Well that's fine, yes - but for new members it should have ended a LONG time ago...

[sidicks]

el stovey said:

I don't agree.

Why should people not get the agreed pension they have worked for. Stop it for new joiners or even tinker with the contributions but not end it for current members.

It doesn't seem very fair to me.

I don't think the proposals affect accrued benefits, just future benefits which seems entirely fair.

Sidicks

[anonymous-user]

I'm not sure why people on here get so excited at the prospect of someone else having their pension scheme closed.

[anonymous-user]

sidicks said:

el stovey said:

I don't agree.

Why should people not get the agreed pension they have worked for. Stop it for new joiners or even tinker with the contributions but not end it for current members.

It doesn't seem very fair to me.

I don't think the proposals affect accrued benefits, just future benefits which seems entirely fair.

Sidicks

I agree with that. Not closing/transferring schemes for current members though.

[sidicks]

el stovey said:

I agree with that. Not closing/transferring schemes for current members though.

No, closing the scheme to new members and for future accrual for existing members. They should not touch pensions accrued to date.

[Puggit]

Quinny said:

el stovey said:

I'm not sure why people on here get so excited at the prospect of someone else having their pension scheme closed.

Jealousy

When the government starts paying me a final salary scheme, then I'll quit complaining.

[sidicks]

Quinny said:

Jealousy

Personally, I'm in favour of revisons to public final salary pension schemes as taxpayers are having to pay the unaffordable costs, when the money could be better spent elsewhere.

Sidicks

[anonymous-user]

Puggit said:

Quinny said:

el stovey said:

I'm not sure why people on here get so excited at the prospect of someone else having their pension scheme closed.

Jealousy

When the government starts paying me a final salary scheme, then I'll quit complaining.

Why didn't you get a job working for the government that offered a FS pension scheme?

[anonymous-user]

sidicks said:

Quinny said:

Jealousy

Personally, I'm in favour of revisons to public final salary pension schemes as taxpayers are having to pay the unaffordable costs, when the money could be better spent elsewhere.

Sidicks

Don't you think it's fair that they continue to get their agreed pension?

[Puggit]

el stovey said:

Puggit said:

Quinny said:

el stovey said:

I'm not sure why people on here get so excited at the prospect of someone else having their pension scheme closed.

Jealousy

When the government starts paying me a final salary scheme, then I'll quit complaining.

Why didn't you get a job working for the government that offered a FS pension scheme?

<shudder>

[sidicks]

el stovey said:

Don't you think it's fair that they continue to get their agreed pension?

The agreement was (typically) to provide a pension of 1/60th of final salary for each year worked. That commitment will still remain in place for past accrual.

There is no reason why that this benefit should not be changed for the future either by requiring higher contributions or by providing the same benefit at a later date.

Many private sector employees also started with a final salary pension scheme which was subsequently removed when it was found to be unaffordable. There is no reason why the public sector should be any different.

Sidicks

[anonymous-user]

sidicks said:

Many private sector employees also started with a final salary pension scheme which was subsequently removed when it was found to be unaffordable. There is no reason why the public sector should be any different.

Why should there be any connection between the two? Any of us could have gone to work in the public sector and get a FS pension. Most didn't because we thought we could get more elsewhere.

I have a private FS private sector pension, should I have mine removed because some other companies closed theirs?

[12gauge]

sidicks said:

I don't think the proposals affect accrued benefits, just future benefits which seems entirely fair.

Sidicks

So your'e telling me the unions saying 'hands of our pensions' is a bit like me saying 'hands of my girlfriend' about a girl i havent even met yet?!

Edited by 12gauge on Thursday 7th October 11:11

[Oystercatcher]

sidicks said:

The agreement was (typically) to provide a pension of 1/60th1/80th of final salary for each year worked. That commitment will still remain in place for past accrual.

Fixed that for you.

[RichardD]

It isn't fair for someone not to get what they thought they would/are contracted to get/blahblah.

It isn't fair that other people have to pick up the tab for promises that previous politicians made.

Something like that

[KrazyIvan]

I dont think they should close it, I think they should just raise public sector workers taxes so that they are paying for it themselves. They soon would want it changed to a more managable set up.