Public sector pension announcement

[eldar]

Adrian W said:

Err no! had a great pension in 2008, then the stock market went tits up, now it's not so great in fact its worth 40% less. am I missing something or did this happen to the public sector as well, and were all in this together.

And afford is relative!

So you invested your pension is a risky place, and didn't foresee the slump coming?

[mph1977]

miniman said:

So today we found out just how much the public sector are being expected to cough up towards their pensions, following much gnashing and wailing from the unions.



Oh the poor lambs. People on over £60k having to stump up a whole 5.9% MAX towards their gilt-edged final salary pension. The public sector needs to get a grip on reality IMHO.

that's for whitehall snivel serpents,

the NHS already pay 6.5% ( admittedly if the '95 scheme continues unmolested that's for a 40/80s final salary ) and higher earners in the NHS pay 7.5 % , BiB and trumpton pay something like 11% ( but on 60ths accrual and 30 years service )....

i forget what the figure is for teachers and for LA employees but it's closer to the NHS figures than to Whitehall's ... (and 40 years service)


as for the green eyed monsters ithe private sector remind me who let their employers take contribution holidays while the boom was on in the hope that blinky had fulfilled his promise to 'abolish boom and bust' and who voted in Bliar and Blinky (repeatedly)????

Edited by mph1977 on Thursday 28th July 16:26

[deadslow]

I wouldn't mind so much if the teachers would agree to do some community service during the many months sat on their fat arses in the summer each year.

[spud989]

As said a million times before, if the grass is so much greener, feel free to join us in this field.

[Adrian W]

eldar said:

So you invested your pension is a risky place, and didn't foresee the slump coming?

Yep you're right, in a well known pension company/fund linked to the stock market, like most non government employees, yet they sit there smugly knowing that we will keep pouring the money into theirs.

It will screw this country.............maybe it's to late.

[mph1977]

deadslow said:

I wouldn't mind so much if the teachers would agree to do some community service during the many months sat on their fat arses in the summer each year.

the 'summer holidays' are 6 and a bit weeks long

take a week either end for in school admin activities and group CPD plus for secondary school teachers a week and a bit in the middle of August for A level and GCSE results and the consequent work related to that how long have you got left there ...

anyone 'running off home' at the end of school is either taking their marking with them or will be putting in early mornings and late nights elsewhere in the week for marking etc ...

[eldar]

Adrian W said:

Yep you're right, in a well known pension company/fund linked to the stock market, like most non government employees, yet they sit there smugly knowing that we will keep pouring the money into theirs.

It will screw this country.............maybe it's to late.

I hope you are wrong, but I fear you are right for the next 10 years.

[unrepentant]

Pondered Scrotum said:

Army Officer.

No contribution to pension, no union at all and a seemingly toothless 'federation' = no say in how I'm bent over and fked by the Government.

Are you really a commissioned officer in the British Army? I've known quite a few and they are usually very articulate.

[Pondered Scrotum]

Adrian W said:

we will keep pouring the money into theirs.

Um, isn't the point of making them pay more into the pension pot to ease the burden a little on the taxpayer?

[markcoznottz]

spud989 said:

Adrian W said:

Yet 20% of everything that i earn goes toward your pension, yet I can't afford one for myself.

Sorry, but pensions, even private sector ones are about prioritisation. Your profile currently states:

2005 Noble M400
2005 Lexus RX400H Hybred
1999 Porsche 996 C2 Cab
1998 Renault Sport spider
2005 Benelli TornadoTre-Novocento RS

Assuming that's accurate, you've prioritised your car collection above your future. Which is fine, that's your personal choice. But don't try and bleat the hard done to line when you've made your bed and it's clearly lined with a lot better than straw.

Look at him, Bloody tory scum with all his fancy pants cars, he should sell all his cars to subsidise public sector pensions . Why should he put money away for a private pension when every two terms some dangerous little communist will steal his hard earned and give it to a bought and payed for voting base?

Iv said it before, a final salary pension is not a pension at all, its a guarantee of a future standard of living, essentially a bribe, well guess what your paymaster isntin power any more, and we in the private sector will in no way susidise your early retirement and future standard of living.

[crankedup]

DJC said:

This is only the Civil Service, no? I pay higher contribution than that and I'm public sector

[crankedup]

miniman said:

Pondered Scrotum said:

miniman said:

You should probably say what your job is, then.

Why? The tone of your OP clearly indicates you consier all public sector workers to be one-and-the-same; "poor lambs" with gold plated final salary pensions...

Prove me wrong.

Osbourne chimed in this evening suggesting that the 'private sector' are simply jealous of the Public sector pension arrangements. Reading some of these posts seems he is correct.

[Johnnytheboy]

crankedup said:

Osbourne chimed in this evening suggesting that the 'private sector' are simply jealous of the Public sector pension arrangements. Reading some of these posts seems he is correct.

There's a difference between jealousy and not wanting to fund something for others that I can't afford myself.

I like my neighbour's Alfa, but I wouldn't want to pay for it for her.

[crankedup]

Johnnytheboy said:

crankedup said:

Osbourne chimed in this evening suggesting that the 'private sector' are simply jealous of the Public sector pension arrangements. Reading some of these posts seems he is correct.

There's a difference between jealousy and not wanting to fund something for others that I can't afford myself.

I like my neighbour's Alfa, but I wouldn't want to pay for it for her.

Because you cannot afford a decent pension (wrong job?) is hardly a reason for hoping to deny others their just dues is it. I gather that most P.S. workers receive well under 12k yearly pension, hardly generous! As tax payers we all fund things that perhaps we do not approve, but that's life.
P.S. I like lots of things in life that I wouldn't want to pay for - leads to a life of crime generally, so best ignored.

[Johnnytheboy]

crankedup said:

Because you cannot afford a decent pension (wrong job?) is hardly a reason for hoping to deny others their just dues is it. I gather that most P.S. workers receive well under 12k yearly pension, hardly generous! As tax payers we all fund things that perhaps we do not approve, but that's life.
P.S. I like lots of things in life that I wouldn't want to pay for - leads to a life of crime generally, so best ignored.

As taxpayers, we also have the right to vote for parties that want to curb Labour's largesse to their unionised client state.

[vonuber]

I would love some of you lot to meet up with my mum and have a chat with her about gold plated pensions. She's worked as a social worker for donkey's years, on st pay and is getting relatively little for it; doing a job that most on here would not want to do.
I work in the private sector; and I know what pension (or lack of) I am getting - I also understand the role a large amount of the public sector do in this country doing the jobs most people don't want to do, generally for lower wages than in the private sector.
I'll tell you what, no way in gods name would I be a social worker; most of you have no idea what the job entails and I do not brgrudge them one bit having somehting decent to look forward to on retirement. The same goes for the Police, Armed Forces, NHS workers etc.

As said before, there are always exceptions to the rule; but some of you really need to pull your heads out of your arses and stop reading the Mail.

[unrepentant]

Johnnytheboy said:

There's a difference between jealousy and not wanting to fund something for others that I can't afford myself.

I like my neighbour's Alfa, but I wouldn't want to pay for it for her.

So you don't shop at Tesco or Sainsburys or buy a newspaper or watch SKY TV or eat food or buy anything at all from anywhere? Because every time you do you're funding the pensions of someone.

It's ludicrous for people to pompously declare that they "object to funding public service pensions" as though they are somehow more worthy than the nurse or the doctor or the fireman or the soldier or the bloke that empties your dustbin. Everyone pays taxes and that includes public servants. Taxes pay for the cost of public services, not individuals.

[markcoznottz]

unrepentant said:

Johnnytheboy said:

There's a difference between jealousy and not wanting to fund something for others that I can't afford myself.

I like my neighbour's Alfa, but I wouldn't want to pay for it for her.

So you don't shop at Tesco or Sainsburys or buy a newspaper or watch SKY TV or eat food or buy anything at all from anywhere? Because every time you do you're funding the pensions of someone.

It's ludicrous for people to pompously declare that they "object to funding public service pensions" as though they are somehow more worthy than the nurse or the doctor or the fireman or the soldier or the bloke that empties your dustbin. Everyone pays taxes and that includes public servants. Taxes pay for the cost of public services, not individuals.

Labour broke the covenant that the public sector would be broadly paid less than the private sector on the assumption that they could retire earlier and have an index linked pension. Overall pay levels were ramped up across the board, a bought and paid for voting base, very nihilistic, and as usual with socialists no long term thought to long term funding. Nah someone else can sort that out. See Blair with his millions, Brown cant even be arsed to turn up to vote in the commons. Genius.

[anonymous-user]

markcoznottz said:

...as usual with socialists no long term thought to long term funding..... Genius.

hmm

unfunded public sector pension liabilities.

1997 270bn
2002 380bn
2003 425bn
2004 460bn
2005 530bn
2006 650bn
2009 798bn
2010 1130bn

http://www.actuaries.org/EVENTS/Seminars/Brighton/...
http://www.management-issues.com/2006/8/24/researc...
http://www.hm-treasury.gov.uk/d/foi_publicservicep...
http://www.parliament.the-stationery-office.co.uk/...
http://www.bbc.co.uk/news/business-14134847

Edited by fbrs on Thursday 28th July 20:46

[STURBO]

I think the unions & public sector workers are secretly pretty happy with this outcome. It's hardly a bad outcome given the other possibilities. Anyone below average wage is basically unaffected.

The government could have ended the final salary scheme completely, (allowing for accrued benefits to date). And then opted everyone into a money purchase scheme with say a 5% government / employee contribution. That's what happened in a lot of other sectors & countries.

Which would be much worse.

Overall if I was a public sector worker I'd be pretty content with the changes (but obviously keep quiet about that).