Brian Paddicks Public Sector Pension

[anonymous-user]

I find this almost unbelievable (although i shouldn't be surprised), Brian Paddick publishes his earnings for the Mayor of London election and shows that he retired (in his forties) on a gold plated public sector pension of....... wait for it..... £63,000 a year !!!

How the feck can someone retire in their 40's and get a pension like this????

I think I would have to save over £3.5m + to be able to do the same.

Source: http://www.brianpaddick.com/news/details/28/Brian-...

Edited by anonymous-user on Wednesday 11th April 16:41

[ExChrispy Porker]

2/3 police salary after 30 years ( or 50 percent if he took the full commutation).

I retired at 48 but I don't get as much as him !!

[anonymous-user]

Bandit said:

I find this almost unbelievable (although i shouldn't be surprised), Brian Paddock publishes his earnings for the Mayor of London election and shows that he retired (in his forties) on a gold plated public sector pension of....... wait for it..... £63,000 a year !!!

How the feck can someone retire in their 40's and get a pension like this????

I think I would have to save over £5m + to be able to do the same.

Source: http://www.brianpaddick.com/news/details/28/Brian-...

Yet some still argue that the Public secotr pensions are reasonable.

FFS, what a waste of money.

[Bing o]

He's hardly retired if he's running for Mayor is he.

[oyster]

Has anyone done the calculations, if you contributed 11% of your salary every year into a pension from age 18 to 48, and your employer matched it. Would it grow to £63k a year?

[markcoznottz]

oyster said:

Has anyone done the calculations, if you contributed 11% of your salary every year into a pension from age 18 to 48, and your employer matched it. Would it grow to £63k a year?

To get some idea most coppers would have to put away 77% of thier wages to fund thier own retirement. Said many times final salary is not a pension it's a guarantee of a future standard of living, a bribe if you will.

[stevejh]

oyster said:

Has anyone done the calculations, if you contributed 11% of your salary every year into a pension from age 18 to 48, and your employer matched it. Would it grow to £63k a year?

Bearing in mind that his starting salary would obviously be a lot less than his final salary the answer to your question is almost certainly no but that's the 'beauty' of final salary pensions and one of the reasons people get so worked up about changes to them.

[ExChrispy Porker]

Indeed.
He will have started on about 5500 pa as a PC.

[DonkeyApple]

Why do these pensions kick in before the standard pensionable age?

[Digga]

DonkeyApple said:

Why do these pensions kick in before the standard pensionable age?

Sometimes because, through injury in service, they are no longer able to do 'their job' and refuse other jobs within the organisation. So I am told by two (very) reliable sources.

[williamp]

This does highlight the problem with this sort of pension. Lets say he joined at 18 and left at 48. 30 years service, and 30 years of paying into a pension. He has a reasonable life expectancy of 80+. So that’s more then 30 years of retirement. He’s going to be taking from the retirement fund for longer then he put into it.

And worryingly, others in the public sector don’t see this as a problem, more then the solution that they should have the same.

[Corsair7]

DonkeyApple said:

Why do these pensions kick in before the standard pensionable age?

If you run an organisation that has obviously ageist policies (due to the nature of the work) then you have to offer an early pension payout as a compensation. Same as the armed forces. Otherwise, we really would have a 'dads army' style uniformed sector.

[ExChrispy Porker]

Digga said:

Sometimes because, through injury in service, they are no longer able to do 'their job' and refuse other jobs within the organisation. So I am told by two (very) reliable sources.

One applies for retirement on medical grounds.
After a series of independent medical examinations, to assess what duties one is able to perform, if any, a decision is made based on the medical evidence.
The procedures have been tightened up a great deal in recent years.

[davepoth]

Somebody should ask him whether he'd be willing to stop taking the pension while he was in office if he ever got elected...;)

[ExChrispy Porker]

Corsair7 said:

If you run an organisation that has obviously ageist policies (due to the nature of the work) then you have to offer an early pension payout as a compensation. Same as the armed forces. Otherwise, we really would have a 'dads army' style uniformed sector.

I have heard that paramedics will now have to work until they are 65, possibly longer.

[Riff Raff]

Corsair7 said:

DonkeyApple said:

Why do these pensions kick in before the standard pensionable age?

If you run an organisation that has obviously ageist policies (due to the nature of the work) then you have to offer an early pension payout as a compensation. Same as the armed forces. Otherwise, we really would have a 'dads army' style uniformed sector.

OK, I can sort of understand that - as far as the armed services go.

But, for a policeman? Surely they could spend their twighlight years doing a desk job. Or community liaison. Or something.

Public Sector pensions would be right at the top of my list of things to sort out if I were in Government. I don't mean talking about it. I mean actually doing something.

[anonymous-user]

oyster said:

Has anyone done the calculations, if you contributed 11% of your salary every year into a pension from age 18 to 48, and your employer matched it. Would it grow to £63k a year?

Well I've been paying into mine since the age of 20 (I am now 38). I put in 10% and my employer puts in 10%, so similar

a) I can't retire at 48, even if I wanted to, minimum age is 55.
b) Even though i am a high earner (£100k+) my pension pot at the minimum retirement age of 55 would be worth about £800k, this would still only buy me a joint annuity income of about £18k per year at today's prices.

These public sector pensions are an absolute disgrace.

[Guybrush]

Does anyone still wonder how the UK is getting worse off by £2 billion a week? (every week...)

[DonkeyApple]

Digga said:

DonkeyApple said:

Why do these pensions kick in before the standard pensionable age?

Sometimes because, through injury in service, they are no longer able to do 'their job' and refuse other jobs within the organisation. So I am told by two (very) reliable sources.

Obviously, not being able to work through injury etc is a given. But it seems a little sick that a standard pension be paid out while the recipient is still of working age.

[DonkeyApple]

Corsair7 said:

DonkeyApple said:

Why do these pensions kick in before the standard pensionable age?

If you run an organisation that has obviously ageist policies (due to the nature of the work) then you have to offer an early pension payout as a compensation. Same as the armed forces. Otherwise, we really would have a 'dads army' style uniformed sector.

Every operator has front and back office roles.

At what point is someone too old to sit in a chair and work? The Govt seems to think for some time now that its somewhere north of 60.

And if there are no back office roles why should the company pay for that person to not go and get another job once their useful role there is over?