Dear University lecturers - get back to work
Discussion
mx5nut said:
johnfm said:
Boo f
kign hoo.
New entrants now having to go onto defined contributions pensions.
Lecturers revolting at having to contribute to their pension and get out what they put in + growth instead of being allowed final salary pensions that future taxpayers will pay for.
Poor little dears.
The defeatist attitude by some on here on employment issues is staggering. Their bosses must walk all over them!kign hoo.New entrants now having to go onto defined contributions pensions.
Lecturers revolting at having to contribute to their pension and get out what they put in + growth instead of being allowed final salary pensions that future taxpayers will pay for.
Poor little dears.
Tony427 said:
ralphrj said:
lauda said:
Tony427 said:
I beg to differ.
Which is why my Mrs is retiring early .
Cheers,
Tony
In what way are they changing benefits previously accrued?Which is why my Mrs is retiring early .
Cheers,
Tony
USS said:
The proposed changes, detailed below, are subject to a statutory consultation by employers with all affected employees (active members and employees eligible to join). This is due to begin in March. They would come into effect no sooner than 1 April 2019 and would only apply to benefits built up from that point onwards by active members (people currently paying into the scheme).
Benefits already earned by both active and deferred members are protected by law and in the scheme rules. Benefits already being paid to retired members are not affected by this decision.
Benefits already earned by both active and deferred members are protected by law and in the scheme rules. Benefits already being paid to retired members are not affected by this decision.
The money employees and the Universities have already paid into the scheme is protected.
The benefits employees are expecting to receive have not been protected as yet. My wife's pensions projections have gone down over the last 6 months based on the same retirement date. If they are to be protected that would mean that each employee would need a guaranteed pension value and benefits statement at March 31st 2019 with that pension frozen at that point and a new pension started 1st April 2019. That is not to say this could not be done. HSS has done it before.
However, whatever is put into the pot at that point will diminish what is available for later pensioners, and with employee contributions at 8% and University at 20% theres no room to increase contributions. Anyone who is taking their pension later than April 2019 will get a reduced pension. There is no alternative. Unless you go early and grab your pension whilst benefits are still relatively generous. Which loads of people are doing.
In fact the only way out of the huge black hole that has opened up in the funding of USS is to reduce the pension benefits of pensioners yet to take their pension.
A few months ago the Pensions regulator refused to let the USS alter its investment risk profile which would have inflated projected future investment earnings which would have resulted in USS kicking the underfunding "can" further down the road.
Unfortunately for the USS this wasn't allowed and now there is no alternative than to cut future pension benefits of current employees in addition to reducing the benefits that new employees will get. Its the only way to fill the £9 billion, some say a lot more, black hole.
Cheers,
Tony
TWENTY PERCENT.
And the lecturers are striking??
FFS
egor110 said:
johnfm said:
20% employer pension contribution!
TWENTY PERCENT.
And the lecturers are striking??
FFS
I take it you'll now be changing career to take advantage of this awesome pension then ?TWENTY PERCENT.
And the lecturers are striking??
FFS
However, I will be reminding public sector employees not to moan about pay and conditions when they whine about 'pay freezes' etc yet conveniently don't whine about very generous, unfunded employer pension contributions that form part of their pay package.
egor110 said:
johnfm said:
egor110 said:
johnfm said:
20% employer pension contribution!
TWENTY PERCENT.
And the lecturers are striking??
FFS
I take it you'll now be changing career to take advantage of this awesome pension then ?TWENTY PERCENT.
And the lecturers are striking??
FFS
However, I will be reminding public sector employees not to moan about pay and conditions when they whine about 'pay freezes' etc yet conveniently don't whine about very generous, unfunded employer pension contributions that form part of their pay package.
Nanook said:
johnfm said:
Equally I don't care that they think they're underpaid when they don't include their pension rights.
Sure you don't.That's why you're ranting about it here, because you don't care...
I don't care "that they think they're underpaid".
I clearly care that they strike over pensions when their pensions are generous.
travel is dangerous said:
Snip
I estimated the effect the proposed changes would have on my pension. I assumed that under any potential DC scheme, I would purchase an annuity - to provide the security of income that I have under the current DB scheme. My estimated annual retirement income will fall from ~25-30k to 10k.
.
So, regarding your post - what a load of drivel.
So, you expected £30k/year for 20-25 years (assuming you retire at 65 and get to 85-90). I estimated the effect the proposed changes would have on my pension. I assumed that under any potential DC scheme, I would purchase an annuity - to provide the security of income that I have under the current DB scheme. My estimated annual retirement income will fall from ~25-30k to 10k.
.
So, regarding your post - what a load of drivel.
That’s £600k-£750k.
And you’re putting in 8% of your salary for 30-ish years. Plus 5% compound growth on that capital.
I think that would have been good darts but unaffordable darts - hence the need for amendment to DB pensions.
travel is dangerous said:
johnfm said:
So, you expected £30k/year for 20-25 years (assuming you retire at 65 and get to 85-90).
That’s £600k-£750k.
And you’re putting in 8% of your salary for 30-ish years. Plus 5% compound growth on that capital.
I think that would have been good darts but unaffordable darts - hence the need for amendment to DB pensions.
You are forgetting the the employer contributes 18 % alongside the employees 8 %. That’s £600k-£750k.
And you’re putting in 8% of your salary for 30-ish years. Plus 5% compound growth on that capital.
I think that would have been good darts but unaffordable darts - hence the need for amendment to DB pensions.
Joey Ramone said:
Dear Johnfm, it's really going to boil your piss when you find out that UUK has agreed to up employer contribution to 19.3% as a consequence of the impact of industrial action
As a university lecturer, I can only laugh my tits off
Dear JoeyAs a university lecturer, I can only laugh my tits off
(1) Your name seems apt.
(2) Quite happy for university lecturers who are worth it to be well paid. Sadly many of them aren't worth 18%, 19.3% or any other contribution level out of the taxpayers' wallets.
(3) The ultimate outcome of unaffordable lecturer pay and benefits will be fewer lecturers and, thus, a culling of the dead wood. In which case you will need that remaining 1.3% from the net contributing taxpayers so you can afford to pay your heating bill in winter.
sidicks said:
Joey Ramone said:
Whatever arrangement is come to it'll still cause you to fulminate, and still allow me to piss myself laughing
Wrong again. A change to DC is massively beneficial from the taxpayer’s perspective. The fact that you don’t appear to understand the significance is very telling!Digga said:
johnfm said:
sidicks said:
Joey Ramone said:
Whatever arrangement is come to it'll still cause you to fulminate, and still allow me to piss myself laughing
Wrong again. A change to DC is massively beneficial from the taxpayer’s perspective. The fact that you don’t appear to understand the significance is very telling!sidicks said:
johnfm said:
Joey is a university lecturer - looks likely that he does one of those 8 contact hours a week, feminist dance therapy and media studies double majors...
This sort of nonsense doesn’t help support a sensible discussion.There isn't a sensible discussion to be had with people who are on strike because 18% pension contributions are deemed insufficient.
Joey Ramone said:
johnfm said:
Which sensible discussion?
There isn't a sensible discussion to be had with people who are on strike because 18% pension contributions are deemed insufficient.
I didn't strike. There isn't a sensible discussion to be had with people who are on strike because 18% pension contributions are deemed insufficient.
But hey, don't let that get in the way of a good old fashioned moan, you whining maggot x
How's your lecture plan coming along for your media studies class?
Joey Ramone said:
johnfm said:
Joey Ramone said:
johnfm said:
Which sensible discussion?
There isn't a sensible discussion to be had with people who are on strike because 18% pension contributions are deemed insufficient.
I didn't strike. There isn't a sensible discussion to be had with people who are on strike because 18% pension contributions are deemed insufficient.
But hey, don't let that get in the way of a good old fashioned moan, you whining maggot x
How's your lecture plan coming along for your media studies class?
ks about Critical Theory and Postmodernism and watch the money roll inHonestly mate, you should try it. It's an absolute hoot. Money for old rope, massive amounts of time off and, get this, the pension provision is out of this world
Go on, give it a go. You'll love it
travel is dangerous said:
Were you guys bullied by university lecturers or something? Jealous of our fancy hats and robes? Is it that you never get any questions right on University Challenge?
Ah, the 'are you jealous' argument. Not sure what this has to do with pointing out the obvious facts that:(1) Uni lecturers are on strike because their previously unaffordable, overly generous DB pension schemes are being replaced;
(2) the replacement DC scheme with 18% (or now 19.3%) taxpayer contribution is still unaffordable;
(3) some uni lecturers seem so dim that they cannot understand that their benefits are made up of pay and generous pension, so the "I've not had a payrise in years" is nonsense
Joey Ramone said:
johnfm said:
Cheers - but my oil&gas exploration industry pension is pretty decent. And I get to spend my day with intelligent people talking about interesting things.
When you're not on Pistonheads whining like a kicked puppy, obviously.Edited by Joey Ramone on Tuesday 13th March 15:42
I was surprise to find the layabouts were still on strike. Merely pointing out that a small section of tax payer funded employees seem to be unwilling to smell the flowers and incapable of understanding that their actions won't ultimately save their 'profession'. Unless you do decent research, your role will be redundant in a couple of decades.
Joey Ramone said:
johnfm said:
Unless you do decent research, your role will be redundant in a couple of decades.
A) My research is top rated according to the REFB) Don't worry about my future. In a couple of decades I'll be retired. Whereas I suspect you'll be dead.
(2) I'll be retiring a bit earlier than you. If your research mentioned in (A) has the same quality as your unfounded suspicion in (B) you may need the 19.3% earlier than you plan.
Anyway, shouldn't keep you - you've got top rated research to do apparently.
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