Who said Pensions were boring?
Discussion
Possibly, the biggest news in public sector pensions you’ve never heard of.
In December, The Fire Brigades Union won a landmark ruling in its dispute with the government over changes made to firefighters’ pensions in 2015. It signaled that younger firefighters on the new scheme would have to be put back on the previous pension scheme, and was fought on the basis of age discrimination.
You may remember that some public sector workers had grandfathering rights bestowed upon them, and were able to remain in their existing scheme due to proximity to normal retirement age. The government said it would appeal of course. But this announcement from Liz Truss is interesting. If it fails, it seems that remedial action may cost the Treasury £4bns pa.
Watch this space.. Pensions eh? Who said they were boring?
https://www.parliament.uk/business/publications/wr...
In December, The Fire Brigades Union won a landmark ruling in its dispute with the government over changes made to firefighters’ pensions in 2015. It signaled that younger firefighters on the new scheme would have to be put back on the previous pension scheme, and was fought on the basis of age discrimination.
You may remember that some public sector workers had grandfathering rights bestowed upon them, and were able to remain in their existing scheme due to proximity to normal retirement age. The government said it would appeal of course. But this announcement from Liz Truss is interesting. If it fails, it seems that remedial action may cost the Treasury £4bns pa.
Watch this space.. Pensions eh? Who said they were boring?
https://www.parliament.uk/business/publications/wr...
Public sector only ?
When the electricity industry was privatised, they passed legislation that meant that successor companies had to provide equivalent benefits for people who were employed at the time, but not for people who joined later. So younger people dont get the same pension rights, isnt that the same discrimination ?
When the electricity industry was privatised, they passed legislation that meant that successor companies had to provide equivalent benefits for people who were employed at the time, but not for people who joined later. So younger people dont get the same pension rights, isnt that the same discrimination ?
Gary C said:
Public sector only ?
When the electricity industry was privatised, they passed legislation that meant that successor companies had to provide equivalent benefits for people who were employed at the time, but not for people who joined later. So younger people dont get the same pension rights, isnt that the same discrimination ?
It wasn't like that for the Police. The rules changed for those already in the Police based on their age/how long they had served. Hence the age-ist appeal. When the electricity industry was privatised, they passed legislation that meant that successor companies had to provide equivalent benefits for people who were employed at the time, but not for people who joined later. So younger people dont get the same pension rights, isnt that the same discrimination ?
If they'd done like the electric industry and only made it applicable to those that joined after the change, there wouldn't have been the problem. The Police pension scheme is unaffordable, so they had to do something to lower the cost.
the tribester said:
It wasn't like that for the Police. The rules changed for those already in the Police based on their age/how long they had served. Hence the age-ist appeal.
If they'd done like the electric industry and only made it applicable to those that joined after the change, there wouldn't have been the problem. The Police pension scheme is unaffordable, so they had to do something to lower the cost.
None of the public sector schemes are ‘affordable’ by any credible definition.If they'd done like the electric industry and only made it applicable to those that joined after the change, there wouldn't have been the problem. The Police pension scheme is unaffordable, so they had to do something to lower the cost.
You’d have thought the better solution would have been to increase the retirement age to 66 rather than the 60? I don’t see how it ever benefitted us that police were retiring just at the point that they had hugely valuable information and skills and instead using them to run a pub or oppress other golfers.
DonkeyApple said:
You’d have thought the better solution would have been to increase the retirement age to 66 rather than the 60? I don’t see how it ever benefitted us that police were retiring just at the point that they had hugely valuable information and skills and instead using them to run a pub or oppress other golfers.
You can’t do the majority of these jobs at such an age no matter how fit you are your not going to be as effective fighting scrotes in your 60’s as 40’s or 50’s. Non of this will be an issue once Corbyn if in power of course.
BoRED S2upid said:
You can’t do the majority of these jobs at such an age no matter how fit you are your not going to be as effective fighting scrotes in your 60’s as 40’s or 50’s.
Non of this will be an issue once Corbyn if in power of course.
Agreed, but that’s a reason for these individuals to be doing different roles at that age, either inside or outside the police, not simply retiring.Non of this will be an issue once Corbyn if in power of course.
Ginge R said:
ftadviser said:
But the latest ruling concluded the transitional protections were discriminatory towards those who could not stay.
Which is why there should be no transitional protection for anyone. Close the grossly expensive public sector DB schemes to all, existing rights to be retained. Croutons said:
What’s the basis for this? The change I mean.
There was a small article in the times the other week, it was basically saying that GP's could earn the same as they are currently earning full time by taking their pension now and working a couple of days as a locum as and when suits them. Capping pensions was one of the reasons.........
tighnamara said:
There was a small article in the times the other week, it was basically saying that GP's could earn the same as they are currently earning full time by taking their pension now and working a couple of days as a locum as and when suits them.
Capping pensions was one of the reasons.........
Most of my clients are serving military officers, and there are many medical consultants within that cohort. The situation is crazy. The impact assessment was totally wide of the mark. The actual outcome seems not to have been even considered. You can slave away for a Clinical Excellence Award, get promoted through endeavour, and you are effectively taking a cut in income, now and in retirement, and diminishing your lifestyle when you want it enhanced. Capping pensions was one of the reasons.........
https://www.gov.uk/government/publications/reducti...
Interesting development on the age discrimination case. I know of a few police officers who were given CARE scheme pensions after paying the final salary one for years. Some of them are in a legal challenge, some not. If this decision applies across different roles, will this mean those who didn't challenge it will simply stay on the new scheme?
It'll be expensive for the govt if that's the case.
It'll be expensive for the govt if that's the case.
NHS wise, it seems the increase in employers NI is still at consultation stage (unless anyone knows it was confirmed)?
Has the accrual rate changed post April?
It looks like a load of schemes are due for uprating, but as if by magic Gov is dragging its feet...
https://www.civilserviceworld.com/articles/news/fu...
Has the accrual rate changed post April?
It looks like a load of schemes are due for uprating, but as if by magic Gov is dragging its feet...
https://www.civilserviceworld.com/articles/news/fu...
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