Other people's facepalm financial management
Discussion
sidicks said:
p1doc said:
since I joined in 1998 pension age has changed from 60 to 65 now SPA to get full pension so not that attractive...
Still very attractive when someone else pays most of the costs!Sheepshanks said:
That’s an odd way of looking at it - it’s part of the package.
Just because it’s ‘part of the package’ doesn’t change the value of it!Sheepshanks said:
If it was so attractive there wouldn’t be tens of thousands of vacancies and hundreds of thousands of trained nurses doing jobs outside the NHS.
Most people, including those benefitting from it, don’t fully appreciate the value of it. As demonstrated above!Sheepshanks said:
Sure. But when you say "someone else pays most of the costs" you might as well argue that for public sector workers someone else pays ALL of their costs.
Of course, but that’s never been in question.The point was someone (above) was claiming that their pension was ‘no longer that attractive’, which is demonstrably not the case by any credible definition.
sidicks said:
Of course, but that’s never been in question.
The point was someone (above) was claiming that their pension was ‘no longer that attractive’, which is demonstrably not the case by any credible definition.
No, the point was used to be able to retire at 60. Then it moved to 65, then SPA (which I assume means state pension age). No mention of cost.The point was someone (above) was claiming that their pension was ‘no longer that attractive’, which is demonstrably not the case by any credible definition.
Sheepshanks said:
No, the point was used to be able to retire at 60. Then it moved to 65, then SPA (which I assume means state pension age). No mention of cost.
The actual post was:p1doc said:
since I joined in 1998 pension age has changed from 60 to 65 now SPA to get full pension so not that attractive...
What do you think ‘attractive’ referred to?By any credible definition, the pension offered is still ‘very attractive’.
p1doc said:
i meant not attractive regarding moving of pension age really, still attractive from pension point of view but interesting that newly qualified doctors are being advised to get sipps by some financial advisers rather than join NHS pension......
Which financial advisers are advising that?p1doc said:
i meant not attractive regarding moving of pension age really, still attractive from pension point of view but interesting that newly qualified doctors are being advised to get sipps by some financial advisers rather than join NHS pension......
Good that they're doing something. I've mentioned this before but one of my daughters works in the NHS (well, for a JV between the NHS and a charity) and she reckons hardly any of the younger staff are in the pension scheme. IIRC it's on its 3rd version since she started but I'm sure she retained the ability to retire at 60.p1doc said:
i meant not attractive regarding moving of pension age really, still attractive from pension point of view but interesting that newly qualified doctors are being advised to get sipps by some financial advisers rather than join NHS pension......
by the same token my pension age was moved and that's for a self fund private pension. I wish I had someone else paying in to my pension. As self-employed I don't. I dont even get sick pay or holiday pay or fek off if I don't earn it.
So yes NHS pension and perks of the job look very very good to me and the age date is on par with private.
Must say its been a tough year being self-employed....
Sheepshanks said:
p1doc said:
i meant not attractive regarding moving of pension age really, still attractive from pension point of view but interesting that newly qualified doctors are being advised to get sipps by some financial advisers rather than join NHS pension......
Good that they're doing something. I've mentioned this before but one of my daughters works in the NHS (well, for a JV between the NHS and a charity) and she reckons hardly any of the younger staff are in the pension scheme. IIRC it's on its 3rd version since she started but I'm sure she retained the ability to retire at 60.ScotHill said:
Sheepshanks said:
p1doc said:
i meant not attractive regarding moving of pension age really, still attractive from pension point of view but interesting that newly qualified doctors are being advised to get sipps by some financial advisers rather than join NHS pension......
Good that they're doing something. I've mentioned this before but one of my daughters works in the NHS (well, for a JV between the NHS and a charity) and she reckons hardly any of the younger staff are in the pension scheme. IIRC it's on its 3rd version since she started but I'm sure she retained the ability to retire at 60.ScotHill said:
p1doc said:
i meant not attractive regarding moving of pension age really, still attractive from pension point of view but interesting that newly qualified doctors are being advised to get sipps by some financial advisers rather than join NHS pension......
Which financial advisers are advising that?superlightr said:
by the same token my pension age was moved and that's for a self fund private pension.
I wish I had someone else paying in to my pension. As self-employed I don't. I dont even get sick pay or holiday pay or fek off if I don't earn it.
So yes NHS pension and perks of the job look very very good to me and the age date is on par with private.
Must say its been a tough year being self-employed....
you will be happy to know as a gp partner I am classed as self employed same as you I wish I had someone else paying in to my pension. As self-employed I don't. I dont even get sick pay or holiday pay or fek off if I don't earn it.
So yes NHS pension and perks of the job look very very good to me and the age date is on par with private.
Must say its been a tough year being self-employed....
ScotHill said:
everything I've found points to the NHS pension as being one of the most generous deals out there.
it is good especially death in service unless you are a locum as if you drop dead at work=death in service if drop dead outside work no death service.main reason as I have been told for young doctors not joining is the changing of SPA so you could work till 70 to get your pension which is not practical for doctor . while it can be physical straining attending 999 calls as no ambulance available mental strain is biggest load sudden death attendance seeing people dying from cancer in front of you over period of weeks and the overall admin-results letters queries from hospitals pharmacists nurses etc=heavy workload
There are staff here who are paid every Thursday. It’s interesting to watch their differences throughout the week. On Thursday and Friday they’ll normally order food to be delivered to work and smoke Marlboro and then on Monday they moan about how skint they are and they hope what’s in the fridge lasts until the next Thursday.
The vast majority of staff in that group (over 80%) refused to join the pension scheme.
The other group is paid every other week. Years ago the payroll department switched from weekly pay to fortnightly and the former group is those who kicked up a fuss and were allowed to keep weekly pay. The latter group are smartly and neatly turned out, don’t complain about being skint and are always easier to deal with at work. I find it really interesting to see the mentality difference between the two groups
The vast majority of staff in that group (over 80%) refused to join the pension scheme.
The other group is paid every other week. Years ago the payroll department switched from weekly pay to fortnightly and the former group is those who kicked up a fuss and were allowed to keep weekly pay. The latter group are smartly and neatly turned out, don’t complain about being skint and are always easier to deal with at work. I find it really interesting to see the mentality difference between the two groups
Just read this whole thread and and am frankly amazed at the stupidity of some people! However, I can understand that your plans for the future can change through no fault of your own.
The mrs and I used to work for the same bank and had been there for 15 years + . We were on final salary pension schemes and were planning to retire at 55. Pensions would have been 60k.No kids to worry about so the world was our oyster. However, that was before the knobs that ran the bank destroyed it. Both redundant and I have struggled to stay in stable employment ever since. I've been made redundant 4 times since 2010 and have struggled to put anything into a pension. I'm ok for now but lost a good few years worth of contributions and will have a much lower pension than anticipated. Ah Well, part of the fun I suppose!
The mrs and I used to work for the same bank and had been there for 15 years + . We were on final salary pension schemes and were planning to retire at 55. Pensions would have been 60k.No kids to worry about so the world was our oyster. However, that was before the knobs that ran the bank destroyed it. Both redundant and I have struggled to stay in stable employment ever since. I've been made redundant 4 times since 2010 and have struggled to put anything into a pension. I'm ok for now but lost a good few years worth of contributions and will have a much lower pension than anticipated. Ah Well, part of the fun I suppose!
superlightr said:
I wish I had someone else paying in to my pension. As self-employed I don't. I dont even get sick pay or holiday pay or fek off if I don't earn it.
To be fair, your customers are paying it for you - where else is the money going to come from? Like holiday and sick pay, it should be part of what you charge. Gassing Station | Finance | Top of Page | What's New | My Stuff