Pensions

Discussion in 'Finance, Property, Law' started by Bravo2sugars, Dec 29, 2002.

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  1. Talking to people working in other areas of the publice sector, including a nurse and a fireman a yet another Christmas party last night the subject of pensions was raised. Although both part of fairly generous schemes they have to contribute a % of their monthly pay towards their eventual pensions. Both were amazed to find out that we don't contribute to ours and that it maxes out at 22 years, depending on rank for the final figure.  This got me thinking, are there any plans to make us start contributing towards our pensions? Surely the bean counters at the Treasurey in their eternal quest to cut costs in the Army wouldn't pass on the opportunity to save some cash this way.
     
  2. In a way you are correct about the AFPS, but if you read the glossy that was put out a couple of months ago, it states that you make no DIRECT contributions towards the basic benefits under the AFPS, although the pay award is reduced to reflect the value of your pension relative to other comparable schemes.  So now you know of yet another reason why pay is so cra*p.
     
  3. Cheers Oracle, I read the glossy when it turned up, but it always better when someone can explain these things in plain English. I definately wasn't aware that they stiffed our pay award to part finance pensions.

    :D
     
  4. What about getting stiffed through continuance?  Yes, we are desperate to keep you on after 22 for your vast experience which we desperately need!  By the way, take a demotion, don't expect to get any more A or O confidentials 'cos people with careers need them and don't fuc#ing stay in too long 'cos you'll end up with less pension than if you left now.  Thanks :(  I'm out anyway but MOD needs to look at this.  If someone wants to stay in and their CEG specifically needs them, they should still have the same rights and be competing on a level playing field.  
     
  5. My boss's other half works? in PS in MoD.

    They recon employer (MOD) contributes another third of our salaries to pay for our future pensions.

    strike a chord with anyone?