Public Sector Pension Deal/Offer

Discussion in 'Armed Forces Pension Scheme' started by batfink, Nov 2, 2011.

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  1. I didn't think 'Uniformed' services where included?
  2. Seems a fair offer I reckon but there'll still be people unhappy and it's bound to kick off still.
  3. giving the 10 year window was a shrewd move, it means they can rewrite the cost proposals in the long term add to that the reduction in post 2022 costs of the package and the ability to borrow spend money today there not even going ot make for 10 years knowing the shortfall will be covered when the time comes (cost neutral borrowing) via bonds its a clever way of doing buisness. the unions will already know the overhead costs and advise there members that yes its not great but its better than many other options.

    well lets hope this sees an end to the civil unrest planned for the coming months otherwise i fear that the loss of pay in what is supposedly going ot be one of the coldest winters in decades will see many unplesantries ass people are forfced ot break there own picket lines
  4. Watching ITV news, I was amazed to see a teacher on a wage of 30000 ends up with a £19000 pension
  5. Why would that be amazing after a 40-year career?
  6. Ask some one in the private sector.
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  7. Quite right - when the private sector was booming, they would have laughed at the prospect of working 40 years for a reward like that.

    Solution's simple - if it's such a money-spinner, just become a teacher.
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  8. Until a Public Sector employee nicked all the pension money.
  9. BiscuitsAB

    BiscuitsAB LE Moderator

    Erm cause the old scheme was and 80th and the new one a 60th. Of course that could be 40 years no commutation of lump-sum under the new scheme.
  10. I'd be amazed too because it would be £15k per year.
  11. Actually, the problem is that someone nicked - or rather never filled up in the first place - the public sector pension pot.

    If you want to know who 'nicked' the cash from this country's piggy bank, you might want to look a little harder...
  12. The relevant year in the future to bear in mind for the Armed Forces Pension Scheme is 2015.
    After that nothing is payable until age 60 and there is NO opting out of this one boys.
    Any guesses how generous this is going to be?
    A teacher on £30k would be the equivalent of an HEO in the Civil Service or a Sergeant at Range 3 Level 1, not so generous now is it?
  13. Well, as the old saying goes - you don't get somethign for nothing.

    I'm not sure how the teachers pension scheme works (although I believe the Govt guarantees the pensions of teachers in the private sector, too), but I would expect to go from 1/80 to 1/60 would require either a reduction in lump sum or an increase in contributions.
  14. It was never financially viable in the first place, so you could say that saved the country some money!