Public Sector Pension Deal/Offer

#1
#4
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
 
#8
Ask some one in the private sector.
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.
 
#12
Until a Public Sector employee nicked all the pension money.
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...
 
#13
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?
 
#14
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.
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.
 
#15
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...
It was never financially viable in the first place, so you could say that saved the country some money!
 
#16
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?
The big difference between a teacher's pension and the AFPS is that most soldiers are not going to be still working at 65...
 
#18
Solution's simple - if it's such a money-spinner, just become a teacher.
I use this same phrase whenever my pension is called into question (Even though its now being fiddled worse than a...). It's funny how quiet the person becomes after you say it.
 

jarrod248

LE
Gallery Guru
#19
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.
They want people to work longer, pay more and still get less.
 
#20
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.
Teachers Pension Scheme: (over-simplified but the essentials)

pre 2007 joiner:
1/80th per year pension; 3/80ths per year lump sum; available at 60 without commutation (crippling commutation if taken early)

post 2007 joiner: 1/60th per year pension; NO lump sum; available at 65 without commutation.

Contributions are 6.4% of salary of employee - about 14% for employer IIRC.

Pension based on average of best 3 years in your last 10 IIRC.

So 40 years service (which not that many people acccrue BTW) gives 1/2 salary + lump sum on old scheme and 2/3 salary on new scheme.

This was renegotiated in 2006/7 as a long-term solution to the 'pension time-bomb'. The promised re-valuation in 2011 has been renaged upon by the Government (probably because it would show that the scheme is sustainable as is).

There are thousands of teachers/lecturers being made redundant as we speak (The Daily Wail chooses not to publicise that little nugget though).

Believe me, teachers/lecturers earn every penny of their salary and pension (not like Bankers/Politicos etc.). Teachers actually do some good for the country - politicos do not (see Belgium for an example of a country doing quite nicely without a central government at the moment).

Rant off - back to the post-prandial malt =-D
 

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