Public Sector Pensions

Discussion in 'Army Pay, Claims & JPA' started by Karabiner, Dec 18, 2009.

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  1. No. Legally protected, the only thing might be very small increases, if any, for a few years.
  2. Current pensions legally protected. Who knows what will happen int he future? But meddling with pensions would result in a massive pfaff to do with pay - at present our pay is abated to enable us to get a 'free' pension. Play around with the pension rules and we would have to look again at salary.
  3. Then again the ex wife could not get her fingers on the pension before but now thats changed
  4. The pension should be safe(ish) but don't forget that the EDP side of AFPS05 does not form part of the pension scheme and therefore may ......
  5. So was my civil service pension, until they changed the law.
    Politically military pensions should be safe, legally, not so much.
  6. yeah thats a scary one - but as long as your still providing nhs services if you are TUPEd to a new provider you can keep your super-an.
  7. Next year will be a dangerous year for stuff like public sector pensions and other things, just now we've got a government who have 6 months in power and are trying to claw back the oppositions lead, next year we will have a government with 5 years in power and the ability to bring in unpopular changes in the first year and still have 4 years to try and do other things to get any negative publicity forgotten about.

    The public sector pensions is such a vast pot of cash sat there that the finance sector almost wets itself at the thought of getting its hands on it to play with, the government hate it because it's a millstone round its neck and being able to farm out government departments and the pension pots for these would make the government very happy, especially if companies state they can look after them by playing the markets.

    So in short, it's going to be a depressing year ahead once the government change over or get another 5 years, the whole pension thing is a huge problem for many, with a lot of private companies trying to get in there as they see vast profit in it.
  8. There is no pot of cash to play with. I repeat, there is no pot of cash to play with. Public sector pensions are not funded in the same way as Private pensions. The payments for public pensions are paid from tax receipts. Tax paid today is used to fund pensions today, so there is absolutely no way on gods earth that a private company would be remotely interested in taking on public pensions. The only way that government can save money on them is to reduce the benefits that they pay out to the pensioners.
    whether any government has the political balls to make cuts big enough to have any real impact and keep all public and former public sector workers on side is to be seen.
  9. That's true of most, although the local authority ones have a fund.

    Most of the changes seem to be taking place by shafting new entrants. New cops do 35 years for half rather than 30 for two-thirds - an incredible difference. New teachers retire at 65 rather than 60 - yup, you'd want to be facing 30 kids at 64.....

    and MPs? They accrue pension twice as fast as teachers, and ministerial office puts it through the roof. Derry Irvine, the former Lord Chancellor, being the worst example.
  10. The public sector is going to have a rude awakening, there is simply not the cash to pay these pensions. The private sector workers who are forced to pay other peoples pensions instead of their own will not be milked much longer. There are harsh times ahead.

  11. That is true, but there is money set aside for pensions, if pensions are rejigged then expect to see a few companies hovering about. I should have made it clear that is was more the 'management' of public sector pensions.

    It's the same with almost everything in the government, there are no pots of cash, but vast fortunes to be made through 'management' with a lot of consultancies and government friendly companies looking at getting into this, like they have in a few areas so far.
  12. I may be right in thinking that all contributions into Public Sector pensions went into a Govt pot and stupidly wasn't invested. The Govt of the day just used the money for whatever it needed so much to the point that as was stated previously there isn't a pot left.
    Basically whatever is paid in goes straight back out and the shortfall is getting bigger. Also most PS workers pay a bigger chunk of their salary into their pensions than most in the private sector or at least they did until they started changing the rules around a couple of years back. Not sure what it is now.
  13. The biggest issue to face civil servants in the near future is the change in the law which makes it MUCH cheaper to make them redundant.
    The unions suspected and it appears true that the government was holding off on redundancies until the changes in redundancy payments are enacted.
    Once fully implemented stand by for a wave of redundancy in "non front line" services. The hope by labour will be that they can gain more votes from people thinking "good it's about time those fvckers got a kicking" than they will lose by doing it.