The 2015 Popularity Contest (aka UK General Election )

[Bruce Wayne]

The current Tesco fiasco is testament to that. Regards French retirement, haven't they become a lot less giving in terms of citizenship and so qualification for said retirements?

I think the chickens have come home to roost for Hollande in all manner of ways.

 

[Eggs]

I think the lad meant the concept of them mate. Which seeing that the vast majority of Final Salary pensions are in the Public Sector these days , thus underwritten by the Government, he has a point. The cost to an Employer, well most of them, would be ruinous now.

....clearly there is a strategic move away from final salary pensions and I fully accept there has to be changes to accommodate folk living longer etc. In reality there has been a big hit on pension for Civil Servants. I can go at 60 but anybody under 50 will only get their work pension from state pension age, that's a major adjustment of goal posts for folk who have been part of a scheme for 30 years.

Its a very emotive subject.

 

[orly]

....clearly there is a strategic move away from final salary pensions and I fully accept there has to be changes to accommodate folk living longer etc. In reality there has been a big hit on pension for Civil Servants. I can go at 60 but anybody under 50 will only get their work pension from state pension age, that's a major adjustment of goal posts for folk who have been part of a scheme for 30 years.

Its a very emotive subject.

absolutely agree with you - but when you have a model where some individuals claim more in a year post-retirement than they make in gross contributions in their entire careers, there is no way that is sustainable in a broader sense.

I've got nearly 40 years to retirement; not convinced pensions will still exist at that stage

 

[roydo]

....clearly there is a strategic move away from final salary pensions and I fully accept there has to be changes to accommodate folk living longer etc. In reality there has been a big hit on pension for Civil Servants. I can go at 60 but anybody under 50 will only get their work pension from state pension age, that's a major adjustment of goal posts for folk who have been part of a scheme for 30 years.

Its a very emotive subject.

Oh I know it is. My line of work Eggs. But even when the alterations take place, the benefit is likely to be far superior to nearly all private provision. Just dealing with a retiring nurse. She finishes next month. Her NHS pension plus state pension is more than she currently earns. Reason is, in the NHS, if you work part time, (as she has for 10 years or so), the full pro rata salary is used to calculate her pension.

So she has a paid apx 5% of a part time salary into the scheme, and will receive a benefit based on a salary roughly double what she was actually paid.

 

[Eggs]

absolutely agree with you - but when you have a model where some individuals claim more in a year post-retirement than they make in gross contributions in their entire careers, there is no way that is sustainable in a broader sense.

I've got nearly 40 years to retirement; not convinced pensions will still exist at that stage

...amazing how cyclical things are, I'm not sure you are right with your forecast. The contribution detail is difficult to evaluate, Local Authority contributions come from salary whereas National Government is factored via a lower salary amount. I have to accept the deal I get is very good but the vast majority of public sector workers are not highly paid and (I understand) the average pension is £4k per annum.

The point I am making, though, is that significant changes have been introduced and accepted by workers. The big losers are those on he cusp of the change who will have to work 5 years more than planned.

 

[roydo]

...amazing how cyclical things are, I'm not sure you are right with your forecast. The contribution detail is difficult to evaluate, Local Authority contributions come from salary whereas National Government is factored via a lower salary amount. I have to accept the deal I get is very good but the vast majority of public sector workers are not highly paid and (I understand) the average pension is £4k per annum.

The point I am making, though, is that significant changes have been introduced and accepted by workers. The big losers are those on he cusp of the change who will have to work 5 years more than planned.

And certainly not the top end managers who always seem to get a big promotion to a senior position, just a year or so before retirement.........Same with tons of Quangos. High Court judges are all exempt from stuff as well, funny that.

 

[EverBlue86]

I wonder what the tesco situation means for our new stadium?

 

[Eggs]

Oh I know it is. My line of work Eggs. But even when the alterations take place, the benefit is likely to be far superior to nearly all private provision. Just dealing with a retiring nurse. She finishes next month. Her NHS pension plus state pension is more than she currently earns. Reason is, in the NHS, if you work part time, (as she has for 10 years or so), the full pro rata salary is used to calculate her pension.

So she has a paid apx 5% of a part time salary into the scheme, and will receive a benefit based on a salary roughly double what she was actually paid.

.....clearly differences when it comes to NHS, Police and Firefighters schemes. I presume the person you quote will receive a private and state pension at the point of retirement. Government department employees only qualify for a full pension (50% of salary + 3 times that in a lump sum) after 40 years of service. Most have nothing like that level of service and part timers do not get full time equivalent pay.

In my case, I'll be living off my private pension for 6 years before my state pension starts. I'm not denying it's a good deal for me but there are folk who have worked on the production line at Ford (Jaguars) for 30 years who will get significantly more than me and I don't begrudge them a penny.

 

[roydo]

.....clearly differences when it comes to NHS, Police and Firefighters schemes. I presume the person you quote will receive a private and state pension at the point of retirement. Government department employees only qualify for a full pension (50% of salary + 3 times that in a lump sum) after 40 years of service. Most have nothing like that level of service and part timers do not get full time equivalent pay.

In my case, I'll be living off my private pension for 6 years before my state pension starts. I'm not denying it's a good deal for me but there are folk who have worked on the production line at Ford (Jaguars) for 30 years who will get significantly more than me and I don't begrudge them a penny.

Oh sure mate. I personally have no issue with the members of any of the various schemes, but if politicians going back to Thatcher and before didnt meddle in something they dont really understand too well, then maybe, just maybe, everyone would be better off.

 

[red1]

I never understood pensions, like why do they exist, do we really need it? Does it work? I think it's pointless.

 

[Eggs]

And certainly not the top end managers who always seem to get a big promotion to a senior position, just a year or so before retirement.........Same with tons of Quangos. High Court judges are all exempt from stuff as well, funny that.

...I have to say that I don't see a lot of this in reality, Roydo, although I'm sure there are instances.

 

[Eggs]

I never understood pensions, like why do they exist, do we really need it? Does it work? I think it's pointless.

...you might not think the same way when you're 60 matey.

 

[red1]

...you might not think the same way when you're 60 matey.

I seriously don't even get it though, is it just the government saving up for us or what? Why is that a good thing? A lot of people don't even make it to 60 you know, I don't see why our money should be kept by the government...am I being overly simplistic?

 

[roydo]

I seriously don't even get it though, is it just the government saving up for us or what? Why is that a good thing? A lot of people don't even make it to 60 you know, I don't see why our money should be kept by the government...am I being overly simplistic?

Yes you are, being simplistic that is. The government doesnt keep the money you save.

 

[red1]

Yes you are, being simplistic that is. The government doesnt keep the money you save.

I didn't say the government keeps the money we save though...I said the government saves up for us...big difference In any case, explain to me it's usefulness then, I'm genuinely interested. In the meantime I'll google it and see what comes of it.