A question about : Public sector wellcome to the real world
What is happening today regarding Public Sector Pensions and contributions is what has already happened in the Private Sector.
Final salary Pensions are now gone forever!!!!!!! as much as we all dislike it.
2 years ago I went from a 5% Contribution 1/60th Final Salary scheme to a 10% Contribution 1/60th Career Average Pension.
This was non negotiable take it or leave it. So I guess the proposals put forward today are not so bad after all.
The feeble argument that Public Sector workers sacraficed higher earning potential by working in the Public Sector for greater Pension benefit is complete Bulls*** . If that's the case then wellcome to the private sector for those of you who think you can command far higher salaries, I think you will get a nasty surprise?
My contribution has doubled for less benefit. I am not prepared to pay higher income tax to subsidise public sector pensions as well.
I can guarantee that you will not receive any support if you choose to strike from the vast majority of private sector workers and private sector Trade Unionist.
Give it another few years and Career average will be taken away from us all, only for Defined Contribution rip off Annuity type Pensions to be left on the table.
I guess we have all been shafted by incompetent past and present governments. I feel sorry for the young people coming out of University in 4 years time with Ј50 - Ј60,000 of debt, they have got no chance of getting any good pension provision. Did the Public Sector Unionist consider them?
Answer:- a big fat NO. The Public Sector Metropolitan Police were hell bent on dealing with them as we all witnessed.
Best answers:
- Amazing how the public sector thinks that the rules don't apply to them.
- So much bitterness and envy, how the rich must love it when the poor fall out amongst themselves
- I have always taken into account my Civil Service pension whenever i have considered leaving and joining the private sector and decided to stay put. Now over 45 with 25 years service i would be mad to leave as i have accrued most of my pension entitlement.
The Government brought in average salary for all new entrants to the Civil Service pension scheme a few years ago. Now apparently that isn't enough and we will all have to pay more and wait longer.
Personally having 30 years in the scheme when the changes are likely to come in 2015 i may opt out because 30/80's from age 60 may be better than 40/80 with 10 years additional contributions and a 6 year longer wait.
Like it or lump it i accept changes have to be made but they should be structured to give those nearer retirement a better deal - after all those younger members have time to make adjustments to their future plans.
What those in the private sector turn a blind eye to is the fact that most civil servants have had a minimal pay rise in the past 5 to 7 years. We do get a performance bonus, as the Daily Mail frequently tell everyone about, but this is report based and is always non consolidated. The maximum EO salary in my department is now Ј24250pa, 7 years ago it was Ј23500.00. As part of the pay settlement we accepted this as part of deal protected our pension entitlement.
I also work in the private sector in my second job so i can see things from both sides of the fence.
The problem with the private sector pension is employers paid higher salaries to employee's and higher dividends to shareholders, rather than make sure the pension contributions were maintained to look after employee's retirement. Sadly unions representing private sector workers took their eye off the ball until it was too late. - I work as a nurse for the NHS, the main reason I remained in the NHS for the last 12 years is because of the pension, no need to bother now, lets hope everyone doesn't leave as that will be the time when the government start to sell it off
- Why do a certain section of society hate anybody that works in the public sector ? Is it jealousy because they've chosen higher paid jobs that contribute nothing to society and have failed to make adequate pension provision ? Yes the public sector pension's are reasonable. Granted, a few at the very top do very well but they'll will be the ones to be least affected by this. The vast majority are on low wages with a pension of less than Ј5k . The private sector caused this crisis (i.e banks) who are still paying themselves massive bonuses.
Longer lifespans will mean pension reform for everyone. What's being proposed however is overly vindictive, for the sake of it, on those that can least afford it. It will backfire when nobody wants to work in the public sector any longer. No health service, no police, no service provided in where there isn't a profit involved. This is turning into a horrible country to live in. - Swanny,
In my post I should have added that 2 years ago when the rules changed to career average for existing members, all New Starters would have to contribute to a deffined Contribution (annuity type pension) making a 4% contribution matched by the employers 4%.
What sort of pension will that buy in 40yrs time?????? my guess is PEANUTS.
If you dont mind me asking how many hours do you work in both of your jobs?
or have you got 2 part time jobs? - the answer of course is to abolish the public sector where ever possible; so pensions wouldn't be an issue as taxpayers wouldn't be paying for them
why are teachers employed by the state?
why are doctors or nurses?
hospitals, clinics etc?
all housing in the private sector
care homes?
motorways?
obviously trains and transport generally
no real reason why fire services are provided by the state; they could simply be paid for on a fire by fire basis
police and the armed forces we should probably keep
universities will all be private in a few years anyway so no probnlem there
fortunately banks, insurance, gas, water, electricity, food, airport services are already provided cheaply within the private sector so no problems there
problem solved : taxpayers won't be paying for public sector pensions anymore except for a very small number (including PMs of course)
I commend this to you all
think outside the box - I've worked in both public and private sectors and the best pension I had was in the private sector. Getting a bit sick of the public sector bashing as not all public servants are equal!
- i'm sure this doesn't apply to everyone, but a lot of us in the nhs put in way more hours and effort than we are paid for because we love and are proud of what we do - which is to provide the best service we possibly can in terms of quality, efficiency and evidence-based practice.
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