So whats wrong with 66 like the rest of us?

[Adrian W]

http://www.bbc.co.uk/news/uk-politics-13800573

Why do public sector employees think they are so special, I heard on the radio the other day that their average saleries are actually 5% higher than the private sector.

When will they wake up, we can't afford them.

Edited by Adrian W on Friday 17th June 12:31

[anonymous-user]

you also can't not afford them.

people don't consider the good of the country when thinking about the terms of their renumeration.

you do as much as you can to get the best pay package you can.

if you don't, you're a mug.

if you have a good pension, you defend it.

[pugwash4x4]

Use Psychology said:

you also can't not afford them.

unfortunately that's where many are deluded

Use Psychology said:

people don't consider the good of the country when thinking about the terms of their renumeration.

Indeed- so don't expect any sympathy from the "the country"

Use Psychology said:

you do as much as you can to get the best pay package you can.

but we're always told that people in the public sector don't just do it for the money......

Use Psychology said:

if you don't, you're a mug.

if you have a good pension, you defend it.

and if you're getting arse raped by one in ten of the population then obviously you attack them...

[rsv gone!]

They're not the poorly paid philanthropists they used to be

http://www.bbc.co.uk/news/business-13329634

[anonymous-user]

it's the government that is 'arse-raping' you, though, not its employees

[loafer123]

Use Psychology said:

it's the government that is 'arse-raping' you, though, not its employees

Yes, and they are trying to do something about it, at last.

[Adrian W]

rsv gone! said:

They're not the poorly paid philanthropists they used to be

http://www.bbc.co.uk/news/business-13329634

Funny that the TUC say than anyone actually publishing numbers is just trying to make trouble.

TUC Said

"But the TUC said the report was aimed at creating divisions between public and private sector workers"

[zcacogp]

Snag is that the public sector is not one type of person; I have no problem with fair remuneration of doctors, nurses, teachers and so on. (OK, let's skate over 'fair' in that sentence, but the point stands.)

I DO have a LARGE problem with large numbers of public sector 'non-jobs' though. The Equality Monitoring Officers and Fair Access Planning Managers and so on; I'd happily see their wages set to reflect the true value of their jobs (in which case they would be paying into the public purse for the office space, lighting, heating and free internet surfing they get out of it.)


Oli.

[Welshbeef]

WHat do you mean "66 like the rest of us"?

Um state pension yes.

My private pensions.... um no.
I have a few final salary pensions one starts at 55 y.o. and the other two at 60y.o.
I have a number of defined contribution pensions - and I can choose to have them pay out from 55y.o. at a reduced rate (full rate being 60y.o.) only one is full rate at 65y.o.

[lauda]

Use Psychology said:

people don't consider the good of the country when thinking about the terms of their renumeration.

This kind of statement really pisses me off. There are all sorts of workers in the private sector who perform jobs equally as important as frontline public services like the police, health services etc.

What about all the people who work in construction that build the houses we all live in? Construction is one of the most dangerous industries in the UK, the working conditions are pretty stty and the pay isn't exactly fantastic. And yet we don't consider them to be 'key workers' or whatever the term is for public sector people who qualify for cheap housing.

The fact of the matter is that most peoples' jobs contribute to the greater good of society in some way (even if only by the tax revenues that their employment generates) so let's not pretend that public sector workers (most of whom are nowhere near the provision of frontline services anyway) deserve preferential treatment to the rest of us.

[jonah35]

trouble is, no one fully understands pensions.

even if they change the retirement age to 66 you could still ask for a cash equivalent transfer value and transfer it to a private pension and take your benefits from age 55 so you don't have to wait till 66 even if this comes into force its just that people don't understand this very obvious point. OK your pension income may be smaller but you can still take it.

[Shuvi Tupya]

Welshbeef said:

I have a few final salary pensions
I have a number of defined contribution pensions -

I am so screwed.

[Welshbeef]

Shuvi Tupya said:

I am so screwed.

Please tell me you are working and have sone form of pension? If not you don't have to look any further than yourself.

[Shuvi Tupya]

Welshbeef said:

Please tell me you are working and have sone form of pension? If not you don't have to look any further than yourself.

Working yes, pension no.

I have never really been in a position where i have had rainy day money as i am not particularly career orientated. Plus i always thought i was going to inherit both my parents houses at some point..it is only over the last few years i have come to realise that is not likely to happen..

But yes, it is my fault.

[nelly1]

Shuvi Tupya said:

Working yes, pension no.

But you're still paying into the pension scheme of a huge number of Public Sector bods.

They'll be retiring on "only" £3-4k PA.

3-4k more than you.

[Welshbeef]

Shuvi Tupya said:

Working yes, pension no.

I have never really been in a position where i have had rainy day money as i am not particularly career orientated. Plus i always thought i was going to inherit both my parents houses at some point..it is only over the last few years i have come to realise that is not likely to happen..

But yes, it is my fault.

Well start now. The rest is water under the bridge.

Never think you will get inheritance if you do great it will be a bonus, their whole wealth could be spent in care homes or they decide to give it all to charity or fall out with you or one remarries and then passes away new wife gives it to her kids not you.

So many ifs it not worth risking it. You need to be able to support yourself.

Contact your HR on Monday to get all the details of the company scheme and go from there.

Can you state your age? Reason I'm asking as if you have zero to date and are x age you will need to put in even more to make up for lost years
My mum upped her pension to 55% of her salary ... For the last 10-15 years, just to ensure her pension will be of a reasonable size.

I've seen my own contributions increase from 3% when I was 18 yo now am paying between 8-9%. I'm doing everything I can for my retirement or if I dont make it to ensure my wife is comfortable and worry free money wise.

[davepoth]

Once all the baby boomers die off and the population demographic gets back to where it normally would be (without a massive bulge), everything should become a bit easier.

[hidetheelephants]

davepoth said:

Once all the baby boomers die off and the population demographic gets back to where it normally would be (without a massive bulge), everything should become a bit easier.

Pity Kevorkian just snuffed it; he could have helped carve off some of the expensive bulgy bits.

[Shuvi Tupya]

Welshbeef said:

Contact your HR on Monday to get all the details of the company scheme and go from there.

I am self employed, barely

Welshbeef said:

Can you state your age?

43

Still, i guess i still have atleast 27 yrs to go before i reach the current retirement age...

[RYH64E]

Welshbeef said:

Well start now. The rest is water under the bridge.

Never think you will get inheritance if you do great it will be a bonus, their whole wealth could be spent in care homes or they decide to give it all to charity or fall out with you or one remarries and then passes away new wife gives it to her kids not you.

So many ifs it not worth risking it. You need to be able to support yourself.

Contact your HR on Monday to get all the details of the company scheme and go from there.

Can you state your age? Reason I'm asking as if you have zero to date and are x age you will need to put in even more to make up for lost years
My mum upped her pension to 55% of her salary ... For the last 10-15 years, just to ensure her pension will be of a reasonable size.

I've seen my own contributions increase from 3% when I was 18 yo now am paying between 8-9%. I'm doing everything I can for my retirement or if I dont make it to ensure my wife is comfortable and worry free money wise.

There is often a false assumption that pensions are automatically good, I have never put money into a pension scheme and never intend to. I have sufficient investments to provide for a comfortable retirement but choose the flexibilty of keeping them out of a pension scheme.