pete75 wrote:Personally I've stuck with an index linked final salary pension. I know they are unpopular these day...
Eh? Providing you've got decent length of service, most of us (who aren't already in one) would give our right arm to be in a final salary pension. They are not unpopular... they are desired!
They seem to very unpopular - just look at the number of schemes being axed.
Yes, by the employers. Employees should count their blessings if they're still in one.
I bet if it was up to the employees they wouldn't be axed! They're the best form of pension to have. You really only get them with public sector jobs now and I think increasingly fewer of those stay open for new employees.
OMG! The thought you might close it for a money purchase pension just crossed my mind! Don't take my advise I don't know anything about pensions but for the fact final salary ones are good to have. Put it this way, if they weren't good for employee above all others involved then why do employers drop them not employees?
pete75 wrote:Personally I've stuck with an index linked final salary pension. I know they are unpopular these day...
Eh? Providing you've got decent length of service, most of us (who aren't already in one) would give our right arm to be in a final salary pension. They are not unpopular... they are desired!
They seem to very unpopular - just look at the number of schemes being axed.
They are unpopular with the providers, not with the employees. I'm glad you have such a pension. But companies are trying not to let new employees have that type of pension.
Cyril Haearn wrote:Police officers and the like get good pensions I think
RAF and the like ..... but our "free" pensions where generated by a reduction in salary of 9% of gross to fund them .... like wise the other Armed Forces, Police etc pensions. My position is different, i have been in receipt of a Forces pension since the age of 40, when i completed 22 years service and retired. From the RAF, not from working full time i can assure you !
“Quiet, calm deliberation disentangles every knot.”
Be more Mike.
The road goes on forever.
Cyril Haearn wrote:Police officers and the like get good pensions I think
RAF and the like ..... but our "free" pensions where generated by a reduction in salary of 9% of gross to fund them .... like wise the other Armed Forces, Police etc pensions. My position is different, i have been in receipt of a Forces pension since the age of 40, when i completed 22 years service and retired. From the RAF, not from working full time i can assure you !
It's ridiculous to start paying a pension at the age of 40. Nothing wrong with various public sector organisations having decent pension schemes but payment shouldn't be before 55 at the earliest.
'Give me my bike, a bit of sunshine - and a stop-off for a lunchtime pint - and I'm a happy man.' - Reg Baker
Tangled Metal wrote:OMG! The thought you might close it for a money purchase pension just crossed my mind! Don't take my advise I don't know anything about pensions but for the fact final salary ones are good to have. Put it this way, if they weren't good for employee above all others involved then why do employers drop them not employees?
I might have done if I'd got the right offer. Some employers are paying 30 times the annual pension to buy it out. Would certainly have thought seriously about that. Bit late to do that now as I'm being made redundant and as I'm over 55 the pension is being paid immediately.
'Give me my bike, a bit of sunshine - and a stop-off for a lunchtime pint - and I'm a happy man.' - Reg Baker
pete75 wrote: It's ridiculous to start paying a pension at the age of 40. Nothing wrong with various public sector organisations having decent pension schemes but payment shouldn't be before 55 at the earliest.
Why ? My pension was based on 22 years contributions and is £4890 / annum gross, which is taxed at 40%. I saw active service in 2 major conflicts and lived to tell the tale and served my country in a hazardous environment for 22 years. I have no issues picking up whats left after tax ...........
“Quiet, calm deliberation disentangles every knot.”
Be more Mike.
The road goes on forever.
Spinners wrote: Eh? Providing you've got decent length of service, most of us (who aren't already in one) would give our right arm to be in a final salary pension. They are not unpopular... they are desired!
They seem to very unpopular - just look at the number of schemes being axed.
Yes, by the employers. Employees should count their blessings if they're still in one.
We all dream...........only state employed enjoy the life on a fat pension.................BUT WHO PAYS..............the unborn......true...
NA Thinks Just End 2 End Return + Bivvy - Some day Soon I hope You'll Still Find Me At The Top Of A Hill Please forgive the poor Grammar I blame it on my mobile and phat thinkers.
pete75 wrote: It's ridiculous to start paying a pension at the age of 40. Nothing wrong with various public sector organisations having decent pension schemes but payment shouldn't be before 55 at the earliest.
Why ? My pension was based on 22 years contributions and is £4890 / annum gross, which is taxed at 40%. I saw active service in 2 major conflicts and lived to tell the tale and served my country in a hazardous environment for 22 years. I have no issues picking up whats left after tax ...........
When you entered that profession you did so on the understanding that the pension arrangements would be as they are. That was part of the deal you signed up to, so you are entitled to what you get. End of story.
But the OP was about former steel industry employees who have been preyed upon by financial leaches.
pete75 wrote: It's ridiculous to start paying a pension at the age of 40. Nothing wrong with various public sector organisations having decent pension schemes but payment shouldn't be before 55 at the earliest.
Why ? My pension was based on 22 years contributions and is £4890 / annum gross, which is taxed at 40%. I saw active service in 2 major conflicts and lived to tell the tale and served my country in a hazardous environment for 22 years. I have no issues picking up whats left after tax ...........
No one begrudges those who place themselves on the frontline.
But if pensions were based on working time length and personal risk..............you would have somewhat less when its fairly shared around. I am not having a go at you just putting it in proportional perspective.
Your children and grandchildren including the rest of us and the unborn will pay taxes for the state employed pensions people receive today. I am low England so never seen 40 % tax. Whish I was a binman now...........
NA Thinks Just End 2 End Return + Bivvy - Some day Soon I hope You'll Still Find Me At The Top Of A Hill Please forgive the poor Grammar I blame it on my mobile and phat thinkers.
pete75 wrote: They seem to very unpopular - just look at the number of schemes being axed.
Yes, by the employers. Employees should count their blessings if they're still in one.
We all dream...........only state employed enjoy the life on a fat pension.................BUT WHO PAYS..............the unborn......true...
My Missus teaches, and has done for 27 years. She entered the profession after Uni, having gone to Jobs Fairs (or whatever they called them then) where the State sold the profession to graduates partly on the basis of the pension arrangements. Since then the State has increased employee contributions, reduced pensions received, and increased the age at which full pension can be received. Wages have been frozen or increasing at less than inflation for a decade, which also affects pensions. It is not the fault of public sector workers that the State does not run a pension fund but instead funds pensions from today's revenue.
Spinners wrote: Yes, by the employers. Employees should count their blessings if they're still in one.
We all dream...........only state employed enjoy the life on a fat pension.................BUT WHO PAYS..............the unborn......true...
My Missus teaches, and has done for 27 years. She entered the profession after Uni, having gone to Jobs Fairs (or whatever they called them then) where the State sold the profession to graduates partly on the basis of the pension arrangements. Since then the State has increased employee contributions, reduced pensions received, and increased the age at which full pension can be received. Wages have been frozen or increasing at less than inflation for a decade, which also affects pensions. It is not the fault of public sector workers that the State does not run a pension fund but instead funds pensions from today's revenue.
Yes its not their fault but it has to be balanced before long.................if that means that state employed people have to take a cut / pay more then that will have to be done as more poor people join the soup queue. Wages and pensions are still higher than private even if the state has not had pay rises........do you think the private low ender full time have had pay rises too? We need teachers nurses doctors firemen police and forces but fairs fair in the end don't you think?
NA Thinks Just End 2 End Return + Bivvy - Some day Soon I hope You'll Still Find Me At The Top Of A Hill Please forgive the poor Grammar I blame it on my mobile and phat thinkers.
We all dream...........only state employed enjoy the life on a fat pension.................BUT WHO PAYS..............the unborn......true...
My Missus teaches, and has done for 27 years. She entered the profession after Uni, having gone to Jobs Fairs (or whatever they called them then) where the State sold the profession to graduates partly on the basis of the pension arrangements. Since then the State has increased employee contributions, reduced pensions received, and increased the age at which full pension can be received. Wages have been frozen or increasing at less than inflation for a decade, which also affects pensions. It is not the fault of public sector workers that the State does not run a pension fund but instead funds pensions from today's revenue.
Yes its not their fault but it has to be balanced before long.................if that means that state employed people have to take a cut / pay more then that will have to be done as more poor people join the soup queue. Wages and pensions are still higher than private even if the state has not had pay rises........do you think the private low ender full time have had pay rises too? We need teachers nurses doctors firemen police and forces but fairs fair in the end don't you think?
I have heard recently of several instances where schools have advertised vacancies for teachers and received no suitably qualified applicants. None. The wage, which has gone down a third in real terms over the last ten years, is just one factor. The reduced pension is another. The fact is that if you want children to be taught by qualified teachers, the cuts have gone too far. Society has a choice to make on this.
