Oldjohnw wrote: bigjim wrote:
The baby boomers, of which I am one, had the best of all worlds. Free university, modest house purchase costs, final salary pensions, jobs for life. In the 1950s and 1960s you could go from school straight into a job even without qualifications. Obviously, not everyone, but most. We didn't go abroad every few weeks or eat out several times a week and we repaired our clothes.
I know very few people who had Final Salary pensions. It was usually civil servants and white collar workers who benefited from this as far as I'm aware. My state pension is about £140 a week. Which includes top ups. The majority of youngsters didn't have the benefit of Uni education either. there were far fewer places and more serious degrees. I couldn't afford Uni. I'd have loved to have gone, but I was factory fodder. I scraped together a deposit for my first house and struggled with repayments having to do two jobs. I was also not earning enough to service the mortgage on paper, but got around that to obtain the mortgage.
I didn't say "all". But it is a simple fact: uni education was free, there are now huge fees; final salaries were available, now they are hardly ever, not even joining civil servants.
5% went to university. Grants were means tested on parents income. The courses weren't free - all universities had course fees. Where do you think they got their income from?
Back then there were many more people in manual jobs and few of them got any sort of pension.
New entrants to the Civil Service have got a career average scheme based on how much they earn over their entire career. This means better pensions for people who stay on a similar salary throughout their career and lower pensions for those who rise high through the ranks. In many ways it's a fairer pension than final salary. In my job the pension changed from final salary to career average 4 years before I left. Obviously the final salary pension years remained. The new scheme meant a better pension for me as the accrual rate changed from 1/60th to 1/49th of salary.