Future of final salary pensions

Former Member

Anyone else is a member of a public sector pension scheme. The new coalition government is reviewing final salary schemes. They are costly but I bet many workers in local government, civil service and teachers etc will fight any change

Former Member

I'm in public sector, and considering I pay for my own bloody pension if they try and change it I'll not be happy.

This whole private sector vs public sector thing is annoying me, if people in the private sector want decent pensions then they either need to grow some balls and unionise and go on strike or get a job in the public sector.

Former Member

eh?

Former Member

Whowhere wrote: »

I'm in public sector, and considering I pay for my own bloody pension if they try and change it I'll not be happy.

This whole private sector vs public sector thing is annoying me, if people in the public sector want decent pensions then they either need to grow some balls and unionise and go on strike or get a job in the public sector.

Yeah, public sector workers should fight to protect their pensions before it is too late. In times of economic boom, private sector workers enjoy big pay rises and bonuses whilst pay in public sector is relatively flat. Now that there is a global recession, the government is targeting a key feature of public sector retirement benefit.

We don't want an income on reaching 65 based on the volatile stock market. Think how the downturn for BP as it faces compensation claims is going to affect all those money purchase private pensions and Stakeholders

Former Member

How will they change our pensions?

I mean considering we're paying in to them...

Former Member

But not all public sectors pay into our pensions - as a Civil Servant I don't pay a penny into my personal pension and pay a measley 1.5% into a widow/widowers fund. That's an extra 6% you need to factor in when comparing me against the private sector.

Now, I'd love for that to continue, but it's not sustainable and I'm not sure why poor private sector employees should fund me get a much better pension than they can afford.

Former Member

I pay around £50 a month

Former Member

Namaste wrote: »

I pay around £50 a month

Which is £4 less than me (if you include my widows/widowers contributions) and I'm a Grade 7. I have a feeling they might have closed the classic pension to new starters a few years ago though

But there's tens of thousands like me on an excellent penison, much better than any private scheme could afford. In Ye Olde Times it was meant to compensate that the public sector got paid less. Now we get paid more (and have better redundancy terms as well so are bloody expensive to get rid off)

http://www.telegraph.co.uk/finance/economics/7036131/Record-gap-between-public-and-private-sector-pay.html

Former Member

Namaste wrote: »

I pay around £50 a month

Alright for some. I pay in just under £200 a month to mine. Hence not being happy if they think they can touch it. I'm not slogging out dealing with the dregs of society for 40 years with nothing at the end to show for it.

Former Member

Flashman's Ghost wrote: »

Now, I'd love for that to continue, but it's not sustainable and I'm not sure why poor private sector employees should fund me get a much better pension than they can afford.

Yeah, there is a stark difference between retirement package in the private sector and state sponsored jobs. All this about classless society talk amongst politicians- maybe they will end final salary schemes in the public sector too

Former Member

Namaste wrote: »

How will they change our pensions?

I mean considering we're paying in to them...

I expect any change will be from a certain date. Don't see how they can undo existing pension rights