Retirement

[teamsaint]

Must admit I was a bit taken aback a few years ago to learn that the index linked pension that was accruing while in the Scientific Civil Service evaporated upon my leaving the job. Apparently as a non-contributory scheme, I simply lose it.

EH? Are you absolutely sure, Bryn?
Scandalous if true.
I Was a civil servant 1985/88, and in the standard non contributory scheme.
On leaving I had a lump sum paid into a private pension.

edit: I just had a read up about this, pre 1975 service apparently doesnt count.
Appalling.

[Eine Alpensinfonie]

Another weaselly trick by HM government concerns teachers. Friends of mine (male) retired at 60 and drew their pension frm the teachers' superannuation scheme. At age 65, their teachers' pension was reduced because they became eligible for the state retirement 'benefit'. WHY???

This is quite true, but the reduction is miniscule - around £11 a year in my case.

[P. G. Tipps]

Another weaselly trick by HM government concerns teachers. Friends of mine (male) retired at 60 and drew their pension frm the teachers' superannuation scheme. At age 65, their teachers' pension was reduced because they became eligible for the state retirement 'benefit'. WHY???

When I reached 65 a couple of years ago (after retiring at 60) my John Lewis Pension was reduced by over £1300 p.a. There can be valid reasons for this, in my own case because, as a male, my pension was temporarily increased between 60-65 to bring me into line with similarly-employed women under the Equality Act. Justice for men at last!

I have great sympathy for many unfortunates in our often cruel society but retired teachers (who include a sibling and brother-in-law) are not generally uppermost in my thoughts when it comes to particularly poor pensions.

Sorry!

[gradus]

I don't think it was (bit out of touch these days) uncommon to discount final salary pensions by the value of the state retirement pension. The scheme I belonged to worked that way but also of course reduced pension contributions by deducting the state pension value from the salary used to calculate contributions. With employer contributions getting up towards 30% of annual salary in the scheme I was in, I can understand if not sympathise with an employer wanting to keep the funding costs down.

[jean]

Is this something to do with SERPS and whether you were contracted in or out?

[gradus]

Yes I believe it was but I recall that some fortunates remained contracted in as well as belonging to a final salary scheme. In that case I presume the employer could only have deducted basic state pension as the contracted-in SERPS figure wouldn't be known until retirement - I think!

[Eine Alpensinfonie]

I have great sympathy for many unfortunates in our often cruel society but retired teachers (who include a sibling and brother-in-law) are not generally uppermost in my thoughts when it comes to particularly poor pensions.

Sorry!

Don't apologise. Teachers' Pensions are pretty good, but recent changes have meant that these will much less attractive for the younger teachers of today - including significantly higher premiums, even though the scheme was massively in surplus, final salary moved to average salary.

[Flay]

Don't apologise. Teachers' Pensions are pretty good, but recent changes have meant that these will much less attractive for the younger teachers of today - including significantly higher premiums, even though the scheme was massively in surplus, final salary moved to average salary.

The same in medicine. I have been able to take advantage of the older scheme. The new NHS pension scheme is far less generous.

[Barbirollians]

The same applies to other public sector pension schemes - at the risk of a political posting the powers that be may finally one day face a backlash and realise that public sector workers are not parasites on the private sector but perform utterly crucial roles often in grim working environments . A junior doctor shortage might be the first sign .

[teamsaint]

The same applies to other public sector pension schemes - at the risk of a political posting the powers that be may finally one day face a backlash and realise that public sector workers are not parasites on the private sector but perform utterly crucial roles often in grim working environments . A junior doctor shortage might be the first sign .

The government ( including labour) also has a total disregard for most private sector employees.
There are some utterly disastrous salary levels in the private sector, and I could put figures on them. This includes salaries that can never provide adequate private pension provision,

we , as employees/retired people /voters, really need to rid ourselves of any private /public sector antagonism. In our current system we need good, well motivated highly trained workers in both. The divide is a tool of those at the top, who enjoy an increasing and unnecessarily high share of wealth and income , at the expense the lower paid, who are increasingly having to turn to the value of their houses as a fall back for poor incomes.

[Eine Alpensinfonie]

we , as employees/retired people /voters, really need to rid ourselves of any private /public sector antagonism.

[P. G. Tipps]

The government ( including labour) also has a total disregard for most private sector employees.
There are some utterly disastrous salary levels in the private sector, and I could put figures on them. This includes salaries that can never provide adequate private pension provision,

we , as employees/retired people /voters, really need to rid ourselves of any private /public sector antagonism. In our current system we need good, well motivated highly trained workers in both. The divide is a tool of those at the top, who enjoy an increasing and unnecessarily high share of wealth and income , at the expense the lower paid, who are increasingly having to turn to the value of their houses as a fall back for poor incomes.

I could hardly agree more with that!

[Barbirollians]

The government ( including labour) also has a total disregard for most private sector employees.
There are some utterly disastrous salary levels in the private sector, and I could put figures on them. This includes salaries that can never provide adequate private pension provision,

we , as employees/retired people /voters, really need to rid ourselves of any private /public sector antagonism. In our current system we need good, well motivated highly trained workers in both. The divide is a tool of those at the top, who enjoy an increasing and unnecessarily high share of wealth and income , at the expense the lower paid, who are increasingly having to turn to the value of their houses as a fall back for poor incomes.

Indeed, but the fallacy of private is always best , could scarcely be better illustrated by the private pension scandals since the 1980s .

[Flay]

Indeed, but the fallacy of private is always best , could scarcely be better illustrated by the private pension scandals since the 1980s .

I bet you all can't wait until the NHS is fully privatised (it won't be long now) and we'll all be pouring vast amounts of money into the pockets of big business. (OK I promise not to say anything more about politics)

[Cockney Sparrow]

"Compensation" seems a strange term to me (on this side of the pond). As to what that chart really shows, I'll restrain myself and reserve my bile/angst for UK affairs.....