State Pension delay to age 70 for under 30's?

[AmexRuislip]

Given the push on workplace pensions you can easily see the state pension age being pushed back and also not enjoying the current treble lock so that it losses its value in real terms. I would also expect the current age of 55 at which most people can access private pensions is increased in the future also.

How long will [MENTION=28934]AmexRuislip[/MENTION] be longing for retirement with these changes?

Always plotting, nearing the end

 

[Thunder Bolt]

My public sector pension was paid for by my monthly contributions and by the fact that my pay level was lower than what I might have earned in the private sector.

State pensions are paid for out of general taxation.

My son is a firefighter, and contributes 11% of his salary to his pension, whereas a lot of private pension contributions are 4%.

As you say, the wages in the public sector are lower than the private sector.

 

[nicko31]

You don't work in the public sector do you.

Well spotted, hardly anyone in the public sector is aware of the cost of these defined contributions schemes.

 

[wellquickwoody]

My public sector pension was paid for by my monthly contributions and by the fact that my pay level was lower than what I might have earned in the private sector.

State pensions are paid for out of general taxation.

But your job security was pretty much a god given right when compared to the private sector, and up until recently not having to work too hard either!

 

[Albumen]

Well spotted, hardly anyone in the public sector is aware of the cost of these defined contributions schemes.

Thought so.
Well I've no idea where you got 25% from. Most of them now are CARE schemes, rather than Final Salary which will remove the massive pay check at retIrement, and that was put in place years ago, both for council and Teachers.The ER contributions are on average about 16% to the EE's 8-9%. If you join the public sector pension now you'll first of all be lower paid because you're in the public sector, and the pension will barely make you comfortable 40 years later.

Add to that the job security is now next to nothing due to Tories cutting 15% a year for 3 years now you should really focus on your own future than worry about the public sector misinformation. The public sector will disappear in the next 10 years into Tories pockets.

 

[BLOCK F]

Don't care what the public sector say, it is pretty clear that there is a strong case to say the country can no longer afford to pay these pensions. If you don't believe me ,do some research.
Much bleating from public sector saying that their wages and salaries are lower than those in the private sector. Hmm, I think this was debunked some time ago.
Pension reform is required, starting with our M.P.'s who benefit from a lovely public sector pension scheme, so hands up those in the public sector who defend their own pensions but want to see MP's pensions reformed!
Turkeys and Christmas, and yes I am aware that not all public sector pensions are as generous as those of MP's.
Finally, as a pensioner, I do not think the 'triple lock ' state pension is sustainable and should be scrapped asap.

 

[Peteinblack]

But your job security was pretty much a god given right when compared to the private sector, and up until recently not having to work too hard either!

What a ****ing ignorant comment, although perhaps not surprising.

You obviously don't know any social workers, emergency service workers, teachers, nurses/doctors, etc, all of whom have been buckling for years under the pressure of impossible government targets, cutbacks, efficiency savings, constantly having to do more-with-less, every single year - and then still being told that they have a cushy-number by people as ignorant or goady as you.

Bet you're a ****ing Tory!

 

[Thunder Bolt]

But your job security was pretty much a god given right when compared to the private sector, and up until recently not having to work too hard either!

There have been lots of redundancies in the public sector, and numbers reduced drastically. Surely you've read about the emergency services being stretched to the limit?

Don't care what the public sector say, it is pretty clear that there is a strong case to say the country can no longer afford to pay these pensions. If you don't believe me ,do some research.
Much bleating from public sector saying that their wages and salaries are lower than those in the private sector. Hmm, I think this was debunked some time ago.
Pension reform is required, starting with our M.P.'s who benefit from a lovely public sector pension scheme, so hands up those in the public sector who defend their own pensions but want to see MP's pensions reformed!
Turkeys and Christmas, and yes I am aware that not all public sector pensions are as generous as those of MP's.
Finally, as a pensioner, I do not think the 'triple lock ' state pension is sustainable and should be scrapped asap.

You think it was debunked? Hmmm.

 

[Albumen]

Don't care what the public sector say, it is pretty clear that there is a strong case to say the country can no longer afford to pay these pensions. If you don't believe me ,do some research.
Much bleating from public sector saying that their wages and salaries are lower than those in the private sector. Hmm, I think this was debunked some time ago.
Pension reform is required, starting with our M.P.'s who benefit from a lovely public sector pension scheme, so hands up those in the public sector who defend their own pensions but want to see MP's pensions reformed!
Turkeys and Christmas, and yes I am aware that not all public sector pensions are as generous as those of MP's.
Finally, as a pensioner, I do not think the 'triple lock ' state pension is sustainable and should be scrapped asap.

Are you enjoying your pension?

 

[wellquickwoody]

What a ****ing ignorant comment, although perhaps not surprising.

You obviously don't know any social workers, emergency service workers, teachers, nurses/doctors, etc, all of whom have been buckling for years under the pressure of impossible government targets, cutbacks, efficiency savings, constantly having to do more-with-less, every single year - and then still being told that they have a cushy-number by people as ignorant or goady as you.

Bet you're a ****ing Tory!

10/10 for observation.

 

[wellquickwoody]

There have been lots of redundancies in the public sector, and numbers reduced drastically. Surely you've read about the emergency services being stretched to the limit

I made reference to the recently changing ways of employment in the public sector in my original post. Yes, our emergency services are very stretched right now, across all services too and they are doing a sterling job.

 

[Peteinblack]

Thought so.
Well I've no idea where you got 25% from. Most of them now are CARE schemes, rather than Final Salary which will remove the massive pay check at retIrement, and that was put in place years ago, both for council and Teachers.The ER contributions are on average about 16% to the EE's 8-9%. If you join the public sector pension now you'll first of all be lower paid because you're in the public sector, and the pension will barely make you comfortable 40 years later.

Add to that the job security is now next to nothing due to Tories cutting 15% a year for 3 years now you should really focus on your own future than worry about the public sector misinformation. The public sector will disappear in the next 10 years into Tories pockets.

The logic of nicko31 and other critics of the public sector workers seems to be this: 'Private sector workers are treated like ****, so public sector workers must be treated like **** too (rather than treat private sector workers better).

Dragging public sector workers down to the level of the private sector will nor make private sector workers any better off.

The recent case of crooks like 'Sir' Philip Green at BHS shows that the reason for low pensions (and wages) in the private sector is the behaviour and greed of private sector employers and shareholders - nothing to do with the public sector whatsoever.

But hey, let's keep falling for Tory divide-and-rule tactics; that way, we'll all remain poor; equality of poverty! The never-ending race to the bottom.

 

[nicko31]

Don't care what the public sector say, it is pretty clear that there is a strong case to say the country can no longer afford to pay these pensions. If you don't believe me ,do some research.
Much bleating from public sector saying that their wages and salaries are lower than those in the private sector. Hmm, I think this was debunked some time ago.
Pension reform is required, starting with our M.P.'s who benefit from a lovely public sector pension scheme, so hands up those in the public sector who defend their own pensions but want to see MP's pensions reformed!
Turkeys and Christmas, and yes I am aware that not all public sector pensions are as generous as those of MP's.
Finally, as a pensioner, I do not think the 'triple lock ' state pension is sustainable and should be scrapped asap.

Whoever dreamt up final salary pensions wasn't good at maths, no one in the private sector offers them for new starters. Reform won't be popular but its long overdue

http://www.telegraph.co.uk/news/201...3k-debt-for-public-secret-pensions-and-other/

 

[Deleted member 22389]

Can see this happening

http://www.bbc.co.uk/news/business-39352654

I'd like to see proper reform of public sector pensions, urgently needed and completely unaffordable to the public purse

Given that my wife will made redundant from her public sector job in September that will be one less person you don't have to worry about.

 

[BLOCK F]

Are you enjoying your pension?

Don't quite know what you mean by that question, Albumen.
Please clarify.
My point re the state pension triple lock, was meant to point out that the 2.5% guaranteed minimum rise per annum, is unsustainable and really means that, ho-hum,it is ok for today's oldies, but if continued would have the effect of pushing the state pension qualification age ever higher.Heaven help our children and grandchildren.

 

[soistes]

My public sector pension was paid for by my monthly contributions and by the fact that my pay level was lower than what I might have earned in the private sector.

State pensions are paid for out of general taxation.

Your general point is correct, but I think it's a bit more complex than you suggest, isn't it?

Firstly, in nearly every case a public sector pension will also be partly paid for by the contributions made by the public sector employer (in turn funded through taxation) - so partly taxation funded

Secondly, some public sector pensions are 'funded' in the sense that (whether or not they are defined benefit or defined contribution) the pension is paid out of a fund that has been built up from the employer and employee contributions and invested. I think that teachers and local authority pension schemes are like this (again partly taxation funded, because the employer contributions essentially come directly from a public budget). Other public sector pension schemes, even though the employees may have paid contributions do not actually pay the pensions out of a fund built up from those contributions, but just pay them out of the general current government budget (itself funded by current taxation) - I think the civil service pension scheme for Whitehall departments is like this - so 100% taxation funded, if I understand correctly

Thirdly the occupational pension schemes for many public sector workers are actually private pension schemes. So, for example, the Universities Superannuation Scheme is one of the largest private sector schemes and (was defined benefit in the past, but is moving rapidly to be a defined contribution scheme). In that sense it's no different from the occupational pension schemes of large private companies (except that it's a multi-employer scheme, with lots of universities in membership)

 

[Thunder Bolt]

Whoever dreamt up final salary pensions wasn't good at maths, no one in the private sector offers them for new starters. Reform won't be popular but its long overdue

http://www.telegraph.co.uk/news/201...3k-debt-for-public-secret-pensions-and-other/

The Civil Service pension scheme was reformed in April 2015.

 

[Lord Bracknell]

But your job security was pretty much a god given right when compared to the private sector, and up until recently not having to work too hard either!

My job security revealed its extent when a reorganisation of the service I was responsible for resulted in me being made redundant. This was back in 2002. I don't recall God intervening to tell me I had a right to keep my job.

And where did you get the idea that I didn't have to work very hard?

 

[Peteinblack]

So it's OK for Tories to say 'Public sector pensions are too high compared to private sector pensions, and so should be reduced accordingly.'

But if a Lefty says: 'Bosses and bankers' salaries are too high compared to those of ordinary workers, and so should be reduced accordingly (through a salary cap or pay-ratio)' that is denounced as 'the politics of envy', levelling-down, and Communism.

What typical Tory hypocrisy!

 

[Albumen]

The Civil Service pension scheme was reformed in April 2015.

+
The LGPS in 2014.
The Teacher Pension in 2016.

That's not enough we hear the Tory cry, bleat, moan (until they need us).