To be shocked by this proposed change to public sector pensions?

[lesley33]

I don't know how this passed me by, but I have just been reading my annual report on my Local Government Pension Scheme Fund i.e. how much money it has made, investments, etc. It has a big bit about the proposed chnages which I thought I had understood.

But one of the changes is to link public sector pensions with state pension age. So basically you won't get your public sector pension unti, you get your state pension! That is already 67 for me and I am sure will rise significantly! So basically it means I will probably be in my 70's before I get any pension.

tbh I'm not sure I would have joined the pension scheme if I had known this 20 years ago.

[thebigkahuna]

Good luck, I really hope you don't get flayed alive for this.

[reallytired]

No si!t siree!

Why should public sector workers retire earlier than anyone else? We are all living longer and you will get your pension for a similar number of years to public sector workers you retired 30 years go. It is ridicoulous to expect to be retired for the same length of time as many people work. We all have to face reality.

I do agree there is a time bomb in that many people in BOTH the private and public sectors will not physically be able to work full time. I think the governant needs to encourage employers to employ people part time. It would help both mothers and those in their sixties. It is a more realistic solution than having lots of over 60s on disablity allowance/ income support.

[nofrikkincarbs]

yabu to expect preferential treatment for choosing to work in the public sector

[catnet]

where's the statistical evidence that we are actually living longer?

[maypole1]

What you wouldn't of joined if you knew 20 years ago labour would get I'm spend more than our GDP and over inflate the public sector massively to try and buy their votes lol

Or you would not of joined if 20 years you knew people were now to be living up to 15 years after their pension was issues as a posed to 2-3 years back in the day and now the whole thing is unaffordable

[maypole1]

catnet really i think your just being a bit silly know of do you really think we have the same life expancey as the Victorias Lol

[maypole1]

nofrikkincarbs to right maybe years ago it might have been the case that working for the council you would of got paid less but to be fair now a days thats not always the case


For example it's widely know you are much better paid working as a nursery nurse for a primary school than a private nursery the pay is better and of course you get the school holidays which you don't get in a private nursery and unlike a school nursery the hours for a private nursery are longer


People need to wake up and smell the deficit

[SardineQueen]

catnet try the ONS

[TheRealTillyMinto]

i have done my own version of yuor OP:

"tbh I'm not sure I would have joined the [private] pension scheme [that was hte onlything avaiable] if I had known this 20 years ago [that i would have just been lining financial advisers pockets and those of banks]"

pensions are shit for everyone

[catnet]

why the victorians? that's going back a bit far isn't it

i really don't think we are all living longer, reports say that this generation will die alot younger that their parents did. who to believe?

[Gillybobs]

If you hadnt joined the scheme you would have missed out on the employer contributions which are likely to be around 5-6 times what your own contributions have been

[SardineQueen]

catnet try the ONS

[MincePieFlavouredVoidka]

What Gillybobs said.

[Dillydaydreaming]

Pensions are changing for everyone, I am also a public sector worker and to date a not even sure when I'll retire (I am nearly 46 so guessing at 60-65).

I have never really looked at what I get and when I get it - but there is going to be a backlash with all this as lots of people become less able to work as they get older and there will be more payouts in Incapacity Benefit etc.

Feel for anyone in either sector st the moment apart from all the fat cats in both sectors who certainly will NOT be worrying about when they get their pensions because they will do okay and say "sod the rest".

[woollyideas]

Brilliant idea... why don't people work until they're 70-odd so that young adults can enjoy longer on the dole. It's a win/win situation surely?

[maypole1]

woollyideas why don't we do nothing like Greece or better still up the pension so we can really fuck our selves over

[thetasigmamum]

lunaticfringe but if you are in the LGPS you are getting at least 14% and possibly up to 25% employers' contribution. Which is almost certainly significantly better than you were getting in your private sector pension.

[MissMarjoribanks]

I'm not exactly thrilled by the attack on public sector pensions, but I think there are bigger things to worry about than the fact you won't be able to claim it until you can get your state one. That's fair imo.

I'm more concerned about the fact my employer is asking us to take a 2.5% pay cut.

[lesley33]

"If you hadnt joined the scheme you would have missed out on the employer contributions which are likely to be around 5-6 times what your own contributions have been."

Sorry, but thsi is rubbish. For many years the employers contribution was 3% and for some years o%. My contribution was 6%. In the last few years employers contributions have soared to 17%. But still much less than 5-6 times my contribution.

[lesley33]

And my point isn't about when I can "afford" to retire. My point was that I won't be able to get any of my work pension at all until I reach the state pension retirement age. That is currently 68 for me and I am sure will be much higher by the time I retire.

[MissMarjoribanks]

You will be able to claim it before 68, but you will need to take a hit on it. Just like people taking early retirement now. We will all have to work longer, private and public.

Anyway, chances are there will be another recession in 20 years and you'll be out on your ear anyway on ER/VR.

[mumnotmachine]

If I'm right in thinking the Pension changes proposals only affect you if you are under a certain scheme (pre erm..some date) and you earn under £23K a year. AFAIK my pension contribution arent going to increase.
But for a lot of people in the public sector there will be an increase of pension contributions, for a longer period, and a smaller pension at the end.

Although by the time I retire I doubt any sort of pension pot will exist at all

[mumnotmachine]

Am I right in thinking you can take civil service pension from 50 atm, but there is a penalty for it?
I'm sure I read that the civil service pension/early retirement is being increased to 60?
I didnt think it was in line with SPA

[lesley33]

I don't earn under 23k a year. Yes I can get a reduced pension pot. But I started paying into my pension at 21 and I will have 40 years contribution at 61. Under this I will have to continue paying in for at least another 7 years with no further benefit, as benefits don't increase after 40 years contributions. So someone who didn't start paying in until they are 28 will get exactly the same pension as me.