to not give a fig about my pension and just be grateful for having a job?

[nevergoogle]

arf at fig

public sector strikes brewing.

what do you think? what's actually going on?

OP oh you will when you are old and just can't keep up with that wonderful job anymore. Good luck

People in general do not seem to understand the maths of how pensions work.

Bottom line is people will need to contribute 1/6 th (about 16%) of their after tax income to guarantee a pension equal to 50% of their average lifetime salary which keeps pace with inflation. If it is a final salary scheme the contributions required are far far higher. The reason is simple. People living too long.

Public sector employees contributed less than 16% for so long that future pension liabilities are huge and underfunded.

Morebeta- I understand that- and I would happily pay more into my pension if it was actually going towards my pension.

Its not though is it? and thats the gripe - Its not even going into the pension pot. Its lining the pockets of the Govt. Its being used to fill the deficit left by those greedy, fat bastard bankers.

minxofmancunia- yes, taking or forensic lead off us. We don't need it apparently

"zero risk, really?".... Yes. Unlike a money purchase scheme which can go up or down with the markets, a final salary scheme backed by HM Gov is about as zero risk as you can get.

"Its not though is it? and thats the gripe"

Strictly speaking, not only are your contributions going into the pension pot, it's also being significantly topped up by tax pounds supplied by all other contributors to the Exchequer. You're not lining anyone's pockets.

Beaver - yes you'l be affected to.

You'll pay more, work longer and get less pension when you (finally) do retire.

Please get yourself fully informed about this - it's too importnant o ignore or just not know about.

The LGPS can pay its liabilities for the next 20 years without any more money being added to it. The Government want to up our contibutions and then take £900 million out to help pay some of the country's debts...it's an extra tax. But it's being sold to the non-public sector workers through the Daily Fail etc. as "look at those greedy public sector workers making you pay for their gold plated pensions!" It's sickening and completely incorrect, but it's peddled out every single time the pension's debate comes up.

Some facts from our Union:

1. Without a single penny more in contributions, the local government pension scheme could pay all its liabilities for twenty years.

2. The NHS pension scheme gets £2bn more in contributions than it pays out in benefits every year. This additional money isn?t stored up for future pensions payments but goes straight to the Treasury to help pay for the bankers? crisis.

3. Changes negotiated with the previous government have already reduced the value of public sector pensions by 10%. In particular, under the so-called ?cap and share? arrangement, the cost of pension contributions for public sector employers was capped, so that future increases in pension costs above a set level would be paid entirely by employees.

4. Research by independent experts such as the Institute for Fiscal Studies (IFS) and the Chartered Institute of Public Finance and Accountancy (CIPFA) has already proved that both pension schemes are affordable and sustainable for the long-term, and that the cost to the taxpayer of public sector pensions has already fallen.

5. The relevant ministers want to increase public sector pensions contributions by 50% for those earning over £15,000. This additional money won?t be used to improve pension schemes for the future ? it will go to the Treasury. So, in effect, it will be a tax on those that can ill-afford it.

6. The number of people contributing towards a company pension scheme in the private sector has almost halved since 1991. Two-thirds of private sector employers do not pay a single penny towards their workers? pensions. This will force millions of workers into poverty in their retirement and the taxpayer will have to pick up the multi-billion pound benefits bill.

7. The average pension for local government workers is around £4,000 a year and £7,000 a year for NHS workers. For most women it?s even less.

So, yes, I will be striking. The Government are relentless in their desire to destroy our pension, and they don't care about facts, only about their own agenda. It really grates my cheese. Fuckers.

Jjou

Would you mind awfully re-posting that on this thread ?

Brilliant post

DP works in the public sector (& strikes with the NUT) but reading the lists of facts above seems like picking the stats to match the argument (which of course the govt do to):

item 1 is only talking about the local government pemsion scheme. thats not all public sector pensions is it?

item 2 does that projection really sustain for the next 10 years? Seems very surprising with the number of baby boomers retiring and life expectancy increasing.

I agree with OP. I'm 30 & joined the LGPS when 20 - I am beginning to doubt it'll still exist when I retire at 70+ . I've striked twice about it already. I think I'll pull out and invest £100 a month in something else....

TheRealTillyMinto - yes point (1) is only talking about the LG pension scheme, but the Govt is conveniently avoiding the facts when they try to justify placing an extra tax/pay cut on LG employees? What else are they choosing to ignore/lie about?

A certain British car manufacturer - now defunct - had my private pension. TBH I need to survive and eat now, I can't afford any kind of pension with my current private sector job and if I could I would rather stick the money under my mattress, it would be safer.