To think the old style pensions should be capped.

[Blindering]

ok, I am in Ireland so unaware of how UK pensions function but my neighbour who worked as a college lecturer but retired in 2008 in his 70s gets 600 euro a week in pension, equivalent to 513 stg.
This is on top of a 150k pay off he got when he left the job which I believe all civil servants here were getting.

But aibu to think a bachelor living in a house with the mortgage long paid off has no need for over 500stg a week? Like what would one need the money for at that stage in life?

I can totally understand that @mushroompickers. You at least have an idea in that you know what you've already accrued - for those of us in defined contribution schemes it's up the performance of our investments so we don't have a clue either really.

Both taking risks, the risks are just different - your risk is (mostly) that your scheme rules will change. Ours are investment performance, interest rates (and therefore what annuity will be available and whether it's worth buying) and longevity risk.

I came back (sad as I am!) to see if OP had answered, but no, she's still frothing about the unjustice without considering the wider picture. She'll grow up.

The op is a man ajandjjmum. This may or may not explain a lot.

@StatisticallyChallenged agreed, however, for the last few years this has been an annual battle and feels less like a risk and more like a concerted assault which my employer/USS positions as us versus the previous members and overall performance of the pension fund. Hence the level of animosity towards the pension fund and jealousy towards older contributors who through the fact they've retired are exempt from this battle

[quote mushroompickers]@StatisticallyChallenged agreed, however, for the last few years this has been an annual battle and feels less like a risk and more like a concerted assault which my employer/USS positions as us versus the previous members and overall performance of the pension fund. Hence the level of animosity towards the pension fund and jealousy towards older contributors who through the fact they've retired are exempt from this battle[/quote]
The next full valuation is due out next year (they're done 3 yearly) so it will be interesting to see where they are at then. There's an interim one due soon.

The way they are positioning it is both horrible and pretty much incorrect. It no doubt suits them very well to deflect blame on to retired pensioners though...

and yet I know many couples now in their 70s in London who bought a house on 1 wage and had children.
They were probably right to buy council houses ( now worth a small fortune).

@Blindering

Edit: just to note I say 'old style pensions' because I don't know if they have being changed since he retired for the next generations but in general I think it's madness that people in their golden years are getting whopper pensions every week. Seems wasteful.

I'll annoy you even more, because you're worth it! I'm 73, have a pension from my teaching years, a state pension and a payment from an additional annuity I paid into. My OH also had a teacher's pension and since he died past year I also get 40% of his teacher's pension. My 'golden years' mean once we're free again I'll be able to restart the travelling we used to do.

@Blindering

''Because you are single and manged to pay off mortgage, you should get less.''

his generation got all the cheap housing here.

Oh yes, I forgot to say that the mortgage was paid poff years ago!

It's daft to claim that people knew at the time 70 year old started work that they knew the next generation would not have the same pensions.
Like people thinking they are hard done by - if proper environmental controls are implemented to save the planet many people won't have jobs, cars, much central heating , foreign holidays etc etc etc But I spose the young people all knew that was going to be the case and chose their careers accordingly.

@Blindering

''That’s why you need to be in a union.''

and what good is the union for new entrants when it is the union that fucking screwed them over?

It wasnt. Troika recommend these changes after the big recession 2012

''It wasnt. Troika recommend these changes after the big recession 2012''

the cuts for teachers came in on 2010

''They were probably right to buy council houses ( now worth a small fortune).''

no they bought them long before Thatcher introduced this scheme in the 80s but of course somebody will come along and tell me I got this all wrong too.

''I'll annoy you even more, because you're worth it! I'm 73, have a pension from my teaching years, a state pension and a payment from an additional annuity I paid into. My OH also had a teacher's pension and since he died past year I also get 40% of his teacher's pension. My 'golden years' mean once we're free again I'll be able to restart the travelling we used to do''

The fact you are using your husband's death as a grounds to gloat is a bit sick to be honest.

Well OP it's a bit rich you slagging off other posters.

Everything you post sounds bitter twisted and stageringly ignorant.

Staggeringly even

@Blindering

''Not everyone that age will have a paid off mortgage.''

eh I struggle to think of anybody in their mid 70s still paying a mortgage.

My friend is about to take on a 15 year mortgage at 56.

My sister has a mortgage - she is 66.

Irish pensions are FAR higher than UK ones so not really worth asking what people elsewhere think - it's incomparable

@knittingaddict

I came back (sad as I am!) to see if OP had answered, but no, she's still frothing about the unjustice without considering the wider picture. She'll grow up.

The op is a man ajandjjmum. This may or may not explain a lot.

Thanks @knittingaddict - maybe explains why they don't listen - and don't answer questions!

@JudgeJ Enjoy!

@Blindering

''It wasnt. Troika recommend these changes after the big recession 2012''

the cuts for teachers came in on 2010

How can you be against cuts for new teacher's pay, but for cuts in retired teacher's pensions?

How can you be against cuts for new teacher's pay, but for cuts in retired teacher's pensions?

Ageism.

So instead of campaigning to ensure everyone gets the opportunity to pay into a decent pension and enjoy a good standard of living you'd campaign to have the pensions of someone who worked for 40 years cut!

Quite the opposite actually.

The huge tax hit to the final salary scheme thanks to Gordon Brown was a real blow to the retirement income of millions of people.

The constant chopping and changing and the tinkering with the rules ever since has done immense harm.

@Blindering

''I'll annoy you even more, because you're worth it! I'm 73, have a pension from my teaching years, a state pension and a payment from an additional annuity I paid into. My OH also had a teacher's pension and since he died past year I also get 40% of his teacher's pension. My 'golden years' mean once we're free again I'll be able to restart the travelling we used to do''

The fact you are using your husband's death as a grounds to gloat is a bit sick to be honest.

Not gloating love, just annoying you and yours!

@Blindering

''Course he does.''

what way do you mean that? His words were ''I got out in 2008 at 59 early with my pension and I knew there was a shit storm coming and it did that same year. I'm just glad they couldn't touch us''.

So he contributed to a pension scheme. This money will have been invested and thats where his money comes from.

He probably had one of the last defined benefit schemes (final salary)

But you, you dont give a shit about the facts, and bleat on about your pathetic life and what house/flat you can afford. Well here's a newsflash, there are other places you can work and live and have a nice house/flat. You dont have to work in a city

app.croneri.co.uk/topics/pensions-higher-education/indepth

Employee contributions
Each member of the pension scheme contributes 7.5% (existing members before 1 October 2011) or 6.5% (new members since 1 October 2011) of his or her gross salary to USS on a monthly basis. This is deducted from salaries before income tax and National Insurance are deducted. The amounts are paid direct to USS along with the employer's contribution. This contribution therefore costs less for the individual because it is subject to tax relief. If future contribution rates increase above a combined contribution rate of 23.5%, the increase will be shared in the ratio of 65:35 between employers and members respectively.

If a member reaches 40 years in the scheme (the current maximum allowed) and remains in employment, neither the employee nor the employer have to continue to contribute to the scheme. However, the 7.5% or 6.5% of salary returning to his or her pay will be taxed and subject to National Insurance deductions.

''I got out in 2008 at 59 early with my pension and I knew there was a shit storm coming and it did that same year. I'm just glad they couldn't touch us''.

and this is total and utter bollocks - it would have made no difference to his payout, except making it a less as he took it early

''and this is total and utter bollocks - it would have made no difference to his payout, except making it a less as he took it early''

it actually benefitted them in Ireland to leave early he said. He meant get out early as he was aware the country was hitting recession and he was afraid they'd make changes to current workers.