Page 23 | To think the old style pensions should be capped.

Blindering · 2021-08-25T15:17:05+00:00

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?

CayrolBaaaskin · 26/08/2021 21:11

I don’t agree with your example but I do think that it’s wrong that some older people are getting generous final salary penalty pensions in the public and private sector that the generations after them are paying for (but won’t get). I think we should move to only defined contribution pensions- so you are only getting back what you (or the company on your behalf) paid in. Public sector pensions are a huge cost to the taxpayers which restricts our public service budget now.

StatisticallyChallenged · 26/08/2021 21:17

@CayrolBaaaskin

I don’t agree with your example but I do think that it’s wrong that some older people are getting generous final salary penalty pensions in the public and private sector that the generations after them are paying for (but won’t get). I think we should move to only defined contribution pensions- so you are only getting back what you (or the company on your behalf) paid in. Public sector pensions are a huge cost to the taxpayers which restricts our public service budget now.

The vast majority of final salary/defined benefit schemes are funded and so those currently working are not paying for those who are receiving their pensions. But the cost of providing such benefits has shot up and so higher contributions are required to fund your own benefits. Regulation has also changed significantly.

The exception to this is the large unfunded public sector schemes and it is extremely unlikely that the government would convert these to funded IMO, as they would effectively have to pay double pensions - they'd need to continue making payments from taxation for the current pensioners, and they'd need to pay the employer contributions for the current workforce. Once the decision was made to have unfunded pensions (both these and the state pension) it's very difficult to unwind that decision.

NoSquirrels · 26/08/2021 22:02

@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?

Because the unions are for members of the union. They look after the interests of the -members of the union.

They got the best deal for their current members.

Then, when you’re a new entrant to the profession, and become a member, by paying your subs every month for collective bargaining power, they’ll defend your interests against whatever the current threat to your income and benefits.

Time travel is not an option, alas, no matter how much you crave a DeLorean.

Original poster

Blindering · 26/08/2021 22:16

''I don’t agree with your example but I do think that it’s wrong that some older people are getting generous final salary penalty pensions in the public and private sector that the generations after them are paying for (but won’t get).''

I think I am getting bashed as it's an old man. If it was a younger landlord he'd get the usual beating landlords get on this and few would be jumping to his defence.

OP posts:

Original poster

Blindering · 26/08/2021 22:19

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

does gender really matter? kind of sexist, suppose you call yourself a 'feminist'?

OP posts:

pointythings · 26/08/2021 22:27

You're getting bashed because you won't answer a simple question asked by a poster upthread. Here it is again:

OP - say you save into an interest-bearing account, how would you feel if someone came along when you were about to retire and said there was more money in there than you needed, so decided to take some to distribute to others.

Would you be happy with that?

Finding out whether you would stand by your principles might help.

echt · 26/08/2021 22:29

@Blindering

''I don’t agree with your example but I do think that it’s wrong that some older people are getting generous final salary penalty pensions in the public and private sector that the generations after them are paying for (but won’t get).''

I think I am getting bashed as it's an old man. If it was a younger landlord he'd get the usual beating landlords get on this and few would be jumping to his defence.

No, your views are getting bashed. And what's the point about speculating if you'd posted something entirely different?

You posted what you posted so deal with it.

Deadringer · 26/08/2021 22:37

@Blindering

''However, having said that, I do think there should be some sort of means testing. If you've got a vast private pension, a property of your own all paid off and plenty of savings in the bank, it does seem a bit much that you can still collect a monthly amount which you don't really need....''

and that's what I was getting at, he inherited a family home and lots of assets from his parents worth millions being the only child and yet gets a whooper pension, seems wasteful in my eyes.

Let's hope he doesn't win the lottery, you will have to beat him to death with a shovel.

SausageRollFan · 26/08/2021 23:28

You sound bitter and jealous.

UserNameNameNameUser · 27/08/2021 01:25

Just posting this for you again OP, just in case you missed it …

OP - say you save into an interest-bearing account, how would you feel if someone came along when you were about to retire and said there was more money in there than you needed, so decided to take some to distribute to others.

Would you be happy with that?

saltinesandcoffeecups · 27/08/2021 01:31

@Deadringer

Let's hope he doesn't win the lottery, you will have to beat him to death with a shovel. 🤣

pointythings · 27/08/2021 07:29

Good morning, Blindering.

Got an answer for that question yet?

ajandjjmum · 27/08/2021 08:51

@Blindering

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

does gender really matter? kind of sexist, suppose you call yourself a 'feminist'?

Well you do tend to be proving the stereotypical 'man doesn't listen' point!

But as you are now here - from Wednesday evening and repeated ad nauseam -

OP - say you save into an interest-bearing account, how would you feel if someone came along when you were about to retire and said there was more money in there than you needed, so decided to take some to distribute to others. Would you be happy with that?

knittingaddict · 27/08/2021 08:54

@Blindering

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

does gender really matter? kind of sexist, suppose you call yourself a 'feminist'?

I don't actually, but nice try.

grapewine · 27/08/2021 09:03

@SchrodingersImmigrant

Yabu. Imagine all life working to have nice pension and then... Having shit because someone somewhere decided we all should have same nothing... Or even more. Because you are single and manged to pay off mortgage, you should get less.

Yeah. Fuck that.

YABVU.

Original poster

Blindering · 27/08/2021 10:02

''Well you do tend to be proving the stereotypical 'man doesn't listen' point!''

and yet how many women didn't listen to points on this and every mn thread?

OP posts:

ajandjjmum · 27/08/2021 10:08

Just because they don't agree, doesn't mean they don't listen.

But for the record, my comment was lighthearted - I know lots of women who don't listen either!

ajandjjmum · 27/08/2021 10:09

PS. Please answer my question.

3478fhd883 · 27/08/2021 12:08

@ajandjjmum in answer to your question that is often the case e.g. state pension is very much like that with the government tweaking how much people get even though technically people had paid in all their lives - they dont actually know what they will get out.

Unfunded public sector pensions were not private per se - you dont get what you put in, you got what the rules were at the time. Many people ended up getting much more than they put in, some less.

Civil service pensions are not your own private pension account. They have not always been funded like traditional pensions funds etc etc etc.

That is not to say that rules can be changed retroactively - it's just not as simple as saying you put the cash in and get it back.

ilovesooty · 27/08/2021 12:43

@UserNameNameNameUser

Just posting this for you again OP, just in case you missed it …

OP - say you save into an interest-bearing account, how would you feel if someone came along when you were about to retire and said there was more money in there than you needed, so decided to take some to distribute to others.

Would you be happy with that?

The OP is never going to answer that question.

I've rarely seen posts from an OP which are so consistently bitter, jealous stubborn and just plain dense.

Blossomtoes · 27/08/2021 12:54

Public sector pensions are a huge cost to the taxpayers which restricts our public service budget now

What restricts our public service budget is Tory spending priorities.

pointythings · 27/08/2021 13:01

@Blossomtoes

Public sector pensions are a huge cost to the taxpayers which restricts our public service budget now

What restricts our public service budget is Tory spending priorities.

👏👏👏👏👏👏👏👏

This.

lanthanum · 27/08/2021 13:33

@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 don't know about Ireland, but I believe care home costs in the UK average £700 a week, more for nursing homes. So let's hope he's putting a bit by at the moment, to cover his costs should he need to go into a care home.

ilovesooty · 27/08/2021 14:02

@Blossomtoes

Public sector pensions are a huge cost to the taxpayers which restricts our public service budget now

What restricts our public service budget is Tory spending priorities.

Well said.

CounsellorTroi · 27/08/2021 14:06

@Blossomtoes

Public sector pensions are a huge cost to the taxpayers which restricts our public service budget now

What restricts our public service budget is Tory spending priorities.

This. Margaret Thatcher got the electorate used to taxation levels that were too low to sustain decent public services. No party can now be elected on a promise to increase taxation so we’re now stuck with crap public services.