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Original poster

What is the justification for police and civil servants getting final salary pensions?

128 replies

ladykale · 25/04/2023 18:26

Does anyone know?

Who is funding these generous pensions if they haven't put enough in all their life / value of investments isn't equal to the value of their pension??

OP posts:

Howpo · 22/05/2023 07:04

@SueVineer Why isn't it affordable for all? it used to be, DB schemes were the norm, now we have DC ones, invested in equities and bonds which may or may not go up in value.
I don't think most people realise that their DC pension might be significantly less than they thought by the time they retire.

How come many European countries offer far higher state pensions and some lower ages to retire once sufficient contributions have been paid.

But in the UK "we can't afford it" meanwhile those making sure we retire poor, even with a DC pension, get huge unfunded DB pensions but thats all ok because they are "worth it"

Felix125 · 22/05/2023 09:46

Poppyblush · 21/05/2023 09:37

Isn’t the police pension pretty much self funded?! I think they pay shed loads every month.

We pay in about 15%

wistfullyfocused · 22/05/2023 21:27

glomerulus · 25/04/2023 18:54

No, nowhere near as good as. Others have pointed out its now career average rather than final salary - this is a massive reduction for most people (I don't have a crystal ball but I would estimate it will be a 40-60% reduction for me). The percentage contribution has more than doubled during my career as well.

I would say it should still be a comfortable pension, but this idea that it's an amazing handout which hasn't been earned is a bit false (and, dare I say, a bit goady).

Final salary (defined benefit) pensions used to be commonplace across both public and private sector, and were generally considered a fair recompense for several decades of hard work. As has been pointed out upthread, it shouldn't be a race to the bottom.

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Why is only earning a pension come state wit the job you are doing so bad?

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