scaryteacher many people working for private companies had final salary pension schemes that just shut, they were transferred to money purchase schemes for the remainder of their service.
Anyway.
I had a bit of a row about this with a friend the other day. There are some public sector roles and some private sector roles that pay well, and pay badly.
Statistically however the average wage in the public sector is higher (certainly when I was looking for a part time admin job recently the public sector were paying a lot more) and many of the positions do still have these fantastic pensions.
People in the public sector who are in final salary schemes need to understand that their pensions schemes are worth up to 25% of their salary being put away each year. I mean forget bonuses - I know hardly anyone in teh private sector who has had annual perks adding up to that amount. Meanwhile in the private sector, there is no compulsion for the employer to pay anything. In fact if I join my employer pension scheme I will actually lose 1% of my contributions to admin costs. That is not unusual.
What I would like to see is parity. Apart from the top bods, all the pensions in the private sector are money purchase, often with no employer conts. In the public sector, many have guaranteed final salary schemes. Combined with better wages.
I would like to see a situation where everyone who worked was enabled to retire on a decent pension. At the moment that is not happening and people are understandably a bit naffed off.
FYI DH works in the public sector and gets a guaranteed final salary pension so I am taking about changing something that would affect us IYSWIM.