Keir Starmer

Brewster's millions said:
The ONS estimate that over 80% of public sector workers have a defined benefit pension, although that figure (the latest available it seems) was from 2019.

Also, although the LG pension scheme is funded and therefore invested in the market, it is still defined benefit, and so I don’t think it’s unreasonable to suggest that members in that scheme will be less concerned about market performance than someone with a defined contribution pension.
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Are we pretending that a defined benefit is the same as a final salary scheme?
 
Equally, if the stock market soars, the people with a defined benefit pension will be much better off.

People in the risk-taking, buccaneering private sector should be made up with this prospect - if they believe in the capitalist system.

Suppose the stock market had soared over the last 10 years, would there be a movement to give the public sector more to make up for their lesser pensions? Doubt it.

Anything with the stock market is a gamble. You can win big, but you can't moan when you lose. If you want security, with no massive upside or downside, buy gold, low-risk stock like gilts, or join the public sector and (generally) get shit wages for the responsibility level.
 
metalblue said:
Even as a causal observer is terrible advice.

Or to be precise it’s far from insane to take your tax free allowance based on a rumour.
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Making big financial decisions based on a rumour is a good idea? I’ll leave you to it.

I’ll take advice from someone qualified to give it.
 
Mr Kobayashi said:
The use of that phrase should mean the rest of your post is ignored. The majority of public sector workers do not have final salary pension schemes.

Anyone in the LG pension scheme also has their pensions invested in the stock market.
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And in property. Our local supermarket is owned by Tameside MBC as agent for the LG pension fund.

Or art?

The art collection of the British Rail Pension Fund

Fine art and British Rail may not seem like they have much in common, but for several decades British Rail, through its pension fund, was a major
www.weirduniverse.net www.weirduniverse.net
 
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Brewster's millions said:
Most (normal) people use the terms interchangeably, yes.
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I think that might be a bit out of date. Lots of defined benefit schemes are now 'average salary' rather than 'final', so using them interchangeably would cause confusion.

The original point about someone on a defined benefit scheme being less concerned about the stock market does make sense though. (although one of my old jobs had a defined scheme, and they have been sending me 'worrying' letters for years now!)
 
Mr Kobayashi said:
The use of that phrase should mean the rest of your post is ignored. The majority of public sector workers do not have final salary pension schemes.

Anyone in the LG pension scheme also has their pensions invested in the stock market.
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I think it was cameron who started the phrase when he was pitting public sector against private sector , like you say , it is not true
 
bluenova said:
I think that might be a bit out of date. Lots of defined benefit schemes are now 'average salary' rather than 'final', so using them interchangeably would cause confusion.

The original point about someone on a defined benefit scheme being less concerned about the stock market does make sense though. (although one of my old jobs had a defined scheme, and they have been sending me 'worrying' letters for years now!)
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That's because a defined benefit scheme may not have enough income to meet its obligations. Lots took "pension holidays" when investments were doing well then later ran out of money when returns fell.
 
west didsblue said:
Making big financial decisions based on a rumour is a good idea? I’ll leave you to it.

I’ll take advice from someone qualified to give it.
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Ideally you’d want your chancellor to rule it out changes to the pension tax free amount. In the absence of that you’re going to make your own decisions. If I was in the position of taking it I absolutely would - then reinvest it elsewhere. I appreciate everyone is different but I wouldn’t call them insane.
 
metalblue said:
Ideally you’d want your chancellor to rule it out changes to the pension tax free amount. In the absence of that you’re going to make your own decisions. If I was in the position of taking it I absolutely would - then reinvest it elsewhere. I appreciate everyone is different but I wouldn’t call them insane.
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Actually I didn’t call anyone insane. That’s how you interpreted my comment.

Nothing wrong with making your own decisions based on available information but if the available information is a rumour and the decision involves potentially hundreds of thousands of pounds then I’d probably want a bit more to go on. On the other hand, if there is a an opportunity to cancel the withdrawal like one poster said then it makes more sense.
 
Kirkstall Blue said:
“Those with the broadest shoulders will share the biggest burden” so we choose the WFP and the the pensioners are first to feel the pinch.
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And the notoriously rich bus passenger. I suppose if some bus services go those annoying cold folk can't jump on the bus to keep warm. What next council tax on living under a bridge or in a doorway.
 
hilts said:
And the notoriously rich bus passenger. I suppose if some bus services go those annoying cold folk can't jump on the bus to keep warm. What next council tax on living under a bridge or in a doorway.
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Not even some rich bus passengers have a decent bus service serving their villages/towns because stagecoach, and other private bus owners can't rob the local councils to fund them rather than paying themselves.

My brother works in public transport department of a council and I've seen some of the demands these companies make (railway too) which are more about stealing council taxes over running a decent service.
 
metalblue said:
Farmers aren’t happy we left the Labour Welsh Labour conference by the back door to avoid their protest. A coward they said.

I did enjoy the mute applause during his speech. The man is absolutely hated by the party. He knows it calling for unity.
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It's one way to unify the party if they all can't stand him.
 
TinFoilHat said:
It's one way to unify the party if they all can't stand him.
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Quite right mate, get rid of all the folk who can’t stand / disagree with him like…..

TinFoilHat said:
Keith Stalin banning councilors who supported pensioners from re standing for their positions in the council elections. No doubt be doing the same for the ones supporting Palestine.
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