Public sector pay since 2010

[Damocles]

As I've got older, and looking in from the outside, at my mates who have become rich as lawyers, accountants, Insolvency Practitioners, those who made the real money did it by identifying opportunities to take over struggling but viable businesses, recognise undervalued assets and invest their own time and money, or use contacts to broker deals. In short, entrepreneurs and risk takers. I never appreciated that when I was younger.

Without exactly going into all the details, I've recently been cleaned out financially and everything I've ever worked for has gone. This made me realise two things

1. I care much more about money than I previously thought I did. Previously I've always done pretty high value work but always been a slacker with it. Work the 20 hours and be comfortable rather than the 60 hours and be rich. What I enjoyed was not having to think about it and knowing that it would work out. It was comfortable and easy and lazy. When you are forced to start over like some fresh faced 16 year old, you forget how much of that comfort you took for granted. How do I scrape a deposit to buy a house, where's the next rent payment coming from, how much electric is the right amount to put on in a month now, etc? Doing this at 16 is exciting and fun, doing it again in your adult life is not so much.

2. You have to choose money to be rich. As in, I genuinely believe that it's a conscious choice. You have to guard your career and life seriously, target the opportunities you can and sacrifice other things you want. I wonder where I'd be now if at 20 I chose the highest value decisions rather than the personally fulfilling ones.

One of the reasons I'm considering law is to be honest, I enjoy advocacy. Fighting for the underdog or representing people who are underrepresented or just trying to maintain some sort of common sense in justice or thought that often is lacking. This will never make me rich, unfortunately. There's no money in advocacy but you've got to life a live that's true to yourself.

To those lads who are earning a ton, I say well done. They had the sense and the balls to take the risks that I and others didn't and they should be congratulated for it. Look at SWP he packed up and fucked off to Qatar. I wouldn't have done that, no way. I would have found a safer middle ground.

Our culture has become risk adverse as have many of us. We should definitely celebrate those who go for it, and just as importantly we should not embarrass them for their failures. Yeah they might have tried and failed, but what the fuck has anyone else ever done?

 

[Newman Noggs]

Without exactly going into all the details, I've recently been cleaned out financially and everything I've ever worked for has gone. This made me realise two things

1. I care much more about money than I previously thought I did. Previously I've always done pretty high value work but always been a slacker with it. Work the 20 hours and be comfortable rather than the 60 hours and be rich. What I enjoyed was not having to think about it and knowing that it would work out. It was comfortable and easy and lazy. When you are forced to start over like some fresh faced 16 year old, you forget how much of that comfort you took for granted. How do I scrape a deposit to buy a house, where's the next rent payment coming from, how much electric is the right amount to put on in a month now, etc? Doing this at 16 is exciting and fun, doing it again in your adult life is not so much.

2. You have to choose money to be rich. As in, I genuinely believe that it's a conscious choice. You have to guard your career and life seriously, target the opportunities you can and sacrifice other things you want. I wonder where I'd be now if at 20 I chose the highest value decisions rather than the personally fulfilling ones.

One of the reasons I'm considering law is to be honest, I enjoy advocacy. Fighting for the underdog or representing people who are underrepresented or just trying to maintain some sort of common sense in justice or thought that often is lacking. This will never make me rich, unfortunately. There's no money in advocacy but you've got to life a live that's true to yourself.

To those lads who are earning a ton, I say well done. They had the sense and the balls to take the risks that I and others didn't and they should be congratulated for it. Look at SWP he packed up and fucked off to Qatar. I wouldn't have done that, no way. I would have found a safer middle ground.

Our culture has become risk adverse as have many of us. We should definitely celebrate those who go for it, and just as importantly we should not embarrass them for their failures. Yeah they might have tried and failed, but what the fuck has anyone else ever done?

Divorce does that to a man. Seriously, I wish you the very best of luck whatever you choose to do.

As regards risk-takers, society needs them but it also needs the plodders like myself, steady income earners paying steady tax.

Also, in my line of work, I come across a lot of self-professed entrepreneurs and risk-takers who fail leaving a slipstream of chaos and misery in their wake risking other people's money whilst lining their own pockets. There's a balance to be struck.

 

[SWP's back]

Christ Damo, hope everything works out, you’re an intelligent bloke though so you’ll always earn.

And yes, moving to Qatar was the best thing I did, but not necessarily for the cash, I wouldn’t have met my wife had I not moved.

 

[west didsblue]

Without exactly going into all the details, I've recently been cleaned out financially and everything I've ever worked for has gone. This made me realise two things

1. I care much more about money than I previously thought I did. Previously I've always done pretty high value work but always been a slacker with it. Work the 20 hours and be comfortable rather than the 60 hours and be rich. What I enjoyed was not having to think about it and knowing that it would work out. It was comfortable and easy and lazy. When you are forced to start over like some fresh faced 16 year old, you forget how much of that comfort you took for granted. How do I scrape a deposit to buy a house, where's the next rent payment coming from, how much electric is the right amount to put on in a month now, etc? Doing this at 16 is exciting and fun, doing it again in your adult life is not so much.

2. You have to choose money to be rich. As in, I genuinely believe that it's a conscious choice. You have to guard your career and life seriously, target the opportunities you can and sacrifice other things you want. I wonder where I'd be now if at 20 I chose the highest value decisions rather than the personally fulfilling ones.

One of the reasons I'm considering law is to be honest, I enjoy advocacy. Fighting for the underdog or representing people who are underrepresented or just trying to maintain some sort of common sense in justice or thought that often is lacking. This will never make me rich, unfortunately. There's no money in advocacy but you've got to life a live that's true to yourself.

To those lads who are earning a ton, I say well done. They had the sense and the balls to take the risks that I and others didn't and they should be congratulated for it. Look at SWP he packed up and fucked off to Qatar. I wouldn't have done that, no way. I would have found a safer middle ground.

Our culture has become risk adverse as have many of us. We should definitely celebrate those who go for it, and just as importantly we should not embarrass them for their failures. Yeah they might have tried and failed, but what the fuck has anyone else ever done?

Sorry to hear that.

It's not in a Nigerian prince's account is it?

 

[The Light Was Yellow Sir]

Yes, ie the employee doesn’t contribute, just the employer.



No, not remotely. It would be more accurate to call it what I called it as that is its bloody name.

An ‘unfunded’ scheme is one where money taken this month pays retirement incomes the following month rather than being invested by the trustee to discount the cost of future retirement incomes. The two aren’t remotely linked or similar. A private DB scheme is nothing like an unfunded public sector pensions.



1/54ths of ‘her’ current salary yes. But salaries inflate over a career, as do retirement incomes.

I’ve just done a transfer for a former Bank employee. He was there 29 years and was offered £1.95m for a £52k per year retirement income. His starting salary was under £6k per year and his final one was high. Neither he, nor his employers had paid in an amount anywhere near 1/3rd of that £2m figure from his or their monthly contributions.

That’s why 40/60ths final salary schemes aren’t given out to new employees at virtually every company any more. They’re too expensive.



Yes, by about 20 or 30 years I’d say.



All funded public sector pensions (like local council) and all private sector DB and DC schemes can be transferred out.



No one should.

No need to get so angry mate. I misread your post by assuming you were talking about public sector pensions not private sector. I was just making the point that, in the NHS at least, it is a contributory scheme and it more than covers the cost of what’s being taken out of it, for the time being at least.
Apologies if the first post upset you for some reason.

 

[west didsblue]

As I've got older, and looking in from the outside, at my mates who have become rich as lawyers, accountants, Insolvency Practitioners, those who made the real money did it by identifying opportunities to take over struggling but viable businesses, recognise undervalued assets and invest their own time and money, or use contacts to broker deals. In short, entrepreneurs and risk takers. I never appreciated that when I was younger.

For every entrepreneur that makes it, there's probably ten that fail, mostly due to them not being knowledgeable enough in the area that they're taking a risk in.

 

[SWP's back]

No need to get so angry mate. I misread your post by assuming you were talking about public sector pensions not private sector. I was just making the point that, in the NHS at least, it is a contributory scheme and it more than covers the cost of what’s being taken out of it, for the time being at least.
Apologies if the first post upset you for some reason.

No worries. Had just been explaining why 40/60 final salary non contributory schemes were no longer en vogue as they’re so fucking expensive for the trustees, especially with 15 year gilts at 1.6%.

 

[worsleyweb]

Christ Damo, hope everything works out, you’re an intelligent bloke though so you’ll always earn.

And yes, moving to Qatar was the best thing I did, but not necessarily for the cash, I wouldn’t have met my wife had I not moved.

Good afternoon SWP - Can i stay at yours for the 2022 world cup - am i ok to bring the Mrs and kids as well? and my Dad?

 

[SWP's back]

Good afternoon SWP - Can i stay at yours for the 2022 world cup - am i ok to bring the Mrs and kids as well? and my Dad?

Of course although I’m likely to be in the Caymans by then if I can.

 

[Henkeman]

Of course although I’m likely to be in the Caymans by then if I can.

Unlike Qatar, the Caymans have extradition arrangements with the UK. Just warning you. ;-)