The Labour Government

[PPT]

Funny how the left rarely mention public sector pension contributions. I (in the private sector) am obiged to contribute 5% of my pay so that the company puts in 5% - it used to be 4%.

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This is what the government puts in to civil servants’ pensions. 29% per year of their salary. No wonder they all retire at 50 with £1m+ pension pots. Who on earth manages that in the private sector, other than a few company bosses?

I've been banging on about this for a long time and the lefties just will not have it,
It is a genuine national scandal. And don't forget the pensions are index linked for life.
It's a very unfunny joke.

 

[xgorton]

Great reasoned argument there. Well done.

Cheers.

 

[mosssideblue]

I've been banging on about this for a long time and the lefties just will not have it,
It is a genuine national scandal. And don't forget the pensions are index linked for life.
It's a very unfunny joke.

Where do you apportion blame?

 

[Chippy_boy]

I know roughly what Mrs MB will get at retirement (oh er) and what that would size pot that would be to receive equivalent from a private pension. It works out at roughly 22% contribution however she pays 9.8% so net it’s a 12.2% employer contribution - it’s not widely different from private sector I’ve worked in where I have received 10% employer contribution for a couple of decades (they’ll match anything else I put in up to 5% but I’m not obligated to) and in my current role am getting 15% employer contribution.

Obviously Mrs MB is NHS and other parts of the public sector will have different deals. I’m sure some are potentially very generous but I’d say if you look at teachers, fire, dibble and nurses it’ll be much a muchness and not all that different to what can be found in private sector.

I don’t agree at all. I’m 63 and have never had an employer contribution of more than 5 or 6%. Anything above that is generous. And yet we see 30%+ in the public sector, commonly.

 

[PPT]

I don’t agree at all. I’m 63 and have never had an employer contribution of more than 5 or 6%. Anything above that is generous. And yet we see 30%+ in the public sector, commonly.

Yep. The average is around 5 or 6% in my experience. In the last business I worked in senior management got 8%. And it was a very large multi billion pound business.

 

[Blue Maverick]

@Chippy_boy @PPT are you jealous, why weren’t you banging down the public sector door for a job then, public sector pensions where reformed in 2006, so you can’t retire at 50 and if you do you lose a lot. I paid anywhere between 11-15% into my pension yet you don’t seem to want to mention those figures. It’s the same old story private sector whinging when they think the public sector are getting something for nothing, yet I’ve never got a performance bonus or shares in a company as a thank you, or indeed cash in hand and not declared to the tax man. I’ve said it before there are plenty of opening in the public sector if you think it so cushy and good.

 

[metalblue]

I don’t agree at all. I’m 63 and have never had an employer contribution of more than 5 or 6%. Anything above that is generous. And yet we see 30%+ in the public sector, commonly.

I can only speak from my own world where Mrs MB has a public sector pension and I have a private pension through work.

For us there isn’t a huge difference between the two in % terms. I appreciate I might have a good company pension compared to the typical but I can’t recall a single company I’ve worked for where they’ve paid anything below 10%. I know I didn’t have a pension with my first two companies I worked for but got one in the third firm. Might have been 8% back in the 90s when I started there but I don’t recall - retirement was a long way off back then ;)

Despite all that I don’t think I have huge pot - it’s not anywhere near the 7 figures that Starmer has that’s for sure.

 

[metalblue]

5% is pathetic.
Teachers pay between 7.4% and 10.2% depending on salary.

@Chippy_boy @PPT are you jealous, why weren’t you banging down the public sector door for a job then, public sector pensions where reformed in 2006, so you can’t retire at 50 and if you do you lose a lot. I paid anywhere between 11-15% into my pension yet you don’t seem to want to mention those figures. It’s the same old story private sector whinging when they think the public sector are getting something for nothing, yet I’ve never got a performance bonus or shares in a company as a thank you, or indeed cash in hand and not declared to the tax man. I’ve said it before there are plenty of opening in the public sector if you think it so cushy and good.

I think that’s part of thr issue. Many who don’t work in the public sector don’t appreciate how big the contributions you make are.

I don’t know what fire was but latest NHS is (career average annual salary / 80 years) x years worked. If you do 40 years you’re probably getting about £17k a year pension in today’s money (having contributed best part of £140k). Not all that gold plated IMHO, obviously they used to be a lot more generous as were based on final salary.

Edit: shoving a £140k pot into a pension income calculator drawing out £17k a year will last you 21 years before the tax payer is actually on the hook for a penny. That gets you in to your 80s - given life expectancy the tax payer isn’t really that exposed.

 

[Chippy_boy]

@Chippy_boy @PPT are you jealous, why weren’t you banging down the public sector door for a job then, public sector pensions where reformed in 2006, so you can’t retire at 50 and if you do you lose a lot. I paid anywhere between 11-15% into my pension yet you don’t seem to want to mention those figures. It’s the same old story private sector whinging when they think the public sector are getting something for nothing, yet I’ve never got a performance bonus or shares in a company as a thank you, or indeed cash in hand and not declared to the tax man. I’ve said it before there are plenty of opening in the public sector if you think it so cushy and good.

I don't give a toss how much the individual has to put in. My comment was about how much the employer puts in. I.e. free, extra money. Fact is public sector pensions are way more generous than the private sector.

I've never received more than 5 or 6% of free money, although I accept in the private sector 8 to 10% might be available sometimes. But never like 35%.

Am I jealous? Damned right I am. I wish I'd worked in the public sector where I would have earned comparable sums, never got the sack, retired earlier and retired better off. Of course I am jealous.

 

[PPT]

I don't give a toss how much the individual has to put in. My comment was about how much the employer puts in. I.e. free, extra money. Fact is public sector pensions are way more generous than the private sector.

I've never received more than 5 or 6% of free money, although I accept in the private sector 8 to 10% might be available sometimes. But never like 35%.

Am I jealous? Damned right I am. I wish I'd worked in the public sector where I would have earned comparable sums, never got the sack, retired earlier and retired better off. Of course I am jealous.

You forgot about working 'flexi-time''also.