scoobynutta555

It was announced yesterday that our final salary pension scheme will be closed. That's fantastic news for me being only 36

On the back of enforced redundancies, more hours and a pay freeze. We've gone from 170 on my floor to 64 blokes over the past few years. I suppose I should be grateful I still have a job, but it's a bit choking all the same. The boys are well peed off at the moment.

I'd imagine things are still quite rosy for public sector workers as most schemes are final salary with a guaranteed retirement age. 30 years from now there's going to be an almighty crisis with people not retiring with any private pension. Thanks Gordon, as a lot of this is down to you when you first stepped into number 11 with your pension raid. I suppose, if I last the pace, I'll still be working 'til I'm 70 and then be 'entitled' to a state pension, assuming it isn't means tested. Us middle aged blokes in the private sector are being sailed down the river

Sorry for the depressing post on a Sat night

FlightMan

It's a scandal, but as it's not going to happen for 20+ years, the press aren't interested.

F'ckers.

DEEDEE

Could'nt wish for a better man than Old Mr Brown, never told a lie in his life.

scoobynutta555

The press certainly are not interested. I work for Trinity Mirror who print the Mirror and The Independent!

davyboy

THankfully ours is still going.

I'm having to pay another 2% this year........but if keeps it going it's worth it.

I'd need a job paying about 40k more a year more to consider making moving from my current employer if I was to enjoy the same pension benefits.

fatherpierre

BBC NEWS | Business | Mirror group shuts pension scheme

rossyboy

iTrader: (8)

I work for the NHS and would be eligible for retirement in 2041 with 50% final pension salary as things stand.

I fully expect that if I make it that far, there will be no final pension scheme for me as the country simply cant afford it.

fatherpierre

2041?? How long do you need to work to get your pension?

rossyboy

iTrader: (8)

When I started paying in, it was 40 years for full entitlement. That was in 2001 at 24 years old, so I'd be 64 to get full pension.

There was a change a couple of years ago, so I'd need to double check that is still the case.

fatherpierre

Long haul to get your pension. Is it contribution based and part of a contract?

I'm on a final salary (contributory) too. 2/3 after 30 years.

Mine can't be touched and has to be honoured.... I think (hope).

There's going to be much more pension slashing by companies as people live longer. It's not sustainable to have X% of a company's profit eaten up by pension payout.

rossyboy

iTrader: (8)

To be honest, I've not got my act together in terms of working out what it actually means as retirement has always been so far away. As long as I'm paying in, thats always been the important thing.

We dont need to work the full 40 years, you just get whatever you pay in. So if I worked 40 years, it'd be 40/80ths of full pay (50% obviously) or if you only worked 25 years, it'd be 25/80ths. Not sure what the eligible age is to take that entitlement is though.

fatherpierre

You're paying in, so it is contracted and protected, as is mine.

I was offered a new pension a couple of years back that meant 2% less to be paid in, but meant working a further 5 years to get less.

After 0.000000000000000000001 seconds of consideration, I decided to stay on the 11% contribution and retirement at 51!

All the new people get the new pension.

rossyboy

iTrader: (8)

Ours is 6% per annum for lower paid or 6.5% higher paid contribution, so its no wonder you get to retire earlier! Employer pays 13.5% per annum currently. 11% of salary into pension! sod that.

fatherpierre

It's been that way from day 1, so you don't notice it.

Retiring at 51 with a decent income until croaking is worth it! And the lump sum too...

johnfelstead

Sorry to be the bringer of bad news, but earlier this year the government changed the law on pensions, you can now not take any pension benefits until you are 55. Your pension provider should have written to you to inform you.

Dedrater

Not relevant in a lot of Public Sector jobs.

XRS

I believe JF's right, the public sector schemes were amended to bring them into line with the 55 rule. There may have been a few people in the transition who could have retired before 55 though.

Dingdongler

Your pension is expressed as 80ths, so if you do 40 years you get 40/80 x final salary ie 50% of final salary. You will also get three times this amount (ie 50% of your final salary) as a lump sum. So say £75k if your final salary were £50k.

However you have to get to 60 to be allowed this. If you choose to retire at 55 there is an exponential decrease in the pesnsion, ie you will only get circa HALF of what you would if you went to 60. If you retire at 57 you will get about two thirds(of 40/80).

All in all a very good pension scheme, as long as you intend to spend most of your working life in the NHS.

madscoob

iTrader: (3)

the problem with final salary pensions is the people at the top are on em as well so their isnt enough little people paying in with the industrial revolution ( ie one machine can do 10 mens jobs) ourcompanies top bod RECIEVES £485THOUSAND a year thats 15 ground troops wages so if he was in the pension then
15 people would have to pay for him after he retired because his contributions have been used to pay for people who have allready retired . its not to difficult to work out is it . final salary pensions are a dying thing apart from the mps cos we are paying for them

Leslie

I am sorry to hear about those pensions effectively going to the wall. All part of the big plan of course, raid the pensions the effects of which wont be felt too seriously until well after they are no longer in power and use the cash as well as all the overborrowing to make the economy look good at the time and thus ensure election success until it all falls apart! Has it ever done that now of course!

Yes I think we do need to worry about the country being able to afford the pensions it is already liable for too!

What a load of pikers these politicians are!

Les

Oldfella

iTrader: (3)

Nearly correct There is a small percentage of NHS staff that are entitled to retire at 55 with full pension.
These are peple with "Mental Health Officer" status.

Midlife......

iTrader: (2)

Like a few on here I have an NHS pension and it works on 80ths as mentioned. This is going to pretty unsustainable so a little while ago our contributions were increased and measures put in place to tax the "pension pot".

But there is going to be an increase in ICO's (Integrated care organisations) where new employees still work at the expense of the public purse but not on an "NHS" contact so not privatisation but no final salary scheme.....

I'm waiting for the next NHS expansion and possible early retirement.....one way they fiddle the stats about employing new consultants is to retire consultants off early and re-employ them......and you have a "new" consultant. They usually buy you your years to 40 years of employment and give a lump sum.

Either that or win the lottery LOL

Shaun