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There could be riots in the streets soon, and who can blame them !!
After the recent Bank Rate drop Annuity companies now pay
for a £100,000 pension pot less than the cost of a fish and chip supper per day.
£100,000 pot !!
Meanwhile Civil Service, Teachers, Police, Public Sector workers, etc, are retiring on 2/3rds final pay
So the average pay of £24k pa that is a £16k pension.
Paid for by the private sector worker in his taxes.
So he gets £2,200 pa the Public sectorcworker gets £16,000 pa
There could be riots once they finally realise how little they are getting
for a lifetime of work compared
pro rata to the Public sector .
After the recent Bank Rate drop Annuity companies now pay
for a £100,000 pension pot less than the cost of a fish and chip supper per day.
£100,000 pot !!
Meanwhile Civil Service, Teachers, Police, Public Sector workers, etc, are retiring on 2/3rds final pay
So the average pay of £24k pa that is a £16k pension.
Paid for by the private sector worker in his taxes.
So he gets £2,200 pa the Public sectorcworker gets £16,000 pa
There could be riots once they finally realise how little they are getting
for a lifetime of work compared
pro rata to the Public sector .
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Even more so , when the Private sector workers realise they are paying MORE towards
the Public workers pension than their own pension !!
the Public workers pension than their own pension !!
Scissors....do you have an annuity....or are about to get one ?
Hang on scissors, you've forgotten to mention the lump sum they get.
That's three times their annual pension.
In the example above, that would be £48,000 in their pocket for openers.
That's why they all buy new cars and go on cruises when they retire.
That's three times their annual pension.
In the example above, that would be £48,000 in their pocket for openers.
That's why they all buy new cars and go on cruises when they retire.
Isn't it strange how this lump sum business never gets mentioned when public sector reps have to defend the pensions they receive?
Money in bank and pensions are a waste of money. The clever peopul have been investing in other ways over the past decade. The skill is in the selection, just as it is on BetFair!
''The cost of pensions for Britain’s public sector workers will double over the next five years to £16.2 billion – the equivalent of £1,500 per family, according to the Office for Budget Responsibility. This is equal to £1 in every £7 the government borrows. It is a truly massive burden for the UK taxpayer.''
Observer Money 2013.
Observer Money 2013.
How would the pensioner riots differ from the yoof riots?
Need to start well after 9.30 so bus passes can be used to get there.
Probably only march for 100 yards or so before looking for a bench and somewhere to get a cup of tea.
Only wheelchair-friendly gradients would be considered in route planning.
Need to finish in plenty of time for Countdown.
Need to start well after 9.30 so bus passes can be used to get there.
Probably only march for 100 yards or so before looking for a bench and somewhere to get a cup of tea.
Only wheelchair-friendly gradients would be considered in route planning.
Need to finish in plenty of time for Countdown.
It shows the ignorance that is rife amongst workers, when they call for lower State pensions.
It's not the pensioners who need to complain.
It's the workers now who will themselves be pensioners who should be rocking the boat over it.
It's not the pensioners who need to complain.
It's the workers now who will themselves be pensioners who should be rocking the boat over it.
People who have been emptying dustbins for the council all their lives, or cutting the grass on parks, will be receiving far more when they retire than the vast majority of managers and skilled workers in the private sector.
Yet private sector workers never seen to realise how they're being taken for a ride.
Yet private sector workers never seen to realise how they're being taken for a ride.
Is there a plan in place to deal with people living in private rented accommodation when they retire?
How are they going to pay their rent?
Even if we're talking about just 2m people, at a rent of just £600 per month, that's a bill of £14.4 bn a year!
How are they going to pay their rent?
Even if we're talking about just 2m people, at a rent of just £600 per month, that's a bill of £14.4 bn a year!
When kids leave school they need to get a job working in the public sector.
Never mind what job it is - just get in there.
Never mind what job it is - just get in there.
Excellent point scissors.It has long baffled me how public sector workers keep a straight face when they complain about their pay and conditions.
The solution is to stop the gravy train and and phase out defined benefit pension plans .The private sector has very few of these plans left;almost everyone is part of a defined contribution scheme.
The result of taking such action would enable Government to raise the State pension for everyone.
The solution is to stop the gravy train and and phase out defined benefit pension plans .The private sector has very few of these plans left;almost everyone is part of a defined contribution scheme.
The result of taking such action would enable Government to raise the State pension for everyone.
not all public sector jobs still have the old pension setup.
many have implemented contribution based schemes.
even before royal mail went public they had changed it over.
old system still stands for years put in but it had stopped and you then contributed to a new system.
youd get one decent pension and a **** one basically.
many have implemented contribution based schemes.
even before royal mail went public they had changed it over.
old system still stands for years put in but it had stopped and you then contributed to a new system.
youd get one decent pension and a **** one basically.
Not ONE person has come on to even TRY and defend
the Public sector pension set up -- paid for by ordinary working class
people through their taxes !!
And yet we jnow a lot of them, especially local govt or civil service have nothing
to do in the afternoon so log on to betfair !!
the Public sector pension set up -- paid for by ordinary working class
people through their taxes !!
And yet we jnow a lot of them, especially local govt or civil service have nothing
to do in the afternoon so log on to betfair !!
The Leopard -- no sir .
I just feel the system is so bent .
I just feel the system is so bent .
People who have been emptying dustbins for the council all their lives, or cutting the grass on parks pay 6% of their earnings towards their pension and most will only get 50% of their wage as a pension after 40yrs service. They will get a reduced state pension plus the majority of them cant afford to buy their home so their pension will go to pay their rent. And they wont be able to claim pension credit etc.
nice to see mizz altman banging on ,on every buis ess page these days after been locked in camerons cupboard for the last 2 years as retirement pots have been taking a hammering, the real scandal over state pensions which altman has been trumpting as been the best ever will become evident in the next generation,the current generation on above average wages could have got a high of £264 a week state pension,fortodays young workers earning a similar amount this will be capped at £155
basic rule of thumb anyone who doesnt think they,ll accumalate a private pension of at least a 100 grand should enjoy their money today and not bother
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