Gladys Posted February 5 Share Posted February 5 21 minutes ago, Hairy Poppins said: It really is time to cap the ability of retiting civil servants to access 'their' gold-plated pensions before they reach state pension age. Don't understand. Quote Link to comment Share on other sites More sharing options...
Kopek Posted February 5 Share Posted February 5 Just another anti civil servant rant surely??? Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted February 5 Share Posted February 5 24 minutes ago, Banker said: You’re wrong that ir doesn’t impact existing employees as their pension contributions are subject to 3 yearly review by actuaries and have been increased since introduction, also entitlement is reduced for any years worked after introduction of new terms ie2016. The only ones not impacted are those who had already retired as it’s extremely difficult to reduce a pension in payment. Also if scheme was just closed there would be no contribution coming in to meet pensions in payment as there’s no pension fund. As far as I know IOMG contributions are capped at 15%. What I'm getting at is that politicians have body-swerved, backed down from and excused every opportunity to bring the PS costs down in the recent past and all in the name of appeasement. The pension liability was over £5Bn a couple of years ago (we must be due an FOI update sometime) and currently has a contributions - payment gap of @ £40M pa. Had they been a little more hard-nosed and determined, that could have been less. Instead, it's going to drag on for a generation impacting every taxpayer on the Island. Quote Link to comment Share on other sites More sharing options...
finlo Posted February 5 Share Posted February 5 4 minutes ago, Gladys said: Don't understand. To stop them pissing off in their 50's 40's even, then being kept in clover for the next 30 or 40 years. Quote Link to comment Share on other sites More sharing options...
Kopek Posted February 5 Share Posted February 5 There are problems in the civil service, there are problems in 'legacy' pension arrangements? ..... but are 'we' the ones to sort this out, or are we the ones who don't udergstand the history of the CS and their, understandable at the time, arrangements??? Necessarily encouagable conditions? Got us thru' the 60's 70's with full employment? Cast them aside now??? Because it suits us??? 1 Quote Link to comment Share on other sites More sharing options...
Gladys Posted February 5 Share Posted February 5 3 minutes ago, finlo said: To stop them pissing off in their 50's 40's even, then being kept in clover for the next 30 or 40 years. How many 'retire' in their 40s? A few may take early retirement in their 50s, but will their pension entitlement be the same as if they had served until the normal retirement age? 1 Quote Link to comment Share on other sites More sharing options...
finlo Posted February 5 Share Posted February 5 4 minutes ago, Kopek said: There are problems in the civil service, there are problems in 'legacy' pension arrangements? ..... but are 'we' the ones to sort this out, or are we the ones who don't udergstand the history of the CS and their, understandable at the time, arrangements??? Necessarily encouagable conditions? Got us thru' the 60's 70's with full employment? Cast them aside now??? Because it suits us??? I very much doubt that there are any civil servants still working now who were in the 70's let alone the 60's! Quote Link to comment Share on other sites More sharing options...
Kopek Posted February 5 Share Posted February 5 I was referring to the years 70's!!! Thought that was obvious to most!!! Quote Link to comment Share on other sites More sharing options...
wrighty Posted February 5 Share Posted February 5 2 hours ago, Declan said: You did say "your pension" and replying to me. So there isn't a savings pot for public sector pensions? Isn't that a bit like a ponzi scheme. I was replying to your point about “their pensions” meaning the public sector ones, and meant “your” as a generic plural pronoun rather than your specific pension. Apologies if my slightly sloppy grammar confused things. No, there isn’t a savings pot. There was a reserve fund which is all but gone. Current public sector pensions cost about £110 million a year, and contributions in are about £80 million. The rest comes out of general taxation. The overall situation will ease in years to come, as combined employee/employer contributions will be closer to what needs to be paid out. But pensions changes take decades. And before anyone says “just cut everyone’s pension by 30%” or whatever - legally you can’t. You can (you general, not you Declan) make changes going forward, and that is what happened in 2016 to reduce accrued years by 6%. 2 Quote Link to comment Share on other sites More sharing options...
finlo Posted February 5 Share Posted February 5 4 minutes ago, Kopek said: I was referring to the years 70's!!! Thought that was obvious to most!!! That's what I said? Quote Link to comment Share on other sites More sharing options...
wrighty Posted February 5 Share Posted February 5 1 hour ago, Meoir Shee said: Just purely knowledge gaining, what % does the typical worker pay into a pension scheme, employee contribution? In the Government Unified Scheme, 7.5%. Employer contribution is 15%. There are some sections of the scheme with higher contributions. I pay 10.25% for example. Quote Link to comment Share on other sites More sharing options...
WTF Posted February 5 Share Posted February 5 49 minutes ago, Gladys said: A few may take early retirement in their 50s, but will their pension entitlement be the same as if they had served until the normal retirement age? i think they only have to have worked for 30 something years , it may have been 32 years ?? to get a full government pension entitlement . i remember hearing someone moaning that as they were to young to retire yet but had done their allotted years to get the max pension available that they shouldn't still need to be paying into it. Quote Link to comment Share on other sites More sharing options...
genericUserName Posted February 5 Share Posted February 5 State pension should be means tested. Quote Link to comment Share on other sites More sharing options...
Moghrey Mie Posted February 5 Share Posted February 5 Auto enrolment would ensure everybody has a work pension. Quote Link to comment Share on other sites More sharing options...
asitis Posted February 5 Share Posted February 5 7 minutes ago, genericUserName said: State pension should be means tested. It is, it's called income tax ! 1 Quote Link to comment Share on other sites More sharing options...
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