RMT not winning

[Returnofrros]

Maybe the civil service jobs should be advertised to show the pay scale including the employer contribution to their final salary pension scheme. Saw a note recently that said the level of employer contribution was over 20% over the salary paid.

From memory......NHS about 15%, police over 20% and civil service anything from 25% to 30% I think.

[BCram]

Public sector pensions schemes are not funded by payments into a fund. The tax payer pays out what is needed without any reference to the amount paid in. State pension is in the same boat. I think the Royal Mail was sold down the river by removing responsibility for the pension obligation from the company.

There are real problems being built up for future generations because of the gig economy. I think that there has to be a discussion about how 40 year old are going to deal with their pensions. In many jobs working full time until you are 70 is just not possible. Perhaps there should be jobs for 60years old and upwards that will allow them to live and not draw their pension until they are 70?

[Returnofrros]

Public sector pensions schemes are not funded by payments into a fund. The tax payer pays out what is needed without any reference to the amount paid in. State pension is in the same boat. I think the Royal Mail was sold down the river by removing responsibility for the pension obligation from the company.

There are real problems being built up for future generations because of the gig economy. I think that there has to be a discussion about how 40 year old are going to deal with their pensions. In many jobs working full time until you are 70 is just not possible. Perhaps there should be jobs for 60years old and upwards that will allow them to live and not draw their pension until they are 70?

Easily find what's paid in, quick Google search and my figs not far off.

COVID policy has changed people's attitude to work and pensions, think something like 32% now draw pension before normal scheme retirement age.

State pension age will change to 70 in next parliament......pretty convinced of it.

Majority (not all) of young folk are basically ****ed with little hope of owning a home or building up wealth.

[BCram]

Easily find what's paid in, quick Google search and my figs not far off.

COVID policy has changed people's attitude to work and pensions, think something like 32% now draw pension before normal scheme retirement age.

State pension age will change to 70 in next parliament......pretty convinced of it.

Majority (not all) of young folk are basically ****ed with little hope of owning a home or building up wealth.

Agree with your last point about young folk. Seems to me that there needs to be a rethink on pension policy. Not allowing people to work without paying into the tax system seems an obvious step but the combination of part time working and working tax credit seems to me to be unsustainable.

[Returnofrros]

Agree with your last point about young folk. Seems to me that there needs to be a rethink on pension policy. Not allowing people to work without paying into the tax system seems an obvious step but the combination of part time working and working tax credit seems to me to be unsustainable.

It is unsustainable

[BCram]

It is unsustainable

Yet any attempt to change pension arrangements even for new employees is met with implacable opposition. It seems to be impossible to get any sensible discussion. Everything seems to be couched in terms of extremely rich people who can actually salt away huge sums of money, and is characterised as an abuse of the system, when in fact the people who really would benefit from saving just don't have a hope in hell of putting any money by for their old age.

Don't know what the answer is. Perhaps banning all tax gains from saving in a pension plan might help?

[Returnofrros]

Yet any attempt to change pension arrangements even for new employees is met with implacable opposition. It seems to be impossible to get any sensible discussion. Everything seems to be couched in terms of extremely rich people who can actually salt away huge sums of money, and is characterised as an abuse of the system, when in fact the people who really would benefit from saving just don't have a hope in hell of putting any money by for their old age.

Don't know what the answer is. Perhaps banning all tax gains from saving in a pension plan might help?

I'll give you perfect example.

Tax relief on pension payments at rate you pay tax

IE 40% tax payer gets 40p into pension for every £1 he/she/they/them/it put in, whilst a standard rate tax payer who can do with all the help possible to save get 22p or whatever the standard rate is.

Not sure whether it's your highest marginal rate so not sure if 50% tax payer gets 50p or not.

Always thought this was a bit of an obscenity.

[islaydarkblue]

I'll give you perfect example.

Tax relief on pension payments at rate you pay tax

IE 40% tax payer gets 40p into pension for every £1 he/she/they/them/it put in, whilst a standard rate tax payer who can do with all the help possible to save get 22p or whatever the standard rate is.

Not sure whether it's your highest marginal rate so not sure if 50% tax payer gets 50p or not.

Always thought this was a bit of an obscenity.

There is also a maximum lifetime allowance of just over £1 million for people making contributions into their person pension and if people exceed this limit they can end up paying a tax rate of 55%.
That is why GPs are retiring early or changing to part time work to avoid breaching their maximum lifetime limit for their personal pension allowance.
The obvious solution would be to scrap the maximum lifetime allowance limit for personal pensions.

[islaydarkblue]

Public sector pensions schemes are not funded by payments into a fund. The tax payer pays out what is needed without any reference to the amount paid in. State pension is in the same boat. I think the Royal Mail was sold down the river by removing responsibility for the pension obligation from the company.

There are real problems being built up for future generations because of the gig economy. I think that there has to be a discussion about how 40 year old are going to deal with their pensions. In many jobs working full time until you are 70 is just not possible. Perhaps there should be jobs for 60years old and upwards that will allow them to live and not draw their pension until they are 70?

There are currently plenty of jobs for people aged 60 years old and upwards and there is nothing to prevent people dealing drawing their state pension until they are 75 years old if they wish.
From memory I think that a person’s state pension is increased by 7% for every year that they delay signing up to receive their state pension up to they are 75 years old.
I think that there is also an age limit of 75 for someone delaying taking their personal pension and after age 75 they have to take out an annuity.

[Returnofrros]

There are currently plenty of jobs for people aged 60 years old and upwards and there is nothing to prevent people dealing drawing their state pension until they are 75 years old if they wish.
From memory I think that a person’s state pension is increased by 7% for every year that they delay signing up to receive their state pension up to they are 75 years old.
I think that there is also an age limit of 75 for someone delaying taking their personal pension and after age 75 they have to take out an annuity.

Id never go back.

The thought of team meetings, black history months, lgbtxyz week, pride floats, brain storming, people saying "literally" to punctuate every ****ing sentence, dealing with the clueless public and watching grown men play blow football in the branch forced fun Friday frivolity or heaven forbid have to watch another comic relief madness......no thanks.

Once yer oot....yer oot.