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Unread 25 Aug 19, 10:54 AM  
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#201
Moorlandman
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I think its clear from the above that we have a two tier pension system. Those working in the public sector being able to retire at 50 and those in the private sector looking at much longer ( possibly 68!)

Therefore my advise to youngsters would be to choose your profession carefully!
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Unread 25 Aug 19, 10:57 AM  
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#202
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More annoyingly, over 20%of my council tax payment is going to pay for council employees pensions as there contributions are too low!
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Unread 25 Aug 19, 11:00 AM  
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#203
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Originally Posted by Moorlandman View Post
I think its clear from the above that we have a two tier pension system. Those working in the public sector being able to retire at 50 and those in the private sector looking at much longer ( possibly 68!)

Therefore my advise to youngsters would be to choose your profession carefully!
Whilst technically I can now retire with a NHS pension as I have just turned 50, the reality is that the huge reduction I would have to take makes it financially non viable, which I imagine is the case for the vast majority of public sector workers. I started paying in at 21 and in order to achieve full service benefits, the earliest I can retire is at 61, and then I will only receive a portion of my pension due to the 2015 reforms, that balance only received at 67.
Whilst I fully appreciate that pensions need a huge review and overhaul, I chose to take a lower salary all those years ago as I knew the benefits were better than the private sector - to have the goalposts moved mid career is not what most of us in the public sector expected.
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Unread 25 Aug 19, 11:20 AM  
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#204
WhereIBelong
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Originally Posted by Moorlandman View Post
I think its clear from the above that we have a two tier pension system. Those working in the public sector being able to retire at 50 and those in the private sector looking at much longer ( possibly 68!)

Therefore my advise to youngsters would be to choose your profession carefully!
There has always been that choice to make. Less are choosing civil service now because the wages have not caught up with the reduction of benefit - DH has had a wage freeze for around 9 years - the much altered pension is no longer a huge plus.

I have taken my pension at 55 (unlikely to make it to 67 so I want some benefit - harsh but true) and still have to work part time for a decent income (at 50 forget it).

Everyone makes their own choices based on their own circumstances.
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Unread 25 Aug 19, 11:32 AM  
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#205
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I contributed to the TPS (teachers pension) and although I could have retired in my 50s the benefits would have been seriously reduced. I lasted until 61. The pension is by no means generous but the lump sum allowed us to pay off our mortgage and live debt free. The public sector pay is much lower than what I could achieve in the private sector, but it was where my heart lay. I wont get my state pension until 66.
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Unread 25 Aug 19, 11:33 AM  
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#206
FamilyGWales
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Originally Posted by Moorlandman View Post
I think its clear from the above that we have a two tier pension system. Those working in the public sector being able to retire at 50 and those in the private sector looking at much longer ( possibly 68!)

Therefore my advise to youngsters would be to choose your profession carefully!
Yes. I agree that youngsters should choose thier future careers wisely.

Pensions are part of a broader package of remuneration and benefits across all jobs and roles.

Public servants do a hard job, often either underappreciated or apparently denigrated by all the people.in the rest of the country who benefit from the hard work they do. And yes, every person in this country has their lives touched in innumerable ways directly and indirectly.

They have had many years of lower salaries in comparison to people with equal responsibility across the country and they do it because they actually want to make things better.

In the past - the distant past, Thier pension was quite generous, but then it was tied to their salary, so never was really, because the salaries aren't generous.

Pay restraint and pay rise moratoriums means that when set against inflation thousands of loublic sector workers across the NHS, emergency services, schools and education, civil service, social care, and local government have had a below inflation pay rise year on year for 8-9 years. Essentially a real terms pay cut for 8 or 9 years.

In terms of pensions for new joiners and those not protected on the old scheme through long service or age protections get a career average pension.

You get it at the same time as the state pension. So 67, rising to 75 if this proposal goes forward. So it's not a case of enjoy one pension while you wait for your state pension to kick in, it's get nothing, despite having paid in, until you are 75.

And put up from rubbish from other people who don't understand the pressures of the role or the great service public sector workers do.

So yes. Choose your career carefully kids.

Edited at 11:43 AM. Reason: Spelling
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Unread 25 Aug 19, 11:33 AM  
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#207
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Originally Posted by floridasarah View Post
We are in the lucky position of nearly owning our own home(2years to go) So at least DS will not have to worry about it too much. When we are gone he will have the inheritance so can either live mortgage free and save for a pension or put it all in a pension pot.
Not if JC has his way...
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Unread 25 Aug 19, 11:41 AM  
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#208
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Originally Posted by bighal View Post
Not if JC has his way...
Indeed - that proposal will REALLY impact young people I think labours suggestions is 125k over a lifetime including inherited property isnt it? So, many people will find themselves with a large tax bill instead of a property 🙁
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