Phanerothyme Posted June 30, 2011 Share Posted June 30, 2011 The value of your pension may fall as well as crash through the floor bound for hell. What sort of pension cut are the banking sector making to give back to the state? Link to comment Share on other sites More sharing options...
Puplet Posted June 30, 2011 Share Posted June 30, 2011 I think rather than arbitrary numbers being given an exact breakdown of what a public sector employee (say a teacher for example) puts in and how much they will get per year including age of retirement for which those numbers are based would give a much clearer picture. For example that 500000 pension pot, when did they retire, how much did they put each month etc. We are not getting a clear picture just stats to back up one point of view or another. Link to comment Share on other sites More sharing options...
alankearn Posted June 30, 2011 Share Posted June 30, 2011 http://www.official-documents.gov.uk/document/hc1011/hc02/0257/0257.pdf Teachers’ Pension Scheme (England and Wales) Resource Accounts 2009-10 The Teachers' Pension Scheme (TPS) is an unfunded, contributory, public service occupational pension scheme. The scheme is wholly unfunded. Value of liability in respect of £ billion Pensions in payment 105.1 Deferred pensions 19.8 Active members (past service) 99.0 Defined benefit obligation 223.9 My interpretation of this is that there is no pot of money to pay future benefits, all benefits are paid from taxation. I could well be wrong, The Have and the Have nots At some time in the future can you imagine the reaction if the government of the day tells the electorate that the main reason taxes are going up is pay for the public sector pensions Link to comment Share on other sites More sharing options...
crookesey Posted June 30, 2011 Share Posted June 30, 2011 There was someone on Radio 4 this morning shouting the praises of the public sector. I wasn't taking much interest until I heard this, "There are many low paid public sector workers, earning as little as £16K p/a". When I took early retirement last year (six weeks prior to my 63rd birthday), I recall that all of our female senior clerks were on less than £16K p/a. They appeared to be pleased with their lot and didn't class them selves as being low paid. I wager that there are quite a few folk on this forun who would love to be paid as little as £16K p/a. It appeared to be a shot in the foot to me, none of the the private sector on less than £16K p/a are likely to show much sympathy for the better paid public sector workers. Link to comment Share on other sites More sharing options...
Guest sibon Posted June 30, 2011 Share Posted June 30, 2011 Stories like the one below don’t help your cause, and whilst I read stories like this I’m sorry I just cannot sympathise with you. There’s a poll with the story for anyone who’s interested. http://www.telegraph.co.uk/news/politics/8607277/Public-sector-strike-500000-pension-pot-of-striking-teachers-revealed.html . I read that too. All I can tell you is that they must be talking about a different scheme to the one that I am in. I get 1/80th of my final salary in pension for every full year of contributions, up to a maximum of 40/80ths. http://www.official-documents.gov.uk/document/hc1011/hc02/0257/0257.pdf Teachers’ Pension Scheme (England and Wales) Resource Accounts 2009-10 The Teachers' Pension Scheme (TPS) is an unfunded, contributory, public service occupational pension scheme. The scheme is wholly unfunded. Value of liability in respect of £ billion Pensions in payment 105.1 Deferred pensions 19.8 Active members (past service) 99.0 Defined benefit obligation 223.9 My interpretation of this is that there is no pot of money to pay future benefits, all benefits are paid from taxation. I could well be wrong, There is no pot of money, you are correct in that respect. In theory, payments in should equal payments out. In other words, my pension payment this month funds somebody's pension this month. It is this that the Union have asked the Government to provide figures for. They won't. Care to guess why? Link to comment Share on other sites More sharing options...
Phanerothyme Posted June 30, 2011 Share Posted June 30, 2011 I think rather than arbitrary numbers being given an exact breakdown of what a public sector employee (say a teacher for example) puts in and how much they will get per year including age of retirement for which those numbers are based would give a much clearer picture. For example that 500000 pension pot, when did they retire, how much did they put each month etc. We are not getting a clear picture just stats to back up one point of view or another. The average public sector pension income is around 5 grand a year. Link to comment Share on other sites More sharing options...
Puplet Posted June 30, 2011 Share Posted June 30, 2011 If you go to andikays link p 12 it seems to suggest that for teachers in 2010 there were 523000 teachers and a pension pot of 5368 million that doesn't seem like they are getting 500000 each more like 7.4k but I'm no maths expert so maybe I totally got the numbers wrong? Link to comment Share on other sites More sharing options...
Guest sibon Posted June 30, 2011 Share Posted June 30, 2011 If you go to andikays link p 12 it seems to suggest that for teachers in 2010 there were 523000 teachers and a pension pot of 5368 million that doesn't seem like they are getting 500000 each more like 7.4k but I'm no maths expert so maybe I totally got the numbers wrong? The document isn't really any use. It is based on a 2004 valuation, partially updated in 2006. Amongst the assumptions it makes are a pay rise of 4.3% in 2010:D That is what we want updating, so that proper calculations can be made. That is all. Link to comment Share on other sites More sharing options...
Puplet Posted June 30, 2011 Share Posted June 30, 2011 So does that mean the gov. Don't have accurate figures or are not willing to share it? Link to comment Share on other sites More sharing options...
TeaFan Posted June 30, 2011 Share Posted June 30, 2011 We weren't balloted for action today but I was pleased to see a good turnout in the city. I think that although pensions are the stated reason for the action it's a lot more complex than that. I can see the need for reform as we are going to live longer, but despite what the right wing media would like I just can't forget that the bankers added hugely to our public financial deficit and they have got away with it scot free. They took huge risks due to their greed, it all went wrong, we bailed them out and nothing has changed for them. If they had been sorted out I might be less inclined to strike, but since the rich are just laughing at us and expect us to continue to bail them out I'm feeling rather stubborn. Plus this is starting to feel like a defining moment in this country - if the Tories roll the union movement over now I think we can kiss goodbye to any even half-decent public services and ultimately any meaningful rights at work. We know that the Tories would love to get rid of the minimum wage, would love to reduce paid holiday rights, are already weakening rights to go to employment tribunals and generally want us working harder for longer for less so that their rich friends can get richer. That, after all, is what the Conservative Party is for. As far as I can see the only barrier to them getting their wish is the trade union movement. I am well up for a fight with this government now, so bring it on! Link to comment Share on other sites More sharing options...
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