AdamSmith Posted September 25, 2013 Author Share Posted September 25, 2013 The moonlighting you describe is a consequence of a poor salary.Do you think it is safe for firemen to work in their late 50s? They pay 13pc of their gross pay to fund their pension which is rather high. Don't make me laugh I know some Firemen that have bought a home in the sun with their Moonlighting and one successful motorcycle racer who was also a fireman that I sponsored for years who was able to pick and choose when he worked and manages a property co while still in the brigade as for working until 60s why not the job has changed drastically now with all the health and safety it takes 2 crews with a snorkel to get a cat out of a tree or a dog out of a pond nowadays !!!!!!! They have dumbed down the physical!! As for 13% that's pretty damn reasonable considering what the employer pays in also Er us the taxpayer and then what they get out! Call a few pension companies yourself and see how big a pot you need to get 19k or 26 k pension it's eye watering ! Link to comment Share on other sites More sharing options...
avidcameron Posted September 25, 2013 Share Posted September 25, 2013 Which isn't much when you consider they could spend longer in retirement than work. Do you have an actuarial background as you seem to know what you are saying?What do you pay into your pot? ---------- Post added 25-09-2013 at 18:02 ---------- Don't make me laugh I know some Firemen that have bought a home in the sun with their Moonlighting and one successful motorcycle racer who was also a fireman that I sponsored for years who was able to pick and choose when he worked and manages a property co while still in the brigade as for working until 60s why not the job has changed drastically now with all the health and safety it takes 2 crews with a snorkel to get a cat out of a tree or a dog out of a pond nowadays !!!!!!! They have dumbed down the physical!! As for 13% that's pretty damn reasonable considering what the employer pays in also Er us the taxpayer and then what they get out! Call a few pension companies yourself and see how big a pot you need to get 19k or 26 k pension it's eye watering ! You are on fire with resentment!You seem to know a lot of firemen-do uniformed men have a magnetic attraction? Link to comment Share on other sites More sharing options...
AdamSmith Posted September 25, 2013 Author Share Posted September 25, 2013 and?............... "And " as usual you haven't a clue Link to comment Share on other sites More sharing options...
Funky_Gibbon Posted September 25, 2013 Share Posted September 25, 2013 Call a few pension companies yourself and see how big a pot you need to get 19k or 26 k pension it's eye watering ! That might have something to do with private pension providers charging rip-off fees and management charges. http://www.bbc.co.uk/news/business-24153012 Public sector pensions are managed without the requirement to make obscene profits for the pension administrators. Link to comment Share on other sites More sharing options...
AdamSmith Posted September 25, 2013 Author Share Posted September 25, 2013 and?............... "And " as usual you haven't a clue Link to comment Share on other sites More sharing options...
avidcameron Posted September 25, 2013 Share Posted September 25, 2013 That might have something to do with private pension providers charging rip-off fees and management charges. http://www.bbc.co.uk/news/business-24153012 Public sector pensions are managed without the requirement to make obscene profits for the pension administrators. Excellent point-an valid assertion supported by relevant evidence.Case closed. Link to comment Share on other sites More sharing options...
AdamSmith Posted September 25, 2013 Author Share Posted September 25, 2013 That might have something to do with private pension providers charging rip-off fees and management charges. http://www.bbc.co.uk/news/business-24153012 Public sector pensions are managed without the requirement to make obscene profits for the pension administrators. Ah is that right! So they don't invest in all the big blue chip companies either I suppose as well? well hope they haven't got any electric or gas providers in the portfolio then :hihi: Link to comment Share on other sites More sharing options...
Cyclone Posted September 26, 2013 Share Posted September 26, 2013 Which isn't much when you consider they could spend longer in retirement than work. It's a large contribution, far larger than most private (either final salary or money purchase) schemes and I think larger than the police (which is a similar risky profession with a relatively early retirement age). Link to comment Share on other sites More sharing options...
angos Posted September 26, 2013 Share Posted September 26, 2013 It's a large contribution, far larger than most private (either final salary or money purchase) schemes and I think larger than the police (which is a similar risky profession with a relatively early retirement age). Yes it is, but its still not enough to cover a 30/40 year retirement on £19000 a year. Link to comment Share on other sites More sharing options...
Doom Posted September 26, 2013 Share Posted September 26, 2013 That's pretty much the situation everyone is in. The pensions we signed up to were not sustainable, so the final salary index linked pensions that we have paid into for decades have been changed and retirement ages increased. Welcome to the real world. The money is no longer there, people need to be realistic. I signed a contract many years ago with my Employer, but I'm surrently earning 30% less than I was 3 years ago. The simple fact is that if the members of staff hadn't taken a pay cut, the business would have folded due to a substantial drop in fees.......That's the world we're in at the moment. Public sector pensions at the current rate are no longer sustainable, although I do believe the portion that people have earned to date should be banked. Therefore if someone is 15 years into a 30 year working life with the fire brigade, they should be entitled to half their pension based on the current scheme with the other half being based on any new amended (reduced) scheme. Regards Doom Link to comment Share on other sites More sharing options...
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