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10%-12% Pension? And they call mine gold plated.
Yup. Our pension is 6% employee contribution with 12% from the employer. To be fair this is a lot more than most private sector firms but we used to have a generous final salary scheme which was abolished a few years ago so they had to sweeten the deal with a generous defined contributions based pension.
crappy annuity has to be purchased
No longer the case as of last year when Gideon gave pensioners the option of spending their pension pot as they pleased. Probably the only thing he's ever done that I've agreed with.
Presumably yours is a final salary, index linked pension though ?
Not any more no.
[quote=Drac said]Presumably yours is a final salary, index linked pension though ?
Not any more no.
Final salary though ?
I'm in the local government pension scheme, it's not been final salary for a while now. This seems to surprise most people. I don't know anyone in the public sector who has a final salary scheme but I do know a few people in the private sector.
is it this ?
"The LGPS in England and Wales changed on the 1 April 2014. It is now a career average scheme for benefits built up from 1 April 2014. "
http://www.lgps2014.org/content/whats-different
"All pensions in payment or built up before April 2014 will be protected. If you are currently in receipt of a pension or have left with a deferred pension these changes do not affect you. If you are currently a contributing scheme member your pre-April 2014 pension will still be based on final salary when you leave and the current Normal Pension Age."
no, ours changed to career average in 2008, now all members are career average regardless of scheme (LGPS is a number of amalgamated smaller schemes). The period paid in prior to this is protected.
They got rid of the lump sum at retirement too.
It's better than most but it's not the gold plated gravy train the Daily Mail would have you believe.
Final salary though ?
Nope got abolished only those with a few years left get it. I've paid in for 25 years but as I've got now 27 years left, as I've got to work longer now too.
It's better than most but it's not the gold plated gravy train the Daily Mail would have you believe.
Yup still good but not what I've paid for the last 25 years which is what's frustrating.
I've counted 16 have left our two local stations this last year .
3 have handed their notice this week !!!!
I can't keep up with all the leaving do's.