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£3,000 A Year To Keep 'gold-Plated' Public Sector Pensions

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http://www.telegraph.co.uk/finance/personalfinance/pensions/8666900/3000-a-year-to-keep-gold-plated-public-sector-pensions.html

Figures leaked to The Daily Telegraph show for the first time the precise amount per month extra that nurses, doctors, teachers and civil servants can expect to pay from next April.

Ministers will announce that 750,000 of the lowest paid public sector workers will face no increased contribution. But the remainder of the five million staff in pension schemes will be asked to pay more, with the highest earners hardest hit.

In the first year, the best-paid 40,000 public sector workers, earning well over £100,000, will pay £284 a month – £3,400 a year – more for their final salary schemes, the figures show. A doctor on £100,000 a year will pay almost £2,000 a year more; teachers £1,752 and civil servants £2,100.

More figures at the link.

To be honest if your earning over £100,000 you shouldn't really notice the increased contribution.

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http://www.telegraph...r-pensions.html

More figures at the link.

To be honest if your earning over £100,000 you shouldn't really notice the increased contribution.

theyd save a packet on my watch, their salaries would be down to 62.5K, still, I think anyone would agree, a fearfully high salary.

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What a crazy way to report the numbers, so they have taken an average of those earning over £100k and used that as the headline??!

So the real number is massivly less for someone earning £25k

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theyd save a packet on my watch, their salaries would be down to 62.5K, still, I think anyone would agree, a fearfully high salary.

Why not keep the salaries the same and anyone earning say over £62.5k for arguments sake has to fund their own pension in full like most have to, on the open market money purchase scheme or SIPP. ;)

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What a crazy way to report the numbers, so they have taken an average of those earning over £100k and used that as the headline??!

So the real number is massivly less for someone earning £25k

it suggests to me that the govt are quite happy for another few days of strikes as they know it will only increase the public's resentment of the public sector and make changes easier in the future

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Why not keep the salaries the same and anyone earning say over £62.5k for arguments sake has to fund their own pension in full like most have to, on the open market money purchase scheme or SIPP. ;)

because that would make it harder for the government to default on them, that's why

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Why not keep the salaries the same and anyone earning say over £62.5k for arguments sake has to fund their own pension in full like most have to, on the open market money purchase scheme or SIPP. ;)

why not cut the salaries AND get them to fund their own.

Course, NHS pensions contributions go into Government "pots"......

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No one will notice the increased contributions really. Some on £25k will pay an extra £12 per month.

For me to get the same pension I would need to pay around 35% of my income into it.

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http://www.telegraph.co.uk/finance/personalfinance/pensions/8666900/3000-a-year-to-keep-gold-plated-public-sector-pensions.html

More figures at the link.

To be honest if your earning over £100,000 you shouldn't really notice the increased contribution.

Once you are earning £100k nearly half of your gross salary is going in taxes before it gets to you, whether you are working in the public or private sectors

You will notice £250 a month coming off the end because there will be extra tax deductions too

Plus higher goverment worker pay is frozen for two years

I think this is fair enough really, though they should probably extend the pay freeze for the whole of this parliment...

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Once you are earning £100k nearly half of your gross salary is going in taxes before it gets to you, whether you are working in the public or private sectors

You will notice £250 a month coming off the end because there will be extra tax deductions too

Plus higher goverment worker pay is frozen for two years

I think this is fair enough really, though they should probably extend the pay freeze for the whole of this parliment...

£1000 a week net...peanuts.

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theyd save a packet on my watch, their salaries would be down to 62.5K, still, I think anyone would agree, a fearfully high salary.

Some calculator I found on the internet says £62.5k gross = £3,500 net per month

This isn't really a huge salary if there is one wage earner in a household with several children and a big mortage to repay

Its a big salary if there are two wage earners at these levels and no kids

This is all IMO however.. I live in London...

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Some calculator I found on the internet says £62.5k gross = £3,500 net per month

This isn't really a huge salary if there is one wage earner in a household with several children and a big mortage to repay

Its a big salary if there are two wage earners at these levels and no kids

This is all IMO however.. I live in London...

nearly three times what Jo average earns.

Differentials are way too large these days.

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Some calculator I found on the internet says £62.5k gross = £3,500 net per month

This isn't really a huge salary if there is one wage earner in a household with several children and a big mortage to repay

Its a big salary if there are two wage earners at these levels and no kids

This is all IMO however.. I live in London...

Think of what your pension will be when you should have paid for your house and your kids have moved on....Public sector pensions for top wage earners are out of proportion with reality.....many of the pensioners have more disposable income and far richer that they ever were when they were working some living on it index linked for 25 years or more, afterwards it is passed on to their spouse ...tell me I am wrong. ;)

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nearly three times what Jo average earns.

Differentials are way too large these days.

I think the average ONS figures for a male wage earner was something like £30k per year...if so:

£30k pa = £1,900 net pm

£62.5k pa = £3,500 net pm (i.e. c. 1.8x)

£100k pa = £5,400 net pm (i.e. c. 2.8x)

Seems like a pretty fair system for the higher paid to me

Perhaps better to fix access to those higher paid jobs and social mobility?

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I think the average ONS figures for a male wage earner was something like £30k per year...if so:

£30k pa = £1,900 net pm

£62.5k pa = £3,500 net pm (i.e. c. 1.8x)

£100k pa = £5,400 net pm (i.e. c. 2.8x)

Seems like a pretty fair system for the higher paid to me

Perhaps better to fix access to those higher paid jobs and social mobility?

dont be so sexist.

Doctors are male and female.

and in your society, everyone would be aiming to do the top paid jobs....this CANNOT happen, it is impossible, except in a bankrupt state, OR one where everyone earns the same...which I personally would support.

I mean, we are all excellent team players on our CVS..arent we.

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Think of what your pension will be when you should have paid for your house and your kids have moved on....Public sector pensions for top wage earners are out of proportion with reality.....many of the pensioners have more disposable income and far richer that they ever were when they were working some living on it index linked for 25 years or more, afterwards it is passed on to their spouse ...tell me I am wrong. ;)

For high earners I agree with you, although this is mainly a function of artificially (sp?) low gilt yields

Most public sector workers are not high earners however

My humble suggestion would be pushing the Hutton report through and freezing all mid-level and above public sector salaries for the life of this parliament

(I'm thinking that the freeze would have the effect of reducing public sector salaries by about 20-25% in real terms)

I think that the pensions being paid out to current public sector pensioners are little short of criminal, but I'm quite keen on privity of contract <_<

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dont be so sexist.

Doctors are male and female.

and in your society, everyone would be aiming to do the top paid jobs....this CANNOT happen, it is impossible, except in a bankrupt state, OR one where everyone earns the same...which I personally would support.

I mean, we are all excellent team players on our CVS..arent we.

Its not my society, its a capitalist society....which is what the UK is...

For there to be winners there have to be losers

The state is there to try and make the system fair (unlike say, China or Russia) and prevent awful outcomes for the losers

It could do this better and cheaper, but its not too bad...

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For high earners I agree with you, although this is mainly a function of artificially (sp?) low gilt yields

Most public sector workers are not high earners however

My humble suggestion would be pushing the Hutton report through and freezing all mid-level and above public sector salaries for the life of this parliament

(I'm thinking that the freeze would have the effect of reducing public sector salaries by about 20-25% in real terms)

I think that the pensions being paid out to current public sector pensioners are little short of criminal, but I'm quite keen on privity of contract <_<

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Its not my society, its a capitalist society....which is what the UK is...

For there to be winners there have to be losers

The state is there to try and make the system fair (unlike say, China or Russia) and prevent awful outcomes for the losers

It could do this better and cheaper, but its not too bad...

capitalist?...do me a flavour.

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£1000 a week net...peanuts.

You may find that over £100k a year is approx £2000 a week .........large peanuts

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You may find that over £100k a year is approx £2000 a week .........large peanuts

we were talking net, oh daft one.

Large Cashyous.

Edited by Bloo Loo

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You may find that over £100k a year is approx £2000 a week .........large peanuts

£1,250 a week after taxes if you've got a big mortgage, a non working wife and kids I can see how some people could piss it all away month by month

Indeed, I know some people that do...

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we were talking net, oh daft one.

Large Cashyous.

If we are now talking net we are only looking at £1350 a week. Not enough for cashews

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  • 284 Brexit, House prices and Summer 2020

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