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Nhs Chiefs To Retire With £100K Pensions

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http://www.express.co.uk/news/uk/485710/NHS-chiefs-to-retire-with-100k-pensions

The figures for 241 chiefs come days after it emerged NHS England will have a £2billion funding shortfall next year, as it struggles to cope with a growing and ageing population.

The pensions, disclosed by the NHS Pension Scheme after a Freedom of Information request, also showed 18,000 NHS staff are getting pensions of over £50,000 and another 49,924 are pocketing more than £27,000.

In the private sector, the average annual pension is around £4,000, while the lowest-paid in the NHS can expect to receive £6,000.

I'm guessing these figures are only going to keep on increasing.

It would be interesting to get a breakdown of job roles done for these pensions.

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A guy a known has recently retired from the police at 53, he’s as fit as a fiddle and been looking forward to retirement for decades, he’s alluded to be on a pension of about £30,000, index linked of course; how can the country afford this…??? Oh wait, it can’t in the long term, so how are they going to deal with the coming disaster, will they tax the productive economy out of existence or will they cut these massive pensions??

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A guy a known has recently retired from the police at 53, he’s as fit as a fiddle and been looking forward to retirement for decades, he’s alluded to be on a pension of about £30,000, index linked of course; how can the country afford this…??? Oh wait, it can’t in the long term, so how are they going to deal with the coming disaster, will they tax the productive economy out of existence or will they cut these massive pensions??

I'm worried about how the economy can support pension promises in all forms. Got to say I am more sanguine just lately on public sector final salary schemes (not withstanding they are too generous) because I suppose there was an element of contribution, work and it will incur a bit of taxation pay back. Meanwhile, many millions of pensioners on the minimum income guarantee, free housing and the rest for want of a decent private or public sector pension. Individual cases of MIG may cost 20k plus per year each especially if disability is involved and this very often didn't involve any contributions or indeed work.

Edited by crashmonitor

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According to Krugman and friends, wealth comes from consumption, not production.

Pensioners by definition consume and dont produce, I dont know why we dont just import over 70s.

Well, if we are going to use stupidly over-simplified arguments, than you must be claiming that if I make widgets, I can increase my wealth just by making more, even if there is no one to sell to.

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A guy a known has recently retired from the police at 53, he’s as fit as a fiddle and been looking forward to retirement for decades, he’s alluded to be on a pension of about £30,000, index linked of course; how can the country afford this…??? Oh wait, it can’t in the long term, so how are they going to deal with the coming disaster, will they tax the productive economy out of existence or will they cut these massive pensions??

Perhaps he'll spend it in his local shops, on his SKY subs, buying an ipad, perhaps a new car, give some to charity and so on.

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Perhaps he'll spend it in his local shops, on his SKY subs, buying an ipad, perhaps a new car, give some to charity and so on.

Yes but many people will have to work until they can't while many government workers get a well paid retirement at their expense...

Of course if the system collapses...

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A guy a known has recently retired from the police at 53, hes as fit as a fiddle and been looking forward to retirement for decades, hes alluded to be on a pension of about £30,000, index linked of course; how can the country afford this??? Oh wait, it cant in the long term, so how are they going to deal with the coming disaster, will they tax the productive economy out of existence or will they cut these massive pensions??

I have a family member (by marriage) who retired aged 50ish from the police on a pension of £75k. This was nearly 15 years ago. I imagine with index linking it will be pushing £100k.

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Yes but many people will have to work until they can't while many government workers get a well paid retirement at their expense...

Of course if the system collapses...

Well most council workers end up with very poor pensions. Extrapolating from a few at the top really isn't a good idea.

It's not at 'their expense'. Did you mean because it's funded out of taxes? Well, since there's a shortfall of c. £100bn in the govt. deficit they're actually getting the service without paying fully paying for it, which is even better.

I'm not sure how much you'd have to pay if you employed a private company like, say, Blackwater or whoever, to provide your policing, but I dare say you'd be paying their senior staff far more and have far less control over them. i.e. zero effective oversight.

I agree there's a problem with private sector wages and pensions. Wages need to rise and companies need to make better pensions provision for their staff rather than paying exec bonuses and higher divs to the Citeh.

EDIT: I don't have a personal axe to grind. I've worked all my life in the private sector where the money syphoned off has always staggered me. Never really understood why the public sector gets such a lashing by comparison, except from the political right and their media mouthpieces.

Edited by R K

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Isn't this why they need to keep the population/work-force expanding so that there are enough taxes collected to pay for these pensions not to mention the state pensions for retired Joe Bloggs. I was talking to an ex-chief inspector who's in his 80's some time ago. He told be that he had retire I think it was 1983. He's a kind of suggar daddy to this 60 year old divorcee. Retired in the early 80's and still looked to be in good health. The sums invovled are breath-taking.

Another 'problem' with these people being able to retire early is that often they go and take on other jobs thus depriving the young of opportunitites.

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Perhaps he'll spend it in his local shops, on his SKY subs, buying an ipad, perhaps a new car, give some to charity and so on.

So excess savings is bad but you're happy with redistribution of the workers productivity?

tesco 1.42% pay rise for general staff

I must add that Ive just agreed a rent increase on my tiny studio flat rental( zone 6 ) of £25 more PCM on top of the already outrageous £600 PCM rent so i make that a 4.16% rental increase.

Still i hope the landlord spends the extra £300 a year more i now give him in the economy because i certainly cant/wont :rolleyes:

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So excess savings is bad but you're happy with redistribution of the workers productivity?

Eh? I've consistenly stated that private sector wages & benefits need to rise.

If private sector wages fall and public sector wages fall where is the demand going to come from? It can't all come from Fred Goodwin's £30k per month can it.

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A guy a known has recently retired from the police at 53, he’s as fit as a fiddle and been looking forward to retirement for decades, he’s alluded to be on a pension of about £30,000, index linked of course; how can the country afford this…??? Oh wait, it can’t in the long term, so how are they going to deal with the coming disaster, will they tax the productive economy out of existence or will they cut these massive pensions??

After the crash the Portuguese government started having austerity budgets, and one of the moneysaving measures was to partially default on big public sector pensions (even the ones already in payment). I'm sure the same thing is coming to the UK sooner or later. You can't tell unemployed young people they can't have food or housing because you need the money to keep paying retirees in their early 50s multiples of the average income.

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I'm not sure how much you'd have to pay if you employed a private company like, say, Blackwater or whoever, to provide your policing, but I dare say you'd be paying their senior staff far more and have far less control over them. i.e. zero effective oversight.

Why would anyone hire Blackwater to provide policing? Why would anyone continue to pay for them if their costs were so high?

Oh, you mean THE GOVERNMENT would hire their cronies to provide monopoly police at a highly inflated rate in return for the promise of some well-paid jobs after they leave Parliament? Well, yes, that's what governments do.

If you want cheap police, you need to get the government out of the way. Then you could just hire people to prevent burglaries and other real crimes in your local area, rather than investigating 'hate speech' posted on Twitter.

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After the crash the Portuguese government started having austerity budgets, and one of the moneysaving measures was to partially default on big public sector pensions (even the ones already in payment). I'm sure the same thing is coming to the UK sooner or later. You can't tell unemployed young people they can't have food or housing because you need the money to keep paying retirees in their early 50s multiples of the average income.

They'll default by rigging CPI inflation

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Heres another way of looking at the figures

The NHS has 638,610 members in retirement. (source http://www.bbc.co.uk/news/business-11446832)

49,924 get more than £27,00.

therefore 588,686 are earning less than £25,900

Now look at the trends

£100,000 - £???? = 241 staff

£50,000- £100,000 = 18,000 staff

£27,000 - £50,000 = 49,924 staff

Im going to guess the numbers get bigger all the way down - something like

£15,000 -£27,000 = 75,000 staff

£7,500 - £15,000 = 100,000 staff

£4,000 - £7,500 = 150,000 staff

£1,000 - £4,000 = 200,000 staff

The averages dont look quite so great now do they, of course some of these people may have had a short career, having children or whatever, but its also a cert that a lot of people with £4000 pensions wont have any other pension worth mentioning from the private sector.

Also worth mentioning is that if someone has a small pension that isnt any higher than the means tested benefits they would have got anyway then it actually hasnt cost the government anything.

Edited by oligotroph

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After the crash the Portuguese government started having austerity budgets, and one of the moneysaving measures was to partially default on big public sector pensions (even the ones already in payment). I'm sure the same thing is coming to the UK sooner or later. You can't tell unemployed young people they can't have food or housing because you need the money to keep paying retirees in their early 50s multiples of the average income.

I don't have any links but this has been the case in Greece.

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Eh? I've consistenly stated that private sector wages & benefits need to rise.

If private sector wages fall and public sector wages fall where is the demand going to come from? It can't all come from Fred Goodwin's £30k per month can it .

And the difference is?

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Got to say I am more sanguine just lately on public sector final salary schemes (not withstanding they are too generous) because I suppose there was an element of contribution, work and it will incur a bit of taxation pay back.

sanguine san|guine [sang-gwin]

adjective Optimistic or positive, especially in an apparently bad or difficult situation.

archaic Bloody or bloodthirsty.

I like that word, it seems to cover every eventuality :P

Edited by Lo-fi

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Eh? I've consistenly stated that private sector wages & benefits need to rise.

If private sector wages fall and public sector wages fall where is the demand going to come from? It can't all come from Fred Goodwin's £30k per month can it.

After thinking about Piketty - I have come some conclusions.

A billionaire can only own so many pairs of shoes, and eat so much food, and reach a terminal velocity in spending (think Brewsters Millions). IF that money was more evenly distributed, then the more people who have that money, then the more chances of transactions on one day.

All it takes is for that one billionaire is to have a cold and have a lie in for the whole day, and the whole economy stops. Whereas lets say that same money was distributed out to 10,000 people. At least some of them will go out and spend,

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They'll default by rigging CPI inflation

Not withstanding this also defaults on workers wages. Hey how, living in an actual house was never that important to me anyway.

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