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Nicholas Cage

We Didn't, But We Do Now

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afaik new workers don't get the Golden Pension that covers any losses in it's investments from government money.

My wife joined the Local Government scheme about a year ago. There isn't any question of losses. The pension is guaranteed. The payout is a function of how long you have worked and your final salary in the 3 years before you retire. (Some very recent changes I have not fully read yet but I scanned it and there is definitely no way the LG scheme is becoming depending on investment performance. The tax you pay today pays the pensions of retired public sector workers. It's that simple.

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My wife joined the Local Government scheme about a year ago. There isn't any question of losses. The pension is guaranteed. The payout is a function of how long you have worked and your final salary in the 3 years before you retire. (Some very recent changes I have not fully read yet but I scanned it and there is definitely no way the LG scheme is becoming depending on investment performance. The tax you pay today pays the pensions of retired public sector workers. It's that simple.

I must have been wrong, btw my viewpoint is that it's good people get money to live on and a pension worth having private or public sector.

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I find public private pay comparisons a bit facile really. There are very skilled people in the public sector doing responsible complex jobs that are stuck on a low band just because they are. And vice versa. Pay bands vary massively between organisations as well. i.e. a PA working for the QCA will barely be clearing £20k, but the same job in the NHS is paying £30+

Wages for jobs are a lot more consistent in the private sector.

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Public sector earning more? Not my experience. My union have just registered a dispute with our employer as they don't want to honour our increments. This may result in industrial action. Employers also rejected our claim for 5% too, obviously. Although I can't complain, my pension contributions are increasing from April. All in all, I will be earning less come April even if I get 2% (GB's miracle figure) pay rise. Also heard today that an allowance I receive is being abolished but the union is trying to negotiate compensation as it is apparently the allowance is a "contractual right."

Interesting anecdote. Spoke with a "benefit adviser" who works for the Job Centre / DSS. She said they are receiving so few vacancies in construction, carpet laying, carpentry etc and things have "definitely gone quiet" but she doesn't know why. The adviser then added that the government would "have to cut interest rates soon" to help. She said that unemployed people are now signing on having been in regular employment for 10years+ but simply can't find alternative work.

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Attachment will not open for me - says data is corrupted.

I have to say the data looks suspiciously similar to the fictional data I produced with a programme called Vensim for a dissertation some years ago, which assumed an underlying 4%pa uplift in private sector pay with public sector pay behaving more erratically with different types of catch-up mode.

Can't find my original work on my computer now (this was probably some computers ago), but it looks spookily similar - someone's nicked my homework Miss!!!!

Edited by hellsbells

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Public sector earning more? Not my experience. My union have just registered a dispute with our employer as they don't want to honour our increments. This may result in industrial action. Employers also rejected our claim for 5% too, obviously. Although I can't complain, my pension contributions are increasing from April. All in all, I will be earning less come April even if I get 2% (GB's miracle figure) pay rise. Also heard today that an allowance I receive is being abolished but the union is trying to negotiate compensation as it is apparently the allowance is a "contractual right."

Interesting anecdote. Spoke with a "benefit adviser" who works for the Job Centre / DSS. She said they are receiving so few vacancies in construction, carpet laying, carpentry etc and things have "definitely gone quiet" but she doesn't know why. The adviser then added that the government would "have to cut interest rates soon" to help. She said that unemployed people are now signing on having been in regular employment for 10years+ but simply can't find alternative work.

Do you work for the National Probation Service by any chance? ;)

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Attachment will not open for me - says data is corrupted.

I have to say the data looks suspiciously similar to the fictional data I produced with a programme called Vensim for a dissertation some years ago, which assumed an underlying 4%pa uplift in private sector pay with public sector pay behaving more erratically with different types of catch-up mode.

Can't find my original work on my computer now (this was probably some computers ago), but it looks spookily similar - someone's nicked my homework Miss!!!!

http://www.statistics.gov.uk/downloads/the...les_Updated.xls

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I seem to recall reading that about 50% of council tax goes on police/firemen pensions !!!

Can anyone confirm or deny that ?

Read your local paper and it will tell you when they release the figures.

In Luton, the Council have their own mini newspaper to report any progress on new schemes / developments etc, including the budget and expenditure from council tax.

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I did six years as a civil servant and the index linked pension (of about £60 a week) will serve me good, that is if I live somewhere cheap like India :)

£60 x 52 x say 25 years = £78,000; not bad for 6 years work, equivalent to £13,000 per year of service.

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  • 294 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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