Strike day tomorrow!

[Kenzie]

Originally Posted by flymo

Those of us not in the public sector already have increased pension contributions.

I don't have a pension and I'm 28. Something I've been meaning to do!

[flymo]

Originally Posted by Kenzie

I don't have a pension and I'm 28. Something I've been meaning to do!

Entirely your choice, but you can bet that if/when you do decide to you will be paying more than many public sector workers are doing.

I'm not saying that it is therefore right that the government is now changing those agreements but just to put into perspective that many of us are already in that boat.

[maviczap]

Originally Posted by Kenzie

I don't have a pension and I'm 28. Something I've been meaning to do!

Better to start it sooner rather than later, stop meaning to do it and get one sorted

[Bri w]

Whilst I agree wholeheartedly that it's unfair to change someone's T&C's like this just what is the choice in the current economic climate?

There's a huge shortfall in the Treasury's coffers that means they have to go to the banks for money, or tax people even more. We've already seen in today's reports that the Govt will need to borrow an extra £111 billion.

OK, lets go to the European banks and borrow extra and potentially affect our triple AAA credit rating. Don't forget we already owe more than Greece, Spain, Portugal and Italy but are borrowing at a cheaper rate because of the austerity measures that are in place. We borrow more and interest rates go up. Interest rates go up and private industry struggles even more to find money, and some go bust. More people on the dole = less tax for the Treasury and more money needed for benefits. More bailouts mean the major European powers like Germany and France force a resignation of the Prime Minister and impose an unelected pro-European ex-commisioner just as happened in Greece and Italy onto the British people. Hey Presto, we're all little Germans and French with even less say in what happens in Britain... ask a Greek or Italian if that couldn't happen.

[dizzyblonde]

Originally Posted by maviczap

Better to start it sooner rather than later, stop meaning to do it and get one sorted

Better stuffing the money under the bed in an old sock. Might not be any interest, but at least its a gauranteed save, unless the house burns down. The way pensions are going, there will be SFA by the time most of us have retired.


Funnily enough there was a story like that not so long ago...bloke found old sock in wardrobe with 10k in it

I wouldnt trust a private pension if it was given to me for free, aint worth the paper their written on imo.

My wifes uncle had a well paid job at an airline and paid a small fortune into his pension, when he cashed it in, it had performed really badly and he lost loads.
So now runs a part time job to supplement his pension payments, he wouldnt have had one if he had the benefit of hindsight.

Get your money in property, not as lucrative as it once was but as a long term investment, there aint many with better returns.

[andrewsmith]

I'm for the strikes as its both my parents that stand to lose out big time from the cuts.

All my Da's pensions are all virtually worthless for the money that he's put in over the years
My mother's only pension is a NHS/ State sector scheme and has to work to 67 to receive it.

If you do some reading to some of the schemes (One of the Teacher schemes springs to mind), quite a lot were renegotiated in 2007-9 and were deemed to be viable (by the Treasury no less) with the calculation done for a raise in the age and increasing wage contributions.

I don't support the wage rises but forward after the Freeze, as I'm just happy to have a job this year. For the record I'm only on £1 p/h more than Minimum wage [Salaried for 35 hr week and I doing closer to 50] doing a Building Manager's job in a large multi-let office (the equivalent job would be £18k- 26k in a council, max in the Private Sector is £22k unless managing places like the Trafford Centre)

Plus a lot of pensions are linked to stocks & shares rather than hard assets. Business always complain of shortfalls when the stock-market is down and when it's up they take payment holidays on their own contributions. Don't fall for their propaganda.

[andrewsmith]

Originally Posted by Bri w

Whilst I agree wholeheartedly that it's unfair to change someone's T&C's like this just what is the choice in the current economic climate?

There's a huge shortfall in the Treasury's coffers that means they have to go to the banks for money, or tax people even more. We've already seen in today's reports that the Govt will need to borrow an extra £111 billion.

OK, lets go to the European banks and borrow extra and potentially affect our triple AAA credit rating. Don't forget we already owe more than Greece, Spain, Portugal and Italy but are borrowing at a cheaper rate because of the austerity measures that are in place. We borrow more and interest rates go up. Interest rates go up and private industry struggles even more to find money, and some go bust. More people on the dole = less tax for the Treasury and more money needed for benefits. More bailouts mean the major European powers like Germany and France force a resignation of the Prime Minister and impose an unelected pro-European ex-commisioner just as happened in Greece and Italy onto the British people. Hey Presto, we're all little Germans and French with even less say in what happens in Britain... ask a Greek or Italian if that couldn't happen.

Bri, its still the lowest in Western Europe (by GDP).

I've just had a thought, why don't we remove the Golden Goose scheme from Parliament that would offset the cuts proposed to other scheme.
MP in London, the only job in the world where you can get £70k a year for working 40 weeks a year and claim everything but the butler that wipes your **** (no wait you can, its a staffing cost)

100% against.

I have a lot of respect for the people who work in the public sector and they are not to blame for the way the system is set up. But the system is wrong and has been since it was set up. I work in the private sector. If the company is successful, our pay increases. If the company is not doing so well, our pay stays where it is. How did we end up with a system where public sector pay effectively goes up in line with inflation, regardless of how well the country is doing? It is very unfortunate that people who work in the public sector now, went in to those jobs with an expectation of salary rises, retirement age and pensions that the country could never afford. Unfortunate because they have been totally misled by politicians and unions for many years.

If you want a Swedish style welfare state and public sector, vote for Swedish style taxes at the next election. Otherwise, accept the same working conditions as the private sector. Going on strike and hurting people who have not had those annual pay increases, can't afford to retire and have naff all in the way of pension provision is not the way to get the country on your side.

We have two kids, both of whom will be at home tomorrow. PITA but I'm sure we'll cope.

Here endeth the rant.