we don't mind paying in more although would like to be 100% certain that I would be at least getting that back, but calculations show I will loose £20,000 ? I've no idea what that actually means.
What I do know is, I signed on the dotted line 27 years ago to a scheme that they are now changing the rules again, last done in 2003 or whenever it was when we started actually directly paying 1.5% for existing staff, new staff had to pay double this from then on. Now we are being told our pension will be split into two, so here is what will happen.
Existing Pension scheme ends and at 60 we can claim what has been built up, although as yet I don't know and nobody knows whether we keep paying in the 1.5%, if we don't this pension will dimish to nowt (or does the 1.5% go into the new pot).
New Scheme starts and we pay in increased contributions straight away, something like 3.7% and staged few years later to even more, not a great issue BUT new scheme is now linked to state retirement age, for me I won't be able to claim this part of the pension until I am 67.
Good luck with getting a job young people.
I get pished off with all the private sector moaning about us and our gold plated scheme, well here are the real facts, after 27 years service my gold plated pension is predicted at £7,500 per year if I put in another 13 years of course making the max of 40, how many private sector workers put that time and money in and to those without a private scheme go and dam well start paying into one because I am not using my tax to pay your benefits because you don't have one but see fit to moan at me.
The Government is bringing in a mandatory private scheme that all private companies must offer to their employees but they can still opt out.
ephmei
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