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best thing to do honestly is get bank/building society that pays a flat rate interest.

and put your own money into the account.

I started mine when i was 20 since i have been putting £50 a month into it, no idea how much is in there will never know until i decide to retire.

probably when im settled with a home i'll put a lot more in.

jobs done.

public sector has been scrutinised by governments for years their greedy eyes lurking over the wall they built eyeing other peoples money bloody cheeky.

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History:
Civil Service formed not sure when 1890's time, became a good working class job in the early days, low wages but good benefits, leave/flexi/pension/safe job. Mistake here was the pension scheme was non contributory. Much later private sector pay surpassed public sector pay, such was the difference, I remember when my dad was in the civil service they got something like a 20% pay rise. Modern times you would need to be at least three grades up HEO to match the national average salary, majority are low grades earning as little as £14,000.

It was only in 2003 that the government realised that the pension scheme must be changed. Since then existing employees pay 1.5%, new employees were given a choice of two schemes something like 3.5% and 5.5% depending on the terms they required. Note even the new employees will have to pay more again.

Thus all civil servants do pay into a scheme albeit one in huge deficit, in reality we are paying for the pensions being collected by the now retired civil servants. (nb the public says if we don't like it, opt out - fine if many did the deficit would grow and the pensions of those retired would be in danger, careful what you wish for Public it might be your dad/grandad who will have his pension reduced/taxed/stolen in future)

Current:-
our pension retirement age is 60, we can work longer but pension is paid at 60, you can retire before 60 but your pension would reduced for the longer collection period.

Proposed changes:-
Current scheme ends but what pension you have earned upto now will still be paid at 60.
New Scheme commences.
change to RPI from CPI a lower measuring index so a lower calculated pension.
pension age aligned with state pension age, thus for me the new pension will be paid at 66.
contribution increases to 2.7% (for me) then a further increase few years later.

Calculations show some people losing £20,000


the changes are too much, too fast, too many, some people will have to find another £60 per month, no staggering from 60 to 66 !

The maths are so complicated to work out, my issue is the existing scheme, whether any of you PS workers can answer this I don't know, I have just Emailed my MP.

If the current Classic Scheme ends which it will, does our 1.5% keep going into this OR will it go into the new scheme. We need to know, this is crucial and quite possibly where the money is lost (being moved). If contributions to this cease then your Projected Pension will devalue dramatically, if not then won't be too bad otherwise opting out might have to be the only way.

Here are FACTS from my last Pension Provider Projection for the current Classic Scheme to be closed !

currently have 27 years done

Retiring now (if I was now 60, I have 16 more years to go)
£7,903 per year
£23,709 lump sum

Projected Pension age 60
£12,686 per year
£38,058 lump sum


So, if payments into the current scheme cease the above projections will fall badly, retiring at 60 will be a no go, I suspect pension money is illegally being moved into the new scheme so as to bluff the higher contributions are paying for a higher pension when in reality it has been taken out of the existing scheme and withheld for six years.

yes yes, I know private sector has been hit and other side of this is many people do not even pay into a pension.

If your a lady public sector worker, jeez what a mess.

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