#51
Friend of mine worked in the civil service years said the new employees are told dont look out the window in the morning otherwise you will have nothing to do in the afternoon.

Meanwhile us lot in the private sector working 55 hours pw week plus then getting stopped £400 in tax to help fund your take the money and run pensions at 55

#52



Meanwhile us lot in the private sector working 55 hours pw week plus then getting stopped £400 in tax to help fund your take the money and run pensions at 55
Originally posted by Muscle750


Now now Mr Muscle, that's not really answering Dixy's question, is it? Especially as Dixy is already nearly 60, and wants to carry on working. Perhaps you could check with your civil servant friend about PCSPS abatement rules and report back...?

#53



Friend of mine worked in the civil service years said the new employees are told dont look out the window in the morning otherwise you will have nothing to do in the afternoon.

Meanwhile us lot in the private sector working 55 hours pw week plus then getting stopped £400 in tax to help fund your take the money and run pensions at 55
Originally posted by Muscle750


Civil service may have been like that once, but it sure as hell ain't like it now. OK there are tougher jobs but it's no easy ride nowadays.

#54
i work with a few people who have done this and all seem extremely happy with it, so is definitely on my radar when i hit 60...



and, without wishing to go off topic, in reply to Muscle750 - i have done shifts over 24 hours a day, mainly working outside in a very physical job in terrible weather conditions for 32 years, perhaps you should open your eyes to the fact that huge numbers of civil servants do work such as this and don't just sit in an office all day long, like many, many private sector workers do. we also paid NI for all those years and because we were opted-out we get less pension at 67 (same retirement age as everyone else) then people who havent worked a day in their life, so perhaps get your facts right before trying to stir up trouble.



The reason the press and government foster the hatred and go on about gold-plated pensions is because they would rather drag people down then sort out the problems in the private sector and it is a shame that people such as yourself fall for the lies.

#55



we also paid NI for all those years and because we were opted-out we get less pension at 67 (same retirement age as everyone else) then people who havent worked a day in their life, so perhaps get your facts right
Originally posted by chubsta


That is wrong, you'll get more and also more than a person who was working and not contracted out.



Being contracted out into a workplace scheme meant that your employer was taking responsibility for most of the earnings-related portion of the state pension for those years. Your state pension will have lower accrued value but you still get the money, just from a different payer. A person who didn't work won't get any income-related portion from any source.



Commencing in the 2016-17 tax year people accrue state pension at 1/35th of the flat rate per year credited until they reach the flat rate cap. Those who weren't contracted out and who are close to retiring after working a lot will normally already be over the flat rate cap and won't accrue any more. Those contracted out a lot will normally be below the cap and continuing to accrue.



The maximum double payment is about £33 a week, £1700 a year. Not the full difference between basic state pension and flat rate cap because under S2P there was still some earnings linked accrual even when contracted out.



As a result the most to least pension heirarchy is:



Most: those in contracted out schemes, who get both the state pension accrual and the employer obligation, provided they work, buy or are credited years from 2016-17.

Middle: those not contracted out who get just the state pension, not both state and employer obligation.

Least: those not working, who will only have accrued basic state pension until the 2016-17 tax year. Those at 60 today won't have time to get to the flat rate cap but may get means tested benefits.



Courtesy of the work pension scheme you don't necessarily have the same retirement age because it's normal pension age is 60 unless the person has opted out of the transitional protection for the most recent year. Later you'll also reach state pension age at the same time as others of your gender. Whether you want to retire at 60, 67 or some other age is up to you but the scheme rules strongly encourage taking the pension at 60 because it doesn't increase if you wait, except for inflation.



For this post I've used "you" to mean a person fairly close to age 60, within the transitional protection range.

#56
It looks to me as if retiring at 60 is another benefit to the public sector whilst us have to wait to access all our pension is for me anyway 65 ...................someone like to enlighten me whats fair about that !! And yet the public sector contribute sweet FA into our pensions whilst we help fund theirs

#57



It looks to me as if retiring at 60 is another benefit to the public sector whilst us have to wait to access all our pension is for me anyway 65 ...................someone like to enlighten me whats fair about that !! And yet the public sector contribute sweet FA into our pensions whilst we help fund theirs
Originally posted by Muscle750


Apart from the derailment of Dixy's thread, you really don't get the Civil Service and how it all works, and your views on this subject are becoming pretty offensive.... for your info, there have been many pension schemes more generous than the CS Classic pension (which has been phased out BTW)...in the private sector

#58
Muscle750, both those in the public and private sector can retire whenever they can afford it. It's common here to discuss with people how to achieve their retirement age objective. It's likely that I will have retired before 60 and maybe before 55 even though I don't have a DB pension. I chose to invest more than 60% of my income for a decade and that has given me the choice.



The state, meaning us via taxes, is contributing towards both public and private sector pensions through tax relief - implicit rather than explicit in the unfunded schemes - and as the public sector ultimate employer to the public sector ones.



Even in the private sector the public contribution can be substantial, with me getting almost sixty percent combined income tax and NI relief on a significant part of my own pension contributions. That's 40% income tax, 12% employee NI and 6.5% employer NI. This happens when annual income is higher rate but job income is basic rate, either for the year or just the relevant pay periods, in a salary sacrifice scheme. Still not as high as the employer contribution in typical DB schemes but not at all bad. And I probably won't pay much income tax on the way out either courtesy of VCT investing.

#59



It looks to me as if retiring at 60 is another benefit to the public sector whilst us have to wait to access all our pension is for me anyway 65 ...................someone like to enlighten me whats fair about that !! And yet the public sector contribute sweet FA into our pensions whilst we help fund theirs
Originally posted by Muscle750


Anyone can retire at 40,50 or 60. You just need to decide in your 20s that thats your aim and work towards it.



An element of every £ spent contributes to someones pension.

#60



It looks to me as if retiring at 60 is another benefit to the public sector whilst us have to wait to access all our pension is for me anyway 65 ...................someone like to enlighten me whats fair about that !! And yet the public sector contribute sweet FA into our pensions whilst we help fund theirs
Originally posted by Muscle750


It used to be, retirement age is now the same as the state pension age, ie 65 and rising

Who is online

Users browsing this forum: No registered users and 1 guest

cron