New Pension Scheme

Discussion in 'Finance & Pensions' started by pompeyexpat, Jul 31, 2012.

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  1. All well and good but it is still bollocks as far as men who left prior to april 1975
  2. That's written in typical Pusser shit stylee. WTF does it mean to those already left???? Thanks
  3. I would be very surprised indeed if it had any affect on those already in receipt of a pension frogman. Doubt there's anything to worry about.
  4. Agreed but pretty rubbish for the guys and girls who've been putting their lives on the line in recent years in Afghanistan and Iraq.
  5. Indeed. Sorry if that came across as selfish, the phrase 'Doubt there's anything to worry about' was careless and a little crass in the circumstances. On reflection, it was selfish. Sincere apologies to those still serving.
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  6. Happy days. Not how radio 1 ( I know, I know!) portrayed it this morning. They are making out that they are trying to amend it be the same for those who joined pre 2005. Cheers for the answers lads.
  7. wave_dodger

    wave_dodger War Hero Book Reviewer

    Its not quite as grim as that, it won't really manifest itself until around 2025, so most people serving today won't feel the full changes. Someone joining in the next few years however......And it cannot alter any currently being delivered pension.

    I like the example of the SO1 leaving after 24 years service who get an immediate pension of 9k and 48k lump, it mitigates the shock by saying its ok, when he's 68 his pension jumps to 19k......nice give him a year or two to live properly before he passes away lol.

    Apr 2014, the date when quite a few yellow/black handles will be pulled.
  8. Purple_twiglet

    Purple_twiglet War Hero Moderator

    Agreed WD - I think its going to come as a nasty shock, although the reality is that anyone in the public sector is being hammered. My own public sector pension costs have doubled, for significantly less pay out and no lump sum. While I am sympathetic, its worth remembering that the military pension will still be bloody good by comparison to just about anyone else out there, so I dont think much public support will be forthcoming.
  9. Completely agree, I would be quick to remind people not to drip too loudly as on closer inspection we are on a very good deal in the Armed Forces. Any public outcry by those serving could backfire magnificently when our package is placed alongside those of the Public Sector who have been far more severely ravaged.

    I welcome anyone to drip about their pension down my local, I'll help you gather your teeth after.
  10. wave_dodger

    wave_dodger War Hero Book Reviewer

    I read that as there being people in your local who are upset about their pensions? Which takes me to a comment made on one of the pension roadshows, when I asked a question about the lump sum and immediate pension payments and how that could affect me, my mortgage plans etc one of the presenters responded along the lines of "like the pension was any form of consideration when you joined"....stunned me into silence (an unusual moment) because despite being young I'd actually taken the time to read up about military pensions and headed into the mob with that as a prime consideration. 7Ps and all that.
  11. I love my pussers pension. It pays like working an extra two days a month but not actually doing the diving!
  12. Call me sensible if you will, (it would be a first) but I too had the pension in mind when I joined and was pleasantly surprised to find it was non-contributory and better than my public sector one.

    As much as our pension is being manipulated, it is nowhere near the turmoil and swinging cuts and changes civvies have gone through.
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  13. When I joined in 1963 I didn't have the slightest interest in a Navy pension, however when I signed on to complete 22 years my interest was paramount.
    I have had a pussers pension since 1985 and it has always made a difference to my standard of living.
    If the pension carrot had not dangled there is no way that I would have completed 22 years service.
  14. **** em, they never kipped down a 48 man dabbers mess on a Leander aged 16 scared shitless of the stokers mess! Neither did they deal with historic ordnance in a four knot tide ( Non-Contact, Parachute Ground (Land) Mine Type GC | Imperial War Museums ). So once again- **** em.
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  15. silverfox

    silverfox War Hero Moderator Book Reviewer

    Exactly. I'm sure there are A & E department staff up and down the country lining up to agree that their shift patterns, working conditions and the nature of the clientele on a Friday night make their careers a bed of roses compared to your privations.
  16. They can fight there own battles if that was a dig ( though I agree with you). Lift the ladder up jack I'm all right.
  17. You have to be careful with the “in comparison with other pensions” line, all that means is that some companies are getting away with paying shit pensions and we want to make yours shit as well, the firm I worked for went through this, increase contributions, go to career average rather than final salary, increase age at which it can be drawn, in short pay more work longer get less, but the CEO and his mates still got their millions in bonuses and massive share options.
  18. chieftiff

    chieftiff War Hero Moderator

    You aren't on a particularly good deal, certainly not one so good that you should be scared of complaining about its replacement for fear of greater change.

    It's fair and taken as part of your overall reimbursement it is better than some in civvy street but not as good as others, the main bonus is the receipt of cash from the point of retirement. The civil service pension is similarly fair, a contribution of between 1.5% and 5.9% depending on your salary, 5.9% for those on over £60k, for a final salary pension based on the average of your last 3 years salary x years served / 80. For someone on my salary doing 22 years that comes out at £15.5k pa and a £45k gratuity. My pension pays out just over £14k at 22 years with a slightly bigger lump sum and my contribution is slightly higher at 7%, good on them to be honest. I'm just glad to be on a final salary scheme, they are rare as rocking horse shit in the private sector.

    Don't believe everything spouted in the press about private company pensions being destroyed either, whilst some are undoubtedly suffering and the press have latched onto these often sad stories many of the people I work with in other companies have better pension deals than I do plus they have over the years been given great share deals that they can trade in later (my pension is on the good side, slightly better than my pussers arrangement although I do put 7% of my salary in every month my company more than matches it and the tax man effectively relieves it to the tune of 40%)

    The real problem with pensions in civvy street is that those at or near the bottom just don't have them and end up trying to catch up in later life, a problem the civil service and the armed forces don't really suffer from and a point that is envied by many out here who chose not to think about their future when they were younger (not necessarily their fault, not your greatest concern as a hormone fuelled teenager). My company has an opt out scheme, you are in the pension scheme unless you opt out and nobody opts out because the head of HR does a good job of explaining the consequence of that and potential throwaway of the company contribution.

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