Pension Reform

Discussion in 'Diamond Lil's' started by chieftiff, Jan 14, 2013.

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  1. chieftiff

    chieftiff War Hero Moderator

    One of my colleagues has just been strutting about ranting about 'lying, conniving, manipulative bastards' and that as a lifetime Tory he will never vote for the 'financially and morally inept toe rags' again. He is quite angry and I can't get a word of sense out of him, I'm guessing the pension reform statement didn't go too well for those of us in private pension schemes then! He has stormed off to talk with the finance director!
  2. Current pensioners and anyone due to retire before 2017 will continue to receive their pension under the old system.
    High earners who have paid large sums into their second state pension will now receive just the flat-rate pension.
    Six to seven million workers - many of them in the public sector - who belong to workplace schemes which have contracted out from the second state pension in return for lower National Insurance contributions will now be contracted back in. They'll have to pay 1.4% higher NI contributions.
    Similarly, employers - like the NHS - will also have to pay 3.4% higher National Insurance. Winners and losers, your oppo must be in the latter lol:toothy8:
    Last edited: Jan 14, 2013
  3. chieftiff

    chieftiff War Hero Moderator

    No turns out everyone in our company pension scheme is going to be more seriously affected than they ever thought they might be, we knew we would be contracted back in, small bananas and we've been talking about it for weeks (well nearly a grand a year for me!) This is about the rate we accrue our pension apparently and the effect of higher company NI contributions on the scheme's affordability, will have to wait until one of the papers picks up on it or I get a chance to listen to the statement in full. Sounds like a suicide moment for the Tory party though, everyone here is a Tory voter and pensions are pretty important to most of the more mature members of staff!

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