keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Jan 9, 2023 12:24:50 GMT
for me there was also the consideration that there was a maximum percentage that could come out as a pension based on years of service, but lets say you hit the limit at 62 you still paid in till 66 so the last 4 years contributions were worth nothing
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,875
Likes: 2,313
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Post by keitha on Jan 9, 2023 13:34:53 GMT
Sorry, but this is cloud cuckoo land for the average Civil Servant. From a 2021 National Audit Office report: "There is also considerable variation across the schemes in average pensions with, for example, teachers’ scheme members receiving £12,300 on average annually compared with £8,100 received by civil service scheme members". £8,100 requires a pension pot (which is a notional concept for much of the public sector) of less than £200k. Even adding their (share of a) house and savings is likely to fall well short of £1m. Presumably, the average of £8,100 includes pensions for those that retired 20 years ago and includes part time workers, common in teaching and the NHS?
It might be more relevant to know the average for full time workers with a lifetime of civil service employment retiring now.
Made me laugh and remember a friend who was an assistant registar of births and deaths, she did 20 years or so at 6 weeks a year 20 hours a week as cover for leave and 1 morning a week, she then did 3 years 20 hours week when the person she covered for retired, she moaned at the time and continues to moan that her pension is just under £150 a month. In reality she had worked 1.5 years plus 0.5 year for the leave cover, and 2 years for the 1 morning a week so she had 4 years service or 1/10 of what she needed for a full pension. She still argues that she did 23 years and as such should get 1/2 of a full pension.
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