better off in the public sector

[The Spartan]

The way that the pension used to work was that for each year you worked you would accrue 1/60th so if you worked for 40 years you would have 40/60th's (2/3rd's) of your final salary to retire on. So if you had a decent job toward the end of your civil service career you were laughing.

[SimonMac]

The way that the pension used to work was that for each year you worked you would accrue 1/60th so if you worked for 40 years you would have 40/60th's (2/3rd's) of your final salary to retire on. So if you had a decent job toward the end of your civil service career you were laughing.

This has not been the case for sometime now so your point is moot

[The Spartan]

This has not been the case for sometime now so your point is moot

Not in CH it's not, this is from personal experience and does not relate to all government departments. I still have a very many friends there and it's only of late that things are starting to change

[MrRobin]

The way that the pension used to work was that for each year you worked you would accrue 1/60th so if you worked for 40 years you would have 40/60th's (2/3rd's) of your final salary to retire on. So if you had a decent job toward the end of your civil service career you were laughing.

For the NHS, atleast, it still works like this, except that it is on 'reckonable' pay, rather than final salary, which is unlikely to be much different.

[The Spartan]

For the NHS, atleast, it still works like this, except that it is on 'reckonable' pay, rather than final salary, which is unlikely to be much different.

Do they contribute a higher percentage of their pay towards their pension, I recall that the Police pay a minimum of 10%.

[MrRobin]

Do they contribute a higher percentage of their pay towards their pension, I recall that the Police pay a minimum of 10%.

No I think it's 6.5% or something, but I'm not completely up to date. Isn't the police retirement age much lower, though? I don't know how the Hutton recommendations are going to change things.

[mrdonuts]

anyone get the impression that simonmac is a public service sockie (probably a teacher )

[The Spartan]

No I think it's 6.5% or something, but I'm not completely up to date. Isn't the police retirement age much lower, though? I don't know how the Hutton recommendations are going to change things.

Yeah 20 years Service gets you 2/3rd's and 30 years gets you a full pension if I recall though that may have been subject to change as I have a friend who's in the police force and he told me many of the forces had put their pension pots with the Icelandic banks and we all know how that turned out.

[TestMangler]

The way that the pension used to work was that for each year you worked you would accrue 1/60th so if you worked for 40 years you would have 40/60th's (2/3rd's) of your final salary to retire on. So if you had a decent job toward the end of your civil service career you were laughing.

When I was in the Civil Service ('79-'94) it was 80ths per year up to a maximum of half salary. I know people in certain professions got 60ths, but that was 'shorter career' stuff like fire service and police. Also, the maximum when I was there was half salary so you couldn't get more than 30/60 or 40/80 regardless of how long your service was. This was also topped off nicely with a lump sum of 3x annual pension on retirement right enough.

[The Spartan]

I joined in 2001 and left in 2008, I remember thinking at the time how good the pension was to be able to have up to 2/3rd's of your annual income to retire on. But now I've been in the real world for a couple of years I can see that given on how much they actually contribute it's unsustainable. It's basic maths really