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Pensions

Discussion in 'Scotland - education news' started by sbf, Nov 4, 2011.

  1. sbf

    sbf New commenter

    Im afraid its time, i never thought i would see the day but i think we might have to start thinking about pulling out of the teacher pension scheme.
    With the changes that are being touted, they want almost £300 per month from me.
    I might not even get to spend it as they want me to work till i'm 68, who knows how much older they will want me to work.
    Will i even get any pension? Seriously once i am in my 70's how much longer will i have left.
    At least if i stick my £300 in a Cash ISA or something fairly solid i will have £200k or so to spend.
    Down size my house might see another £200k.
    Who knows but i never thought i would see the day where i would even consider this.
     
  2. DM

    DM New commenter

    You must be extremely dim if you think that makes financial sense.
     
  3. sbf

    sbf New commenter

    Ah we have found a time traveller, go on show me just how clever you are.

    p.s. have you been drinking again. Nurse said you were not ment to mix the drinks with your pills.


     
  4. DM

    DM New commenter

    Was that really necessary? I was actually trying to make you stop and think before making a foolish decision in haste that will destroy the last third of your life.
     
  5. sbf

    sbf New commenter

    Oh great thanks for that, thats the descision made, after reading your post how could anyone think otherwise. [​IMG]
    You might want to read my first post before you type anything else.

     
  6. sbf

    sbf New commenter

    Not so sure, if everyone opted out it would cost them £1 billion a month in lost contributions, and would take about 40 years to work through the system.
    £12 billion a year is not to be sniffed at, i think the Gov would lay an egg is everyone opted out.
     
  7. jonowen

    jonowen Occasional commenter

    sbf, I know the figures look bleak (understatement?) but don't be hasty. I received advice to opt out in the 80s after a few years' teaching, had my kids then went back to teaching and opted back into pension scheme. If I hadn't opted out my figures would be better - wish I'd ignored original advice, but I made the wrong choice. Wherever you put your money could go belly-up.
     
  8. cochrane1964

    cochrane1964 New commenter

    We all seem to be missing the point - some teachers can't afford the new payments.

    (Sorry _ quoted you - can't seem to post without it!)
     
  9. jonowen

    jonowen Occasional commenter

    I understand what you are saying (in a way) but why should the state/tax payers/people who have saved hard for retirement work and pay for those who
    ? It's not fair.
    A pension is a necessity and we have to adjust our spending accordingly. It's time people took responsibility for their own choices and the resulting circumstances.
     
  10. sbf

    sbf New commenter

    Lols, what do you not pay tax either.
    Wait a moment i dont like the fact that my tax pays for wars in Arab states, why do i have to pay for that.
    Its a stupid argument, used by the Daily Mail and Tories, looks like you have been brainwashed.
    The real problem is that most companies have not given employees a decent pension over the past 10 years and pocketed the savings in divedends and big corporate payouts.
    Average director salary FTSE 100 is over £900,000 pa. Thats obscene these people disgust me.
     
  11. jonowen

    jonowen Occasional commenter

    sbf, I take it your last post was directed at me - but I'm on your side. You say you will down-size, save elsewhere etc to maximise your cash.....your choices and your responsibility. What Cochrane was saying about not being able to afford the increased contributions was what I was moaning at.
    and what can we do about it? Diddley-squit
     
  12. sbf

    sbf New commenter

    Yes but thee is only so much down sizing you can do. There really is, every month its a stretch to find the money and some months its only the overdraft that saves things.
    Add another 18 months with not pay rise and inflation running at 5+% and increased pension contributions its just not sustainable.
    At the end of the day private sector pays fro nothing, we all pay tax and then the government spends the money in ways very few of us really agree on.
    I am not against paying some more, but at this exact moment in time with th epay freeze its just a step too far.
    As for the increase in pension age, i will fight that till the end as its not necessary.
    Life expectancy in Scotland is 10 years less the south of England, they are not getting away with it.
     
  13. cochrane1964

    cochrane1964 New commenter

    We did - they are stealing it for their City Gambling chums.

    I am losing 5% every year of the freeze (as is everyone) and then 20% salary when conservation goes. Add on 50% increase in pension and I'll be selling my house and spreading communism in all my classes.
     

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