Captain Kirk
Corporal
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Thank you!
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Pension increase 2021
- Thread starter Late & Tired
- Start date
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You will recall that your Service pensions used to rise by RPI and that was change in 2010 to the normally lower CPI. It is, as busy19.71 says, written into law but laws change. We need to find out what the Chancellor says on 31st
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Captain Kirk
Corporal
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Laws can change, but not quickly. I doubt this would be a priority for any government as it affects retired nurses and CS who are not well paid.
It would be a gamble, and other ongoing legislation would have to slip. Labour oppose everything, and many Tories are now in the position they have to defect or lose their seat.
More entertaining than Dallas in the 70/80s.
Captain Kirk
Corporal
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So, Triple Lock is confirmed, and nothing I’ve seen suggests we’re not getting CPI next April:
Anyone seen anything?
Anyone seen anything?
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No. Your reading of the situation is correct.
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10.1% rise next April is good news and compensates for my measly 3% rise from my day job.
Ironic that in cash terms, I get a larger amount for doing SFA than I do for busting my ass every day.
Ironic that in cash terms, I get a larger amount for doing SFA than I do for busting my ass every day.
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Maybe you need a different pimp ???
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Definately. My pimp is HM Govt.
Speaking with my team of Admin Officers about this just yesterday. In 2015, their hourly rate was £10.36 and National Minimum Wage was £6.70. Come next April, their hourly rate will be £11.61, and NMW £10.42. They have had to learn new operating platforms, increased complexity of casework, whilst a shelf in a supermarket has remained constant in terms of being filled when it needs to be. Their "reward" is to see their wage eroded to the point where one more inflation busting rise in NMW versus a public sector pay freeze will pretty much put them on NMW. And this is not the lowest grade - we already have a Administrative Assistants who are paid less than my AOs.
Is it any wonder people are leaving for jobs filling shelves in supermarkets in the evening, which pay NMW, plus an enhancement for working unsocial hours - one left not so long ago for £12.50 an hour working evenings in a supermarket.
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Bit off topic that, and shows the impact the nasty Tories have had on brining up the lowest levels of salaries at a faster raising rate than general salaries, there was always going to be the concertina effect and probably why it’s been calmed down this year.
Back on topic the pension of a full time civil servant will be much better than that of the typical supermarket worker on a 16 hour contract with a much lower level of contribution, with little chance of the pension scheme going under. But that doesn’t feed the family today and some people are short sighted.
We had a young lad leave at the end of August for a better job, as a contractor with one of our competitors, lots of money and other promises made, came back last week, same job and salary but now with a break in service, lower levels of holiday, no bonus for 12 months and a few other demerits.
Back on topic the pension of a full time civil servant will be much better than that of the typical supermarket worker on a 16 hour contract with a much lower level of contribution, with little chance of the pension scheme going under. But that doesn’t feed the family today and some people are short sighted.
We had a young lad leave at the end of August for a better job, as a contractor with one of our competitors, lots of money and other promises made, came back last week, same job and salary but now with a break in service, lower levels of holiday, no bonus for 12 months and a few other demerits.
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One of my lot left a few weeks ago (Civil Service to Contracting) and put me in a tight spot but hey ho. Despite all that I still did what I could for him, making sure he got a fair report, all leave taken etc for that clean break. Tried to get it across to him that he's now a little fish in a big pond and they will have their pound of flesh. He was a bit of a liability and had a long way to go before he could be called halfway decent in the Civil Service so although I wouldn't wish it on him, I think he's going to be chewed up and spat out.
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To paraphrase - Capitalist employee tries to sh!t on capitalist employer only for capitalist employer to have last laugh by screwing over capitalist employee by re-hiring them on worse T&C?
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More, good employee with money issues thought they had a solution, made an ooops, and managed to rejoin previous good employer.
Same T&Cs just a need to restart his time served benefits, and whilst the company has been around for nearly a couple of centuries, that break in service will carry the most pain if they are ever made to leave.
Same T&Cs just a need to restart his time served benefits, and whilst the company has been around for nearly a couple of centuries, that break in service will carry the most pain if they are ever made to leave.
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Can only speak for myself. I commuted and waited 8 years for the uplift. I was on the 75 pension scheme for the entire time.
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Vauxhall (and others) may have a better answer.
The pension rises at 55 in potentially two ways.
Firstly an increase at 55 using the annual inflation rate rise from the year you left to age 55 whether you commute or not.
Secondly if you commuted a chunk of dosh then your pension with rise to the level it would have been if you hadn't commuted a bean.
The two added together can be quite a jump for some
foxOneFive
Corporal
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Was on the 75 scheme. Left 2004 at age 40 after 22 years, commuted the lot. Age 55 pension increase was 79%, was surprised it was that much
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Yes, but the rise isn’t as big because you didn’t commute, three more years to push before I see the benefit of the recent inflation, just pleased it came along towards the end.
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Yes. Assuming (for easy sums) you left at age 45 then for the next ten years your pension would remain unchanged. Upon reaching 55 it would rise by the September rate of inflation for each of the previous ten years and at a compound rate. Depending on how the inflation rate has fluctuated over the decade it could be quite a jump. For example 2018 was 2.4% increase, 2020 only 0.5% increase and this September it was a big 10.1% and it rises each April once you're past the magic 55.