advertisement


Budget 2023

Inclined to agree.

Though I see that largely as an indication of how poorly workers are served by defined contribution pensions - how many people on £35k will have the means to stash away the £1m they'd need for a similar income in retirement?

I certainly don't resent public sector workers with DB schemes.

Neither do I, it’s part of the deal, but must cost a fortune. Salaries aren’t potentially as high (although that’s dependent on the role) but the pension is comparatively fabulous. Guaranteed and risk free too. That’s worth a hell of a lot.
 
Big problem recently was the dismal annuity rates, when i retired best quote was around 3% so i'd need to have £1.5m in a fund to equal a nurses' pension (c£45k at the time).

My wife retired at 55 with a substantially higher NHS pension.
While agreeing with the point about annuity rates, I don’t understand the £45k pension figure. Public sector pensions were usually half the final salary (if you’d worked for 40 years). So for a nurse to get a pension of £45k they would have been on a salary of £90k. Not too many nurses on that I guess.
 
Whatever the number is it will include a very substantial number of Tory MPs and Tory party donors, which fully explains the policy.

Can’t see labour reducing MP’s pensions if they get in. They’re all parasites.
 


advertisement


Back
Top