Jump to content

My Gold plated NHS Pension ????


hippo

Recommended Posts

15 hours ago, TrentVilla said:

It will work for some, those too lazy to sort one but who want one or are happy to have one. It will catch some too lazy to opt out as well but I’d be very interested to see some statistics on opt outs.

 

Anecdotal evidence only, but in my company with around 230 employees, around 7 have opted out.

Which is 3%.

No idea if this is higher or lower than the national average.

 

 

Edited by ender4
Link to comment
Share on other sites

15 hours ago, TrentVilla said:

The current auto enrolment pension agenda will certainly make a big difference in years to come, particularly when the rises in contributions start kicking in.

I’m not sure which party brought it in but I applaud whichever it was for doing it, it needed to be done.

But... and it’s a big but, the fundamental issue with it is that although employers must offer the pension and contribute, despite the auto enrolment workers can easily opt out.

So I don’t think that in reality it addresses the real issue, understanding.

I don’t think it’s educating people of the need for a private pension, it’s trying to force it on them.

It will work for some, those too lazy to sort one but who want one or are happy to have one. It will catch some too lazy to opt out as well but I’d be very interested to see some statistics on opt outs.

The real issue is education and it goes way beyond pensions. A huge number of people in this country are financially illiterate, even otherwise well educated intelligent people are frankly clueless on personal finance.

I’m always banging on about this so won’t get my drum out again but you don’t change people’s behaviour on mass through auto enrolment pensions which they can opt out of. 

The Government (any Government not just a Tory one as this isn’t a political point, or rather not a party political one) either need to go the whole way and make it auto enrolment without the opt out and forget about the education piece. Or they need to carry on as they are and start educating people on personal finance. Perhaps they could start with explaining to future uni students how far they need to bend over to get their student loan.

The problem is that financial education isn’t on the agenda let alone the curriculum. If people were financially literate our economoy would likely grind to a stop given most of it seems to be built on the sand of credit.

My FA said that the Australian system is really good. 25% of all salaries just automatically pay the pension pot without any opt-out but people don't miss it because they don't count on it. Here when we see pension contributions as a deduction it looks like money that we're losing. Australians don't even think about it and salaries fall into line with cost of living because it's compulsory.

Link to comment
Share on other sites

15 hours ago, TrentVilla said:

The current auto enrolment pension agenda will certainly make a big difference in years to come, particularly when the rises in contributions start kicking in.

I’m not sure which party brought it in but I applaud whichever it was for doing it, it needed to be done.

But... and it’s a big but, the fundamental issue with it is that although employers must offer the pension and contribute, despite the auto enrolment workers can easily opt out.

So I don’t think that in reality it addresses the real issue, understanding.

I don’t think it’s educating people of the need for a private pension, it’s trying to force it on them.

It will work for some, those too lazy to sort one but who want one or are happy to have one. It will catch some too lazy to opt out as well but I’d be very interested to see some statistics on opt outs.

The real issue is education and it goes way beyond pensions. A huge number of people in this country are financially illiterate, even otherwise well educated intelligent people are frankly clueless on personal finance.

I’m always banging on about this so won’t get my drum out again but you don’t change people’s behaviour on mass through auto enrolment pensions which they can opt out of. 

The Government (any Government not just a Tory one as this isn’t a political point, or rather not a party political one) either need to go the whole way and make it auto enrolment without the opt out and forget about the education piece. Or they need to carry on as they are and start educating people on personal finance. Perhaps they could start with explaining to future uni students how far they need to bend over to get their student loan.

The problem is that financial education isn’t on the agenda let alone the curriculum. If people were financially literate our economoy would likely grind to a stop given most of it seems to be built on the sand of credit.

This is the crux of it and what I tried to do with football academies before the rug was pulled from under me. However, Pfeg have done some great work and I believe financial education will be part of the curriculum going forward. 

Link to comment
Share on other sites

5 hours ago, ender4 said:

Anecdotal evidence only, but in my company with around 230 employees, around 7 have opted out.

Which is 3%.

No idea if this is higher or lower than the national average.

Interesting, thanks.

Pur direct employ is relatively small, 40-50 and opt outs are similar but it’s a small sample. Our indirect employ via contract for services is large, circa 1000 and opt out rates are very high.

Which just makes me think that those that would probably most benefit from the assistance of auto enrolment are the least likely to benefit. I’m think those on low income in insecure jobs etc, given the choice of a deduction or additional cash in their pocket it seems obvious what many will do.

Link to comment
Share on other sites

4 hours ago, darrenm said:

My FA said that the Australian system is really good. 25% of all salaries just automatically pay the pension pot without any opt-out but people don't miss it because they don't count on it. Here when we see pension contributions as a deduction it looks like money that we're losing. Australians don't even think about it and salaries fall into line with cost of living because it's compulsory.

Yes their system is good and ours is based on that but watered down obviously for the obvious reasons.

 

Link to comment
Share on other sites

4 hours ago, omariqy said:

This is the crux of it and what I tried to do with football academies before the rug was pulled from under me. However, Pfeg have done some great work and I believe financial education will be part of the curriculum going forward. 

If I were involved with academies or my sons signed for one I’d want the vast proportion of the salary to be paid into pensions and/or trusts. Not only would this protect their futures but it would also keep them hungry as far too many young players get given the earth before they’ve achieved anything in the game. But that’s another thread.

I’ll be delighted but amazed when financial planning makes it on the national curriculum.

Link to comment
Share on other sites

4 minutes ago, TrentVilla said:

Yes their system is good and ours is based on that but watered down obviously for the obvious reasons.

 

I guess our system will slowly try and catch up over the next decade or so... maybe eventually leading to 25% in total as well.

Link to comment
Share on other sites

3 minutes ago, TrentVilla said:

 

I’ll be delighted but amazed when financial planning makes it on the national curriculum.

It became part of the National Curriculum in Sept 2014, for ages 11-16.

Edited by ender4
Link to comment
Share on other sites

Just now, ender4 said:

I guess our system will slowly try and catch up over the next decade or so... maybe eventually leading to 25% in total as well.

Sort of. There are set percentage increases already laid out, they claim to 8% (3% employer, 5% employee by 2019) so it’s going to take a while.

That is all well and good but it doesn’t solve the opt out issue, in fact it is only likely to see a increasing number of opt outs in my view.

Link to comment
Share on other sites

2 minutes ago, TrentVilla said:

Well that I didn’t know. I’m away to look into that some more.

I don't know how successful it is.

I know Martin Lewis was complaining that not enough funding was given from the government to that component of education, and he was donating half a million textbooks recently (or something like that) to help.

Edited by ender4
Link to comment
Share on other sites

2 minutes ago, ender4 said:

I don't know how successful it is.

I know Martin Lewis was complaining that not enough funding was given from the government to that component of education, and he was donating half a million textbooks recently (or something like that) to help.

This is generally the issue, they ask schools to sort societies issues (such as extremism via Prevent) but don’t adequately fund it)

Link to comment
Share on other sites

I stand to have around £85-90,000 in my pension by the time I retire with NHS putting in as well. Not great but when I retire something is better than just relying on the state pension and any personal savings (:crylaugh:pull the other one hahahahaha). One of the very very very few actual benefits of working for a Tory throttled NHS. Of course if I do make it, I'll be 85 by the time I'll be allowed to retire so I'll only need it for a few years until I drop down dead.

Link to comment
Share on other sites

1 hour ago, Ingram85 said:

I stand to have around £85-90,000 in my pension by the time I retire with NHS putting in as well. Not great but when I retire something is better than just relying on the state pension and any personal savings (:crylaugh:pull the other one hahahahaha). One of the very very very few actual benefits of working for a Tory throttled NHS. Of course if I do make it, I'll be 85 by the time I'll be allowed to retire so I'll only need it for a few years until I drop down dead.

Don’t worry, they will have sold the NHS off well before you retire and someone like Philip Green will have used your pension on a new boat.

Link to comment
Share on other sites

On 11/19/2017 at 10:44, Genie said:

When I joined by pension scheme about 7 years ago it was estimated to pay out about £18k a year (in today’s money).

As each year has gone by I’ve outstripped their predictions in terms of earnings/salary and of course contributions but dispite this the prediction has gone down and down and down. When I asked them (Zurich) they say it’s because of 1) their fees (rocket polishers) and 2) long term predictions about the interest rates.

We have a pension portal at work which details your current fund size, where the funds are invested (you can change this) and projections based on a poor, average and good return

The difference between good and poor return is £60k a year.

Its just complete guesswork! 

tumblr_inline_muvzqrqqy61r1x7sq.gif?w=24

Link to comment
Share on other sites

3 hours ago, TrentVilla said:

If I were involved with academies or my sons signed for one I’d want the vast proportion of the salary to be paid into pensions and/or trusts. Not only would this protect their futures but it would also keep them hungry as far too many young players get given the earth before they’ve achieved anything in the game. But that’s another thread.

I’ll be delighted but amazed when financial planning makes it on the national curriculum.

Credit to Moyes but he instigated this at Everton where it was written into their contracts that they had to pay a % into pensions/savings. I remember talking to Faulkner about it and he said they had it covered and they encourage all their academy players to open a savings account. I was like bluuuuuud. There's more to it then that. 

  • Like 1
Link to comment
Share on other sites

35 minutes ago, omariqy said:

Credit to Moyes but he instigated this at Everton where it was written into their contracts that they had to pay a % into pensions/savings. I remember talking to Faulkner about it and he said they had it covered and they encourage all their academy players to open a savings account. I was like bluuuuuud. There's more to it then that. 

At least he didn’t say they had Nicky Key sorting it....

  • Haha 1
Link to comment
Share on other sites

×
×
  • Create New...
Â