Affordable ? (1 Viewer)

[peterc10]

I think you are both at cross purposes. The LGPS is funded, but all the others, such as police, fire service, civil service and defence personnel are not funded.

 

[coroner]

Are you sure? I have public sector pensions from 3 separate local authority & 3rd Sector employers and they all employ Investment Managers and are required to report on the Scheme's sustainability [every 3 years IIRC] and the plan to address any shortfall between the Pension Scheme Liabilities and its Pool of Assets. Employees also contribute towards the Public Sector Pension Scheme each month via salary deductions and are also able to transfer other Pension Scheme Funds' benefits into the Local Government Pension Scheme ['LGPS'], as well as making Additional Voluntary Contributions ['AVCs']. Tax relief is allowed on the salary deductions and the AVCs because it involves a Pension Scheme, and to be a Pension Scheme rather than a Budget, it must have Investment Funds, Managers and comply with the law for Pension Schemes. So I doubt the veracity of your 'the truth of the public sector pension schemes ...' statement.

Steve

Steve, You are correct I am also a member of the LGPS in fact 2 of em.I am drawing a pension from one after 33 years service and accruing another one right now all funded by the scheme employers and employees contributions invested by the fund. Not cheap either unlike them civil service bods who pay next to nothing and accrue benefits at a higher rate than us poor local gov types. I still say god bless the LGPS its done me proud.

 

[ChrisSue]

Walked into the bank wearing a mask and asked for the money, which they gave me

Similar to you. I started by mugging OAP's on Thursday when they collected their pension from the Post Office. But then it got paid into bank accounts. Good thing really because some pensioners were getting very tough and wiry

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[Langtoftlad]

I wonder what the cost would of been to get the same benefits in the private sector.

Just interested

Final salary schemes, it is the employer who shoulders the risk... be it a private or public company. Actuaries set the level of investment needed. There's no reason one or the other should "cost" more.
A private company would have to make a real investment, the public sector one is probably a notional investment.

 

[SpeedyDux]

Zero interest rates and much lower bond yields in turn means that the size of investment pot required to fund the defined benefit scheme pensions needs to be several times bigger than in the past, so the company may need to chuck big money into the scheme, to fill a funding gap. Hence the company closes the old DB scheme and only offers a DC (defined contribution) pension scheme. Phew, the company dodged a bullet there - bonuses all round for the Directors!

 

[Dear Ducato]

A large number of motorhomers are those benefiting from goverment pensions

£3.66 a week rise in my state pension, just over £14.00 a month. Take out my share of the community charge, and it works out to £1. 40 odd a week. Can't get a cup of coffee for that in many places!

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[Wee Bold Davy]

Similar to you. I started by mugging OAP's on Thursday when they collected their pension from the Post Office. But then it got paid into bank accounts. Good thing really because some pensioners were getting very tough and wiry

Maybe you were simply catching up with them

 

[deleted79651]

Maybe you were simply catching up with them

You never had to 'catch up' with the Pension Queue at the Post Office, it's why the line was so long ... 'The Pension Queue; 1/4 mile long and reeking of urine ...' From the days when the recipients used to dream of getting a tenner, and nowadays get a Tena ...

Steve

 

[Tony50]

By never paying anybody to do anything for me unless absolutely necessary. Whenever I've had no choice the job has been no better than I could do myself and often worse. Learnt tons of stuff which I'm now using to run the moho and DIY rebuild a Georgian house as a little investment.

I agree, we have had electrics done on our recently aquired bungalow, he wanted to attached the supply for an outside PIR, drilled above radiator brick dust fell in top , bricky , made him take down wall where he bricked up removed window and told him to do it again properly , and so on , loike you I bought a Motorhome through doing home stuff myself and using some savings savings

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[TonyEmm]

None of those for me.

I could buy new but doubtful that I would.

I suppose my assets are a combination of being in quite well-paid professions having qualified in two, buying and improving houses in W. London then renting one out when I moved to Poland, but maybe the biggest factor was not getting married and having kids.

So reasons are varied.

I think I come in the category of "One makes one's own luck"

Geoff

Not getting married and having kids certainly saves a fortune, I have a 51 year old and a 23year old and I’m still bailing both out!

 

[Calamaster]

well, that is absolutely not true…..

Sorry, but I have friend who is a dealr. He told me!

 

[The Wino]

Sorry, but I have friend who is a dealr. He told me!

Maybe he's quoting what he would offer as a trade in if someone took it back after a month! I've heard dealers often quote vat as a reason to make really low offers on nearly new secondhand motorhomes that people trade in but it's just so they can turn a healthy profit.The used values just don't reflect that statement about loss of value on a new motorhome at the moment and if you bought secondhand from the same dealer and tried to trade it back in I suspect the trade in value would be almost as big a reduction. It's supply and demand.

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[Otter Spotter]

Copper for nearly 9 years then Independent Financial adviser until I was 66, paid into private pensions and didnt waste money on all the bling many F/A‘s like to have like big car, golf and expensive foreign holidays every year, just the odd trip abroad.
I could not justify spending so much on a new van, So I bought a brand new white van and had it converted to our spec, which still works for us with occasional modifications and we saved around £25,000 on the price of a ‘thrown together‘ designed for someone else van.
I suppose watching other peoples finances as a career made me careful (too careful some would say) and as a result we haven’t moved house in 35 years so did not go down the property pot Build up route( work got in the way).
Would I buy a brand new Motorhome ? having seen inside many of them and despaired at the lack of quality of Build and designs by people who don’t use them, No, Would I convert another new van Yes.