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  1. #1
    badboy2 badboy2 is offline

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    Can I forgo My Public Sector Pension?

    Given that my pension will now cost be considerably more than it is worth, can I forgo it and absent my self from a levy and pension deductions that would give a much better return in a defined contribution scheme?

    The Govt say public sector pensions are great value - if thats the case they should jump at my offer to sell my pension back to them.

    Or is this a wheeze to get the low to middle ranking people to subsidise the Fat Cats at the top of the civil service who will retire on 2/3rds salary?

    Other questions that we are not getting clear answers on is whether there is tax relief on the levy.
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  2. #2
    cyberianpan cyberianpan is offline
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    Quote Originally Posted by badboy2 View Post
    Given that my pension will now cost be considerably more than it is worth
    That is not a given, can you supply solid data to prove this ?

    Though if you want I'd certainly let you give up the standard pension.

    cYp
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  3. #3
    Simbo67 Simbo67 is offline
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    Uh, if you don't want it, I will certainly bite you hand off to take it. Even with the levy, your pension is gold plated compared to most private sector ones. Now, grow up.
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  4. #4
    badboy2 badboy2 is offline

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    Quote Originally Posted by Simbo67 View Post
    Uh, if you don't want it, I will certainly bite you hand off to take it. Even with the levy, your pension is gold plated compared to most private sector ones. Now, grow up.


    How the hell do you know what my pension is?

    The latest projection from my pension officer is that I will get 8k a year on top of the contributory OAP - which you will get too if you ever do a days work. I am a late entrant so will only have 33 years service when i reach retirement age.


    The board of Anglo could produce a better return on 14% of my salary than 8k.
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  5. #5
    ManOfReason ManOfReason is offline
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    Quote Originally Posted by badboy2 View Post
    Given that my pension will now cost be considerably more than it is worth, can I forgo it and absent my self from a levy and pension deductions that would give a much better return in a defined contribution scheme?
    How can you possibly predict the return you would get from a defined contribution scheme in the current climate?

    I've lost about 40% of the value of my pension savings over the last year or so.

    36,500 people signed onto the dole in Janaury, so count your blessings.
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  6. #6
    JCSkinner JCSkinner is offline

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    I'll make you a better offer than Simbo. Whatever he's offering, I'll beat it.
    Seriously, you don't know you're born. If you're really crazy enough to forego the pension, then I'd be happy to meet with you and a solicitor at a time of your choosing and we can get some documents drawn up making me the beneficiary of your pension in return for covering the fractional payments expected from you towards it.
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  7. #7
    corelli corelli is offline
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    Quote Originally Posted by badboy2 View Post
    Given that my pension will now cost be considerably more than it is worth, can I forgo it and absent my self from a levy and pension deductions that would give a much better return in a defined contribution scheme?

    The Govt say public sector pensions are great value - if thats the case they should jump at my offer to sell my pension back to them.

    Or is this a wheeze to get the low to middle ranking people to subsidise the Fat Cats at the top of the civil service who will retire on 2/3rds salary?

    Other questions that we are not getting clear answers on is whether there is tax relief on the levy.
    I have a public service pension entitlement after working 9 years in the public service and then leaving but I cannot access it until I retire or morph the contributions into a private pension. You can't, it would appear, just get your money back in cash terms if thats of any help.
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  8. #8
    supamolli supamolli is offline

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    Quote Originally Posted by badboy2 View Post
    Given that my pension will now cost be considerably more than it is worth, can I forgo it and absent my self from a levy and pension deductions that would give a much better return in a defined contribution scheme?
    I'll top whatever has already been offered on this thread for the opportunity of having a guaranteed, index-linked public service pension. Hell, I'll double what they offer and throw in my defined (now worth 30% less than 12 months ago) pension too.
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  9. #9
    meriwether2 meriwether2 is offline

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    Im private sector, but I wont be organising a pension.

    Im going to save, and invest myself ta future date.

    I'm shagged if Im going paying pension fees to someone who invests on a model of cash/bonds/equity/commodities based on a ratio depending on what box I tick in the 'risk' section of my application form.

    And then there's the fees on top ups, and retained dividends.

    Nein, Danke.
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  10. #10
    eirigi87 eirigi87 is offline

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    Quote Originally Posted by JCSkinner View Post
    I'll make you a better offer than Simbo. Whatever he's offering, I'll beat it.
    Seriously, you don't know you're born. If you're really crazy enough to forego the pension, then I'd be happy to meet with you and a solicitor at a time of your choosing and we can get some documents drawn up making me the beneficiary of your pension in return for covering the fractional payments expected from you towards it.
    Fractional payments?
    They only get back what they put in!!
    Only difference is that its guaranteed!!
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