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Post by elystokie on Jun 25, 2022 22:02:32 GMT
I really have no idea how many there are left, I've worked for companies that have offered both. It's a fair point tho and I don't know what contribution big private companies make, GE was 15% when I worked for them employer contribution wise. It won't take too many years of 11% inflation to erode them, most are capped between 2.5 and 3.5% increase per annum. My company pension scheme tops out at a 10% employer contribution. But employees need to contribute 5% in return. That's the average with a lot of companies these days. I have the ability to increase my pension, but it's only my own contributions I can raise at this point Tbh it was all part of whatever package was offered at the time, in the defence industry these sort of pensions were quite common but the salary offered usually took the pension element into account. A few of my mates just contracted (at ridiculous rates sometimes) and never bothered with a permanent job and company pension.
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Post by mutters on Jun 26, 2022 6:22:51 GMT
How many final salary schemes are left? Irrespective of the increases, how lucky to have such a pension, most of us can only dream of such a pension. I was talking to someone in the education sector a couple of weeks ago, and they were spoke in a dismayed tone about the pension scheme with a 9% contribution. When I asked if that was the total contribution, the reply, was that the 9% was the employee's contribution. As a result, I was intrigued by this and asked how much the employer contribution was. 20% was the response. How many people have got that level of pension contribution? Whilst the person from BT above may have a point, and the pension is only one aspect of the benefits they will have being employed by BT (as an example), railway staff would be another, a lot of people are not in as lucky a position, especially when compared to people just commencing in employment now or recently started I really have no idea how many there are left, I've worked for companies that have offered both. It's a fair point tho and I don't know what contribution big private companies make, GE was 15% when I worked for them employer contribution wise. It won't take too many years of 11% inflation to erode them, most are capped between 2.5 and 3.5% increase per annum. There are none left Shell closed the last one in January 2022 If you look at current pensions, auto enrolment contributions are 8%, 5% employee and 3% employer, so you have been very lucky to work for an employer who pays 15% I bet there aren't many employers offering that to new employees In relation to inflation, when was the last time it was 11%?
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Post by elystokie on Jun 26, 2022 6:36:24 GMT
I really have no idea how many there are left, I've worked for companies that have offered both. It's a fair point tho and I don't know what contribution big private companies make, GE was 15% when I worked for them employer contribution wise. It won't take too many years of 11% inflation to erode them, most are capped between 2.5 and 3.5% increase per annum. There are none left Shell closed the last one in January 2022 If you look at current pensions, auto enrolment contributions are 8%, 5% employee and 3% employer, so you have been very lucky to work for an employer who pays 15% I bet there aren't many employers offering that to new employees In relation to inflation, when was the last time it was 11%? I've no idea when the last time inflation was 11% to don't imagine it's too difficult to check but that's the figure I've heard bandied about that's currently expected. The employer that paid 15% pension contributions also paid around 10-20% less than the going rate for the job I was doing at the time, taking the job was a choice I made taking into account location and other factors. I don't disagree that there aren't many if any of these pensions about any more, my point was that inflation can erode the benefits of these pensions quite significantly if it stays high year on year because there's a low cap on how much the pension can be increased by, probably due to historic low inflation, I don't think that's an outrageous statement whether any of these pensions are still around or not.
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