Thursday, July 05, 2012

More Key Facts about the LGPS 2014 (and Too Hot Ta Trot)

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More key facts from UNISON about the the new proposed Local Government Pension scheme (LGPS 2014).

    • 90% of members willpay the same or less contributions as now

      All pensionable service before 1 April 2014will retain a Normal Pension Age of 65

    • Most part-time workers and those with actual pensionable earnings between £15,801 and £21,000 will pay less in LGPS 2014
    • Over 55% of local government workers work part-time

    • Only those earning over £43,001 will pay more

      They make up just 4% of LGPS members
    • 95.6% members earn less than £43,000 - the point at which contributions increase

    • The LGPS 2014 will for many members deliver a better pension than LGPS 2008, especially for those with less than 20 – 25 years of membership
    • But the average length of membership in the scheme is just 7 years, so most members will do better in LGPS 2014

    • From 1 April 2014 the Normal Pension Age (NPA) will be at least 65 and will then increase in line with the State Pension Age – which is set to rise to 68 between 2044 and 2046.
    • The existing Rule of 85 protections will remain. Members aged 55 or over at 1 April 2012 will be protected by an underpin, which ensures that those people will be no worse off as a result of these changes. Under the proposals there are no plans to remove the pension protection for those made redundant from age 55

    • Those who have to work longer will get a bigger pension because they will be paying contributions – and benefitting from employer contributions for longer
    • Because all earnings will be pensionable – including non-contractual overtime and additional hours for part-time workers – members will have bigger pensions than now
    • Most UNISON members not in the LGPS give cost and low pay as the reason. The "50/50 option" will help them to join

    I note that the blogging Miserabilist in Chief, Jon of the Rogers (failed ultra left candidate for London regional convener and General Secretary) has been having a pop at me over this post. Now of course he misrepresents what I have said (I do accept that some non trots do think we could have got a better deal - amazing but true) but since he also makes a series of blatant untruths about the impact of CPI, survivor benefits, the stability of the LGPS, accrual etc etc I would hope by now that very few people paid any attention to his whining and whinging.

    He again attacks our staff which is unacceptable especially since as a NEC member he is suppose to be their employer. He also shows his ignorance of the difference between a guaranteed public sector pension scheme and a private sector scheme.

    So desperate are they to continue with their calls for general strikes and student union toytown revolutionary politics they want to destroy a perfectly good pension scheme.

    The bottom line is he and the other Miserablists support the continuation of a discriminative pension scheme which penalises low paid women workers and benefits senior management and Chief Executive Officers. Nuf said.  (Hat tip Mel for Youtube video)
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