Thursday, July 05, 2012

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

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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