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
- 95.6% members earn less than £43,000 - the point at which contributions increase
- 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)