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  • Property-a-holics

    Grateful for small mercies

    Dear Tribers

    you only become grateful of what you have when you meet people in dire straits, met a 50 year old single parent who had bought her house on a key worker scheme, her share of the mortgage (100k plus) was on interest only and the NHS owned 38%. She had no savings and had taken out a second charge mortgage of 15k to clear her debts...

    there is a vast swathe of the population who  NEVER be able to retire and will only be able to afford a room in their retirement....

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    Well she should have a NHS pension so retirement might not be too bad, depending on how long she worked/works for them.,

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    Is this a Shared Ownership scheme - and does she also therefore pay Rent to NHS for their 38% share?

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    Hi Landylordy

    she does pay for her share, I think the total is just under 500 pm

    in terms of her pension it won't be great, some of my friends got 100k lump sum for 40 years in 2011 plus pension of 20k plus but terms and conditions have been hammered since then

    her anticipated retirement age is...75!

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    I know the NHS has switched from a final salary to a career average scheme, but it is still one of the best you can get.

    20kpa is ceertainly enough for a single person to retire on in resonable comfort. That was a pretty good pension.

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    Hi Peter

    20k if you retire now, I still work for the civil service PT and my forecast is 8k at the age of 60 in 14 years time with the remainder to be taken with the state pension at the age of 67!

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    Sp? The NHS and  civil services pensions are amongst the best you can get for what the employee pays. Very few private sector jobs have defined benefit pensions any more (directors of big companies excepted).

    My Dad worked 39 yesrs in the NHS, mostlly as a GP, including being on call 24*7 every other week until II was 10. His pension was ~£33k pa in 2011. In my first job the fpension scheme was only for managers. In my second there was a final salary pension, but  increases once pensions are "entirely at the discretion of the trustees". Since it was last taken over in 2002 there have been just two 1% rises given. I was then in a hybrid scheme, partly FS., until that scheme was closed in 2003. Since the company is still going and they want to keep workers happy they have promised to honour the 1997 law that requires pension schems from 1997 to 2005 to give rises covering inflation up to 5%. That cap was reduced to 2.5% in 2005. The NHS  has no such cap. The civil service pension  matches the increase in the  Additional State Pension, which I think benefits from the triple lock, so can go up aheard of CPI and is doing so this year.

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    I agree Peter

    civil service pension is good but only for those who retired around 2011-12, the average salary contribution and decrease in lump sum means the previous T and Cs no longer apply.

    This just reinforces the need for alternative investments and income...


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    It is still very good for those retiring now. Recipients will be getting a 3% rise - more than inflation this year. Compared to the private sector it is still gold-plated, if no longer solid gold. Of course some still have preserved rights from before 2002. There have been 5 versions since then. The latest has a higher accural rate that the previous one, but later retirement age. The previous one introduced in 2007 was the first career average one.

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