1/60th of £22000 PA X 40 years = £16500 PA.
20% (10% personal 10% employer contribution) of £22,000 = £4400
£4400 X 40 years = £170,000 paid out estimate.
That means if you draw a pension for more than 10 years after retirement, your costing more than you put in, and current life expectancies are approaching the 80 mark, and in 40 years who knows how high it might be.
The whole system is broken from one end to the other.
I have an idea that could save us millions....
Get rid of 30% of the MP's, increase the size of constituencies, and give them more work (like their doing to the rest of the government public sector workers). This should save us a few million each year.
Next, get rid of 1 high level exec from every single local government group. This will save us another few million.
By getting rid of 1000 overpaid managers you've just saved enough to employ 5-10,000 frontline workers.
Next, take control of the banks that you basically own. Remove bonuses until they can stand on their own and their debt is paid. You don't get BONUSES unless you do well ffs, and collapsing a bank is not worthy of a bonus you morons.
And stop screwing with the pensions. If people are living too long, then revise how the payments work; fine raise the retirement age (if your living longer and healthier you can work a little longer), but don't reduce the purpose of it by increasing what we pay into it, reducing what you put into it, then crashing what we get out of it.
change the percentages paid into the scheme. But don't destroy the scheme by trying to do both.
Do I want to strike? Not really, it's a last resort method of showing discontent. But it's taken a year of arguing between unions and the government, and they REFUSED to negotiate until almost every single union threatened to strike.
I DO NOT believe these pension changes are for the benefit of the country as a whole, and firmly believe that it's mostly being done to prove some political point that only other politicians care about. The rest of us just want a country that isn't broken, and a job that's worth doing and being paid for.
If I stay where I am for the next 40 years, and this strike has the effect of saving at least some aspect of my pension, then it's £70 lost for a potential gain of thousands. And the ONLY way to assure that my future isn't ruined is to stick together with those who are equally affected.