The pension scheme has already been revised.

As someone who works in the public sector I get a bit tired of having to explain how the pension differs hugely from private provision and how, when it was revised about a decade ago, a lot of the complaints no longer apply.

1) whatever the government nominally puts in, it's not inheritable in the same fashion that a private sector one is. It's perported value cannot be passed on to my son (if I die in service, he'd get a payout, but it's more like insurance and nowhere near the 'value' of the pension). As such, the oft quoted 'value' of the pension is pretty illusory.

2)it's tied to state pension age. For me that'll be at least 68, with large penalties for taking it early. If the cost of it becomes untenable they'll raise the state pension age yet further.

3) taking any lump sum out also hugely reduces the annual payout. (there is no automatic lump sum on retirement now).

4) it's tied to my salary (and no longer final salary, it's now average salary). Either way, I earn roughly half what I've have got for doing an equivalent role in the private sector. We've also had real terms salary cuts (below inflation) for around 15 years - my salary is now worth around 38% less than it would have been if it was inflation linked.

5) on revision of the scheme I now pay 5 times more than I did to be part of the scheme, for less.


All said, it's not terrible in that it will keep me above the breadline when (and if) I do retire, but it'll hardly be the lap of luxury. However, coming from a short lived family, I doubt I'll ever get out what I've put in.

What kept me working here was the flexibility to single parent and the ability to grow and develop within my career. It was not the pension (for the reasons outlined above).

Posted By: Cardiff Canary on November 4th 2025 at 10:56:48

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