Who will take over

Highland Mule · May 12, 2019

lloyd said:
Great idea it could be used to top up public sector workers pensions

You’ve never worked in the public sector, have you? The pension is nothing more than deferred pay and reflects lower salaries than you get for doing comparable work in the private sector.

Would you prefer £30k and a final salary pension, or £45k and no pension?

Bald Rick · May 12, 2019

DrWazzock said:
That's the housekeeper, not important on the sprayer driver.

Like a female spraying ... and no reason why they shouldn’t

Fendt516profi · May 12, 2019

Bald Rick said:
Oddly, FMD has allowed this to happen as I stepped back from farming after being culled so we started together again with a clean sheet. Too many older farmers won’t release the reigns until it’s too late

Yes I know one or two others just the same. I think if it had been me and my dad he would of stud back and advised and let me take the farm forward. My dad and uncle farmed in partnership and my uncle was same then just kept going on how it was always done

rob1 · May 12, 2019

Highland Mule said:
You’ve never worked in the public sector, have you? The pension is nothing more than deferred pay and reflects lower salaries than you get for doing comparable work in the private sector.

Would you prefer £30k and a final salary pension, or £45k and no pension?

My wife does and gets a decent salary and a huge pension, I worked it out a while ago and to get the income she will in retirement from 55 I would need a pot of nearly 500,000 even if I took it at 65 I would need 400,000, plus she will get a biggish lump sum, I know some one who has drawn a council pension for longer than he worked and several who aregetting on for that. To be fair she has worked for the NHS since A levels and is a band 7

ollie989898 · May 12, 2019

rob1 said:
My wife does and gets a decent salary and a huge pension, I worked it out a while ago and to get the income she will in retirement from 55 I would need a pot of nearly 500,000 even if I took it at 65 I would need 400,000, plus she will get a biggish lump sum, I know some one who has drawn a council pension for longer than he worked and several who aregetting on for that. To be fair she has worked for the NHS since A levels and is a band 7

The number of people drawing a public sector pension worth more than 100K per year has increased sevenfold in the last ten years.

I've no problems with folk getting these packages provided the tax take is adjusted upwards to suit....

lloyd · May 12, 2019

Highland Mule said:
You’ve never worked in the public sector, have you? The pension is nothing more than deferred pay and reflects lower salaries than you get for doing comparable work in the private sector.

Would you prefer £30k and a final salary pension, or £45k and no pension?

No I haven't but know quite a few farmers who would
take £30k with no final salary pension.
One friend who worked for a public agricultural research
unit that no longer exists cant beleive how much
his payout will be.(He only worked there part of his working career)
Final salary pensions have cost the country a small fortune
which the next generation will be paying for.
Incidently there are many public sector employees who
becoming self employed would have been a good education
In how to be prudent with money and would definitely struggled
to have earned the same money.

Highland Mule · May 12, 2019

rob1 said:
My wife does and gets a decent salary and a huge pension, I worked it out a while ago and to get the income she will in retirement from 55 I would need a pot of nearly 500,000 even if I took it at 65 I would need 400,000, plus she will get a biggish lump sum, I know some one who has drawn a council pension for longer than he worked and several who aregetting on for that. To be fair she has worked for the NHS since A levels and is a band 7

https://www.nhsemployers.org/your-workforce/pay-and-reward/agenda-for-change/pay-scales/annual

Band 7 is salary around £45k, I think. And a pension on nhs is based on 80ths, last time I checked. Roughly, that pension would cost about £15k/ year to replace with a private one. If she does her 40 years, she would retire with ~£60k lump sum and £23k/year, at today’s values?

How much would she earn in private sector? Rather more per year, I’d wager.

Highland Mule · May 12, 2019

lloyd said:
No I haven't but know quite a few farmers who would
take £30k with no final salary pension.
One friend who worked for a public agricultural research
unit that no longer exists cant beleive how much
his payout will be.(He only worked there part of his working career)
Final salary pensions have cost the country a small fortune
which the next generation will be paying for.
Incidently there are many public sector employees who
becoming self employed would have been a good education
In how to be prudent with money and would definitely struggled
to have earned the same money.

As I was told by private sector people when I was a civil servant - if you think the grass is greener, why not move over? I’ve worked for both, and would not now go back to civil service unless I really needed to - but if you think it’s better, go for it.

rob1 · May 12, 2019

ollie989898 said:
The number of people drawing a public sector pension worth more than 100K per year has increased sevenfold in the last ten years.

I've no problems with folk getting these packages provided the tax take is adjusted upwards to suit....

IMVHO its the reason the public sector are hard up, when you consider the percentage of people who work in the public sector and who were giving very high pensions it is costing billions, my wife pays in around 20% more per month than I do yet will recieve around ten times as much, I know the NHS do "contribute" but its only a paper figure.The "new"schemes are as generous but still better than a private one

czechmate · May 12, 2019

Gedd said:
Has everyone got someone to eventually take over the running of the farm/buisness I havnt son decided on a different career currently in Texas coaching soccer daughter has a good job for local authority as a social worker good luck to them I'm now 57 own the farm 400 acres mixed cattle sheep and arable currently still enjoying farming but will come the day to call time

Exactly the same except I’m 58. Slight difference being, I am in a working partnership with my wife who is a bit younger and will be happy to continue. So I guess I will be working well past 67

ollie989898 · May 12, 2019

rob1 said:
IMVHO its the reason the public sector are hard up, when you consider the percentage of people who work in the public sector and who were giving very high pensions it is costing billions, my wife pays in around 20% more per month than I do yet will recieve around ten times as much, I know the NHS do "contribute" but its only a paper figure.The "new"schemes are as generous but still better than a private one

Quite possibly you are on to something.

I have no intention of retiring. I've met too many people who found it extremely deleterious to their health....

czechmate · May 12, 2019

ollie989898 said:
Quite possibly you are on to something.

I have no intention of retiring. I've met too many people who found it extremely deleterious to their health....

Yes, exactly.

rob1 · May 12, 2019

Highland Mule said:
https://www.nhsemployers.org/your-workforce/pay-and-reward/agenda-for-change/pay-scales/annual

Band 7 is salary around £45k, I think. And a pension on nhs is based on 80ths, last time I checked. Roughly, that pension would cost about £15k/ year to replace with a private one. If she does her 40 years, she would retire with ~£60k lump sum and £23k/year, at today’s values?

How much would she earn in private sector? Rather more per year, I’d wager.

Yes those figures are about right IIRC when we last looked a few years ago, not sure what she would be paid in the private sector TBF, since virgin took over running this area she is working harder before it wasnt exactly hard graft, Im not dishing the hard work that many in the public sector do, many dont get paid well at all and do deserve higher pay, the problem is far too many managers who arent up to the job but earn a lot for very little

ollie989898 · May 12, 2019

czechmate said:
Yes, exactly.

I have no scientific explanation but I have met a lot of people, mostly men, who have worked their guts out for years in whatever vocation, they hit 65, retire under duress and then within 18 months, their body just gives up, normally through something cardiac in nature.

It's like the body just can't operate without a level of exertion or stress in the system or something.

czechmate · May 12, 2019

ollie989898 said:
I have no scientific explanation but I have met a lot of people, mostly men, who have worked their guts out for years in whatever vocation, they hit 65, retire under duress and then within 18 months, their body just gives up, normally through something cardiac in nature.

It's like the body just can't operate without a level of exertion or stress in the system or something.

Funnily, we were having a conversation about this a few days back and we all agreed it is uncannily common

lloyd · May 12, 2019

Highland Mule said:
As I was told by private sector people when I was a civil servant - if you think the grass is greener, why not move over? I’ve worked for both, and would not now go back to civil service unless I really needed to - but if you think it’s better, go for it.

Too old now
Hindsight is a wonderful thing

Brisel · May 12, 2019

ollie989898 said:
Quite possibly you are on to something.

I have no intention of retiring. I've met too many people who found it extremely deleterious to their health....

Stuff that. If all goes to plan I'll have a nest egg to go travelling with while I can still enjoy it & am fit enough. If not, my missus will do very nicely out of it. I'd like to choose not to have to work 100 hours/week because I can't afford not to. A bit of consultancy and sitting on a board or two will do me thanks

No cold turkey, just an easing back from where I am now. You're right - some people can't hack it. Others keep busy and last a long time.

I've met today's Golden Age on holiday. Retired in their late 50s on final salary pensions, with good healthcare to keep them fit. I remind them that their generation will never be seen again, as the rest of us will be working into our 70s and not be well enough to enjoy our retirement.

czechmate · May 12, 2019

Brisel said:
Stuff that. If all goes to plan I'll have a nest egg to go travelling with while I can still enjoy it & am fit enough. If not, my missus will do very nicely out of it. I'd like to choose not to have to work 100 hours/week because I can't afford not to. A bit of consultancy and sitting on a board or two will do me thanks No cold turkey, just an easing back from where I am now. You're right - some people can't hack it. Others keep busy and last a long time.

I've met today's Golden Age on holiday. Retired in their late 50s on final salary pensions, with good healthcare to keep them fit. I remind them that their generation will never be seen again, as the rest of us will be working into our 70s and not be well enough to enjoy our retirement.

There are loads of them here. Looks as boring as hell to me.

Highland Mule · May 12, 2019

lloyd said:
Too old now
Hindsight is a wonderful thing

According to your profile, you’re 45. If you think that’s too old to make changes, you probably wouldn’t be able to handle public sector. I had about a dozen job titles and was funded from four or five government departments without ever moving desk.

Highland Mule · May 12, 2019

ollie989898 said:
I have no scientific explanation but I have met a lot of people, mostly men, who have worked their guts out for years in whatever vocation, they hit 65, retire under duress and then within 18 months, their body just gives up, normally through something cardiac in nature.

It's like the body just can't operate without a level of exertion or stress in the system or something.

Nobody can be forced to retire any more, I understand. The pension may stop accruing after 40 years’ service, but you can stay on until you die.

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100% I’ve had enough of farming!

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