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If you haven't received your ballot

posted 25 May 2011, 08:51 by Camden NUT
Ballot hotline

Phone the hotline between 9am and 5.15pm on 020 7380 6300 or e-mail action@nut.org.uk.
The ballot closes on 14th June.

Leak exposes scale of attack on our pensions

“The models in the paper suggest that the [accrual rate] should rise to either one 80th, 90th or 100th, of the salary accrued for each year worked. It means some public sector workers would have to work ten years longer to get half of their average salary”.
The Guardian (20th May 2011)

An example of what government are offering

For a teacher who goes into the profession at 23, doesn't take any promotions and retires at 60 on UPS3.
The government say the average pay of a retiring teacher is £37,795 and their career average salary is £36,031.*

Below are the pension and lump sum payments they will receive under different pension schemes:

Pre-2007 pension scheme (1/80ths + lump sum + normal retirement at 60)
Annual pension = £37,795 x 37 / 80 = £17,840
Lump sum on retirement = £52,540

Post-2007 pension scheme (1/60ths + normal retirement at 65)
Annual pension = £37,795 x 37 / 60 - 24.7% (for retiring early) = £17,550
Lump sum = £0

Government's best offer (1/80ths + normal pension at 68)
Annual pension = £36,031 x 37 / 80 - 35.6% (for retiring early) = £10,731
Lump sum = £0

Government's worst offer (1/100ths + normal pension age at 68)
Annual pension = £36,031 x 37 / 80 - 35.6% (for retiring early) = £8,585
Lump sum = £0

So the government's best offer cuts our pension by 39%.*
Their worst offer cuts our pension by 51%.*

Say NO to pay more, work longer, get less.
Vote YES in the ballot.

*If the teacher gets any promotions their career average will be a lower proportion of their final salary. So they will lose more.
The comparison is with the new pension scheme. If you compare the government's offer with the old scheme, then their best offer is a 51% cut and their worst offer is a 61% cut.
This doesn't include the 15% cut as a result of changing our pension's indexing from RPI to CPI.