Guess what calculation we won’t see here?

But now, Beefeaters from the Tower of London, Hampton Court Palace and Kensington Palace could vote to strike for the first time in 55 years in a row over pensions.

Historic Royal Palaces (HRP) employees, including Jewel House Wardens and other workers, who have been affected by the closure of their pension will be balloted on strike action from Friday, November 30, which could result in a walkout.

Unions claim changes will mean members’ final salary pensions will be replaced by an inferior plan

What is the value, as a percentage of their annual pay, of the accrual of that final salary pension?

It’ll be an eye popping number and one that rather puts the lie to he idea that the public sector is underpaid.

5 comments on “Guess what calculation we won’t see here?

  1. Dunno, Tim. It’s a bit shit to pull the rug out from people who have stoically worn silly dresses for their country all these years.

    Also, I’m surprised the Beefeaters haven’t been forced to recruit transgendered demisexual black Hindoo womxn of colour yet.

  2. @Tim W

    Beefeaters (37) only mentiioned to invoke the public’s sympathy and support.

    Of all Historic Royal Palaces (HRP) employees, Beefeaters = 3.7%.

    Accounts:
    985 full time equivalent staff, cost £40m inc Pension contribs of £3.5m

    Excluding the Chief Executive, there were 44 staff including directors during the year earning in excess of £60,000

    Pension deficit is £8m

    The Charity operates a funded pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of HRP. From October 2002 the scheme was closed to new members.

    In accordance with the actuarial valuation, the employer has agreed with the trustees that from 1 April 2016 it will pay 31.8% of pensionable earnings in respect of the cost of accruing benefits and will meet expenses of the scheme and levies to the Pension Protection Fund.
    Page 36 https://www.hrp.org.uk/media/1584/2017-07-04_hrpfinancialstatementsfinal_v1.pdf

  3. Anecdatum:
    I worked for HMRC for 10 years, and had a notional amount stopped from my 18k salary towards a pension. It was less than 1% iirc.
    This week I got the statement that I’m entitled to 3.4k from my time, and from the age of 60!!
    This is round numbers and assuming zero inflation adjustments, but I could expect to draw about 50k in pension, or 5k for each year of ahem ‘service’ for a deduction of about 0.2k at the time of working.
    That’s a spectacular result, albeit at a low level compared to your NHS and Civil Service lifers.

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