Age 60
Join Date: Mar 2005
Location: Europe
Posts: 45
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First some allround thoughts about pension before I make my point. Skip to the last paragraph if you prefer...
I am about 30 years old now, and have been saving some money in a pension fund since I was 20 (my first flying year as FO). I never stopped doing so, even though I have lived through a bankruptcy along the way and was payed very badly at the start of my next company. (needless to say, it is just a tiny amount I set aside each month).
Now, UK companies (alike with the US majors), are finally getting rid of their impossible pension systems where the company keeps on paying for people who are retired. Governments all over the western world are now struggling to pay pensions to the retired mass with what the workers are contributing. The airlines have the exact same problem: the system had to go and luckily it has. (imagine an airline existing over 70 years: then it would pay as much to the working as to the retired employees every month)
I am now joining BA, and am very happy that from now on they contribute each month in a personalized account, together with the percentage I decide to put in myself. This is money I cannot lose, even in the unlikely case of a bankruptcy. It is mine from the start and I will get it when I retire: the company cannot touch it anymore. (It should be clear that I will not have this money invested in the by BA proposed stocks - I will make sure it is a safer insurance based growing capital.) Please save the discussion about the percentage the airline should pay for another topic, ok?
In Europe, most airlines have such a groupinsurance system which does not pose any burden on the company at all when somenone retires.
Everytime you swith companies, your money stays frozen (but keeps on growing at a certain percentage) at it's last amount. You don't lose it. By now, I have two frozen groupinsurances which will provide me with a certain sum at pension day. And a third one starts at my start date with BA.
Conclusion: if you complete a carreer in today's aviation, you will have a pension you can live from in the end.
My point is: even retiring at 55, I will have a decent pension - though I will not be rich.
In the contract I just signed, it says 55 as my retirement date and I accepted that by signing that contract. Will I be happy to see my contract terminate when that day comes? Probably not: I hope and believe flying will still be a passion to me. But I will accept it. However, it DOES NOT mean I need to give up flying: other companies anywhere in the world will always offer that possibility - if I don't prefer to just watch my grandchildren grow up.
As far as I see it now: 60 is a nice age to stop airline flying. I am absolutely voting to keep our pensionable age at 60 at max. Governments all over the world are trying to make people work as long as possible, and we would VOLUNTEER to increase our pensionable age? You do realise that that limit decides when you can cash in your groupinsurances, right?
Greetz,
F.
I now I overdid it somewhat, writing such a long post, but I think this topic is of extreme importance for all of us.
And for the record: the presumption that an increase of the pensionable age will delay all upgrades for ages is not an issue I believe. Captain in 15-25 years only? How on earth can one make a serious assumption about that in this ultrarapidly changing world of aviation? Cheer up you guys
I am about 30 years old now, and have been saving some money in a pension fund since I was 20 (my first flying year as FO). I never stopped doing so, even though I have lived through a bankruptcy along the way and was payed very badly at the start of my next company. (needless to say, it is just a tiny amount I set aside each month).
Now, UK companies (alike with the US majors), are finally getting rid of their impossible pension systems where the company keeps on paying for people who are retired. Governments all over the western world are now struggling to pay pensions to the retired mass with what the workers are contributing. The airlines have the exact same problem: the system had to go and luckily it has. (imagine an airline existing over 70 years: then it would pay as much to the working as to the retired employees every month)
I am now joining BA, and am very happy that from now on they contribute each month in a personalized account, together with the percentage I decide to put in myself. This is money I cannot lose, even in the unlikely case of a bankruptcy. It is mine from the start and I will get it when I retire: the company cannot touch it anymore. (It should be clear that I will not have this money invested in the by BA proposed stocks - I will make sure it is a safer insurance based growing capital.) Please save the discussion about the percentage the airline should pay for another topic, ok?
In Europe, most airlines have such a groupinsurance system which does not pose any burden on the company at all when somenone retires.
Everytime you swith companies, your money stays frozen (but keeps on growing at a certain percentage) at it's last amount. You don't lose it. By now, I have two frozen groupinsurances which will provide me with a certain sum at pension day. And a third one starts at my start date with BA.
Conclusion: if you complete a carreer in today's aviation, you will have a pension you can live from in the end.
My point is: even retiring at 55, I will have a decent pension - though I will not be rich.
In the contract I just signed, it says 55 as my retirement date and I accepted that by signing that contract. Will I be happy to see my contract terminate when that day comes? Probably not: I hope and believe flying will still be a passion to me. But I will accept it. However, it DOES NOT mean I need to give up flying: other companies anywhere in the world will always offer that possibility - if I don't prefer to just watch my grandchildren grow up.
As far as I see it now: 60 is a nice age to stop airline flying. I am absolutely voting to keep our pensionable age at 60 at max. Governments all over the world are trying to make people work as long as possible, and we would VOLUNTEER to increase our pensionable age? You do realise that that limit decides when you can cash in your groupinsurances, right?
Greetz,
F.
I now I overdid it somewhat, writing such a long post, but I think this topic is of extreme importance for all of us.
And for the record: the presumption that an increase of the pensionable age will delay all upgrades for ages is not an issue I believe. Captain in 15-25 years only? How on earth can one make a serious assumption about that in this ultrarapidly changing world of aviation? Cheer up you guys
I can only assume from his postings that LHR Rain is newly qualified and on his first wife!! Pilots should be allowed to retire when they feel the need or fail to make the required medical standard. We should not be bound by company rules and the need to make way for the next generation. It will come to you all with time! You just have to be patient!! There are many people, who for no fault of their own, have ended up with less than an ideal pension. They should not be hounded on this forum. Indeed, they should be encouraged to continue to work and help the next generation pay for their state pension! That is assuming Gordon does not scrap it before we all get to 70!!!
