Pension input amount

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  • Escapar2020
    Escapar2020 Posts: 136 Forumite
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    My previous salary was 45k, doesn't feel like a massive rise!
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    Escapar2020 wrote: »
    My previous salary was 45k, doesn't feel like a massive rise!

    Suppose a rise of £8k p.a. leads to a pension rise of £4k p.a. that will be paid for, say, 25 years. That's a £100,000 you'll have gained. Quite a tidy sum, eh?
    Free the dunston one next time too.
  • zagfles
    zagfles Posts: 20,323 Forumite
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    Escapar2020 wrote: »
    My previous salary was 45k, doesn't feel like a massive rise!
    That doesn't sound enough to produce such a large PIA. Did you get another large payrise in the previous year?
  • Escapar2020
    Escapar2020 Posts: 136 Forumite
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    I dont plan to be in the job for 25 years!
    Most of the payrise is going to pay the mortgage early, hopefully 3-years time
  • Escapar2020
    Escapar2020 Posts: 136 Forumite
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    Nope, no other large payrises!
  • zagfles
    zagfles Posts: 20,323 Forumite
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    Escapar2020 wrote: »
    Nope, no other large payrises!
    I'd check the LGPS have your correct details then, because I can't see how the payrise you had could have caused such a large PIA. Around £40k perhaps, but not £70k.

    Do they have your correct hours? Did you do lots of overtime and has that been included in your FS pensionable salary? Did you have any previous LGPS service before 2001?
  • Escapar2020
    Escapar2020 Posts: 136 Forumite
    First Anniversary First Post Name Dropper
    zagfles wrote: »
    I'd check the LGPS have your correct details then, because I can't see how the payrise you had could have caused such a large PIA. Around £40k perhaps, but not £70k.

    Do they have your correct hours? Did you do lots of overtime and has that been included in your FS pensionable salary? Did you have any previous LGPS service before 2001?


    I will be tlking to the scheme as I want to plan for early retirement (won't be giving up work, just this job!).


    I did plenty of overtime, but all unpaid!
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