Final Salary pension question

Viz_2

I'm 30 years old and been in my work final salary pension scheme for the past 9 years.

Assuming I stayed working and contributing to the same scheme for another 20 odd years I think I reach the maximum amount for a full pension.

I currently pay £225 per month. Work pay £450 per month.

My question is what happens after the next 20 years ? Do I continue paying in ? Will I recieve more than the 2 / 3 retiring annual salary ?

Thanks

Andy_L

Depends on the scheme rules, generally you keep paying in. Whilst you receive no extra years your pension will increase because your salary is increasing.

btw are you sure you receive a full 2/3rds salary pension after only 29 years? Thats an extremly generous deal if it does.

Viz_2

The maximum years to pay in is 30, I think. But my retirement age is 62. I would lose around 4% for every year early that I retire.

I wondered about the extra 12 years payments if I stayed there until 62.