Pension contributions question

loftus

I am a member of my company's final salary pension scheme. As with many (most) schemes they are going to alter the conditions - changing the accrual rate, upping the retirement age - but if this means the scheme survives I can swallow it.
This has provoked one unrelated question though and am hoping someone knows more than me (not hard) and can answer it for me.
I have 24 years services under the 1/50 accrual rate. Under this rate I would have had to have worked another 9 and a bit years to accrue a full pension. Under the new rules (from 2007) I guess I will have to work another 11ish years. With the new retirement age I will still have another 8-9 years of work ahead of me.
I presume I would continue making contributions for these years despite it actually giving me no extra benefit - is that correct?

Andy_L

Depends on the scheme rules. With many FS schemes once you've acrued the max years of service you still have to keep paying the same contributions.

You are still getting the benefits of salary increase increasing the value of you pension & any ill-health/life insurance benefits if that makes it any easier to swallow.

loftus

Yeah, thought so - and yes the point about scheme benefits is a good one.
Just got to hope it keeps going :-)