fina salary pension query

fairycake

Hubby has 2 years till retirement. is it correct that it is a good thing to pour as much money as you can in the final years into the pension? thanks.

p00hsticks

fairycake wrote: »

Hubby has 2 years till retirement. is it correct that it is a good thing to pour as much money as you can in the final years into the pension? thanks.

I'm not sure I understand (but then I'm not an expert).
If it;s a final salary pension as your thread title suggests, then surely the pension payment is linked to how much he earns and not how much he contributes, which will be fixed ?

You;d need to look into how the scheme defines ' final salary' (some schemes take the average or best over the last few years before retirement) and see if there is anything you can do to maximise the value.

bigfreddiel

p00hsticks wrote: »

I'm not sure I understand (but then I'm not an expert).
If it;s a final salary pension as your thread title suggests, then surely the pension payment is linked to how much he earns and not how much he contributes, which will be fixed ?

You;d need to look into how the scheme defines ' final salary' (some schemes take the average or best over the last few years before retirement) and see if there is anything you can do to maximise the value.

The title says fina salary, this may be something completely different from a final salary pension.

Need some clarification fj

kidmugsy

OP, do you mean that your husband can buy extra years of service in the FS scheme by making additional contributions?

atush

Or is there an AVC to pay into?