shall I go for promotion to boost final salary pension

Muscle750

Motor trade repairs and some recovery 25 years in present job FS scheme pulled from under our feet in 2006 and transfered into DC scheme 5% from my salary and 5% from employer. All OT paid at flat rate. even weekends dragging some Doris out the ditch

[Deleted User]

stoozie1 wrote: »

NHSBSA uses the following worked example which may help:

The following examples illustrate how this works:
(1) Danny joined the 1995/2008 Scheme in 2005, so he was in the 1995 Section for 10
years before moving to the 2015 Scheme. He has no breaks in his membership of five or
more years and retires at age 60 in 2030.
Danny’s Preserved Rights for benefits for the period 2005 to 2015 are calculated in
accordance with the rules of the 1995 Section and based on his ‘Final Year’s Pensionable
Pay’ as at his retirement in 2030 (pensionable pay in the final twelve months or in either of
the two preceding years if higher).
Danny’s benefits for the period 2015 to 2030 are calculated in accordance with the rules of
the 2015 Scheme.

Perfectly explained - thank you!

jerrysimon

Muscle750 wrote: »

and by the way for someone in IT for 25 years plus keeping the country afloat its Career not Carear.

You are a funny man :rotfl:

I think when I started my pension I only contributed the widow's portion of 1.5% only. That was way back in 1977!

Can't remember when it started but eventually it was contributary. So in answer to your question all of it in the early years, but less (but still way over what I paid in) in the latter years.

I recall a figure quoted of employer contribution of 23% though can't remember now ?

bigadaj

greenglide wrote: »

But the public sector pensions are almost all Care schemes these days and salary increases don't have the same impact on pensions.

Why didn't you have a tirade against the closure of private DB schemes rather than the race to the bottom you seem to want.

If all the public sector schemes were closed today, you would be no better off.

Well if all of the schemes were closed down then people would probably be better off as there would be a marginal reduction in taxation from the saved liabilities. There would be other consequences, in many ways it would be better to remove the db schemes and replace them with DC. This wouldn't fly politically as it would simply bring forward the liabilities which no sane politician would countenance, always better to kick cans down the road and let future generations, of taxpayers and politicians, have to deal with it