Pension input amount

Escapar2020

My previous salary was 45k, doesn't feel like a massive rise!

kidmugsy

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?

zagfles

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

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

Nope, no other large payrises!

zagfles

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

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!