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Pension questions
Comments
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As they left in 1993 the fixed rate GMP revaluation (if applicable) of 7.50% or 7.00% per annum is well ahead of inflation. The non GMP will just have kept pace with inflation.Albermarle said:
Well in reality you will actually get £4720 but adjusted for inflation . So in theory what you could buy in goods and services when you left the company for £4720 , you should still be able to afford the same things now.ccluedo said:Thank you squirrelpie, yes it was an extremely pleasant surprise as I had originally (in my ignorance of how pensions work) expected just the date of leaving amount of £4720 pa!
The effects of inflation on spending power is often underestimated.0 -
You worked there for 11 years in the 80s and accrued nearly £5k in pension? You must have a been a very high earner!"You've been reading SOS when it's just your clock reading 5:05 "0
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Not really, if it was a final salary 60ths scheme for example, you would only need a salary of about 25k to have achieved that after 11 yearssammyjammy said:You worked there for 11 years in the 80s and accrued nearly £5k in pension? You must have a been a very high earner!
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£25k was a lot of money in 1993 - perhaps the equivalent of £60k today?NoMore said:
Not really, if it was a final salary 60ths scheme for example, you would only need a salary of about 25k to have achieved that after 11 yearssammyjammy said:You worked there for 11 years in the 80s and accrued nearly £5k in pension? You must have a been a very high earner!1 -
https://www.in2013dollars.com/uk/inflation/1993?amount=25000ffacoffipawb said:
£25k was a lot of money in 1993 - perhaps the equivalent of £60k today?NoMore said:
Not really, if it was a final salary 60ths scheme for example, you would only need a salary of about 25k to have achieved that after 11 yearssammyjammy said:You worked there for 11 years in the 80s and accrued nearly £5k in pension? You must have a been a very high earner!
According to this it is nearer to 51k, still not a 'very' high earner.0 -
From memory I was on around £27k when I left which was a pretty good salary for a female in those days but believe me I worked hard and earned every penny
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