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Final salary pensionable pay

20 Mar 2017, 19:38

Can somebody clear this up for me. When this pension closed in 2008,i had 24 years service. Now my question. Do i receive a 24 yr final salary pension based on my pensionable pay in 2008. Plus rpi until 60. Or do i receive, 24years final salary pensionsble pay based on my pensionable pay, when i reach 60.

Final salary pensionable pay

21 Mar 2017, 19:43

Your final salary pension up to the 31st March 2008 is currently based on your current salary. That will only change after 31st March next year when it will remained linked to your 2017/18 salary and them increase with the RPI thereafter. That change assumes the current pension proposal occurs.

Final salary pensionable pay

22 Mar 2017, 15:42

Fly-Catchers.

Thanks for that. I was informed by cwu where I work that my final salary pensionable pay was frozen in 2008 when the pension scheme closed. I will go back and tell them to check on what they are telling colleagues. So whatever my pensionable pay is for 2017/2018. Will be frozen . I can go on days for remainder of my career. if only basic pay becomes pensionable and it wont affect any pensionable service before 2018 ?

Final salary pensionable pay

22 Mar 2017, 21:18

The only current freezing of the final salary scheme is you cannot add any more years to it. When do you hit 60? As it seems likely that RM will get their way your and mine amount will be based on any pay rise we get this year. If no pay rise it will be based on 2016/17. As a rough guide look at your wage slip where is said's pensions contrib pay. Times that figure by 52. and times that figure by 1.67% That gives you the amount you will get for each year you have worked up to 2008. So in your case you times that by 24. And the supplement you get when you leave RM and until you State Pension starts is roughly £55 for each year you have worked. So £55 x 24 = £1320. In addition to that you get two years worth of CARE pension which I roughly calculate as being about £300 per year and about £56 for its supplement. Plus the 8 years of CARE up to March 31st 2018 which goes towards your NRA 65. Hope that makes sense!!

Final salary pensionable pay

22 Mar 2017, 21:44

I hit 60 in 9 years time. My current weekly pensionable pay £548.53

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