// Thanks everyone. It's a lot clearer now. When I paid in, it covered the pensions for people already retired. My pension now is being paid by the present NHS workers. Is that correct? //
absolutely correct
Your son can ring - but the new draw down rules havent been set down ( see FurryPC ) so he will be told you cant at present
Liabilities of a pension are now calculated as follows: ( see Old Geezer ) - what would be the total cost if everyone drew their pension, what ever their age, NOW ?
( excuse me, is that right ? No scheme ever has everyone vesting on the same day and no further conts )
and the answer is .... £ 163 bn.
that is why everyone runs around screaming " wer wer all our taxes are going to the NHS retirees ! and that is not fair " egged on by the govt I have to say - whereas they are in fact benefitting by £2 bn in this current financial year.