Crosswords3 mins ago
Final Salary Pension
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I am currently in a Finaly Salary Pension scheme, where it is non-contributary, and pays 1/70th.
They are giving the option to change it to contributing 6% of salary,and having it a 1/60th scheme.
I still have 35 years before I can draw my full pension, and earn approx. 30k
If I was to stay in the same job, with the final salary pension scheme, would it be of benefit for me to contribute to the 1/60th scheme? or not? How long would I need to live to see any benefit?
Many thanks
R
They are giving the option to change it to contributing 6% of salary,and having it a 1/60th scheme.
I still have 35 years before I can draw my full pension, and earn approx. 30k
If I was to stay in the same job, with the final salary pension scheme, would it be of benefit for me to contribute to the 1/60th scheme? or not? How long would I need to live to see any benefit?
Many thanks
R
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Hi,
Bit of a strange answer to your question BUT as many companies are closing down their Final Salary Pensions due to the high costs I personally would open my own additional pension plan as a precaution for the future and start paying in to that especially as we do not know what the future holds regarding state pension. 35 years is a long time to pay in �1800 per annum should have a nice little packet at retirement age (what ever that will be then)?
KJN
Bit of a strange answer to your question BUT as many companies are closing down their Final Salary Pensions due to the high costs I personally would open my own additional pension plan as a precaution for the future and start paying in to that especially as we do not know what the future holds regarding state pension. 35 years is a long time to pay in �1800 per annum should have a nice little packet at retirement age (what ever that will be then)?
KJN
Only 1 answer
