In an earlier contribution to this discussion,
rick stevens wrote:

Hi

Not sure if this is the right newgroup to ask ths, but here goes.

As part of a TUPE process, i have been given a one off chance to join
my new employers final salary pension scheme.

The information I have says your pension is based on your pensionable
service, and final pensionable pay in last 12 months.

The formula to calculate the pension is 1/60 x fpp x ps.

What exactly is pensionable service? Is it the number of years I
have been in the scheme?

Also, I am now 45, and have no other pension provision, is this worth
doing?
thanks for any advice

Rick


I agree with all the advice given by others. Even for 20 years, it is well
worthwhile being in a final salary pension scheme.

You didn't say what your previous pension arrangements were. Were you
already in a final salary scheme? If so, what will happen to the pension
which you have earned so far? The default would probably be to freeze the
scheme, and pay you a deferred pension from it. The problem with this is
that even if the deferred pension is inflation-proof, it's unlikely to keep
up with rises in *earnings* - which are invariable higher than price
inflation. The ideal solution would be to transfer any existing entitlement
into the new scheme - particularly if your pensionable service is
transferred on a year-for-year basis. I realise that the trustees of the new
scheme are not that likely to agree to such a deal - but you won't know if
you don't ask!
--
Cheers,
Roger
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