Final Salary Pension
Discussion
I was hoping one of you lot could help me understand this a little more?
I have just had an offer from a company which includes a final salary pension. However, I am still in the move company every few years to maximum my salary and experience mode.
If for explain if I were to stay 2 years, what would I likely see in terms of money when I retire? Would I still need to be paying into the scheme, even when I had left the company? Would I be allowed to keep paying in, to ensure a greater value at retirement?
All help would be great.
I have just had an offer from a company which includes a final salary pension. However, I am still in the move company every few years to maximum my salary and experience mode.
If for explain if I were to stay 2 years, what would I likely see in terms of money when I retire? Would I still need to be paying into the scheme, even when I had left the company? Would I be allowed to keep paying in, to ensure a greater value at retirement?
All help would be great.
Two years would most likely give you 2/60ths or 2/80ths of your leaving salary which would increase at inflation, but capped at 5% pa. You need to read the offer...
It is very very very unlikely you would be able to keep paying into it after you leave. If your employment is for a short period they may just reimburse the contributions, again, you need to read the offer.
It is very very very unlikely you would be able to keep paying into it after you leave. If your employment is for a short period they may just reimburse the contributions, again, you need to read the offer.
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