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Q&A » Pensions
How am I supposed to know what my pension might be at retirement, s it as simple as number of years times a sixtieth times my final salary
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879There should have been a Final Salary statement issued when the scheme closed. That should give the benefit as at that date and also it should have said what increases it would get between then and the Normal Retirement Date.
It is not usually possible to forecast ahead accurately because the rate of increase usually is the lower of RPI/CPI and a fixed rate. Which will be the lower overall will not be known until NRD.
If the basis was not stated at the time, you should be able to find the basis in the booklet that you should have received about the scheme.
If the fixed rate basis is something like 2.5% then you could assume that it will not be far short of that amount.
Mike
Posted on 12 October 2012 |
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