Admin Maesknoll Red Posted October 7, 2021 Admin Report Share Posted October 7, 2021 On 03/10/2021 at 14:41, TonyTonyTony said: I only mentioned it as I have 2 company final salary pensions based on 60ths. I assumed public service final salary schemes were as good. I know a retired chap with 40/50ths. Schemes like that don’t exist anymore. I’ve moved around a lot, (had 20 jobs in 9 companies) so have several little pensions sat waiting for when I retire, a couple of them were final salary schemes one is 30/50ths, the other 40/60ths - wish I had 30 years in the 30/50ths at my current salary…… Quote Link to comment Share on other sites More sharing options...
TonyTonyTony Posted October 7, 2021 Report Share Posted October 7, 2021 2 minutes ago, Maesknoll Red said: I’ve moved around a lot, (had 20 jobs in 9 companies) so have several little pensions sat waiting for when I retire, a couple of them were final salary schemes one is 30/50ths, the other 40/60ths - wish I had 30 years in the 30/50ths at my current salary…… 30/50ths and 40/60ths means you have worked for 70 years ! To get 30 50ths you need to have worked for 30 years, and then you get 3 fifths of your final salary. What do you really mean? 3/50ths and 4/60ths? i,e 7 years worked? Quote Link to comment Share on other sites More sharing options...
Admin Maesknoll Red Posted October 7, 2021 Admin Report Share Posted October 7, 2021 8 hours ago, TonyTonyTony said: 30/50ths and 40/60ths means you have worked for 70 years ! To get 30 50ths you need to have worked for 30 years, and then you get 3 fifths of your final salary. What do you really mean? 3/50ths and 4/60ths? i,e 7 years worked? The 30/50ths scheme meant you got full pension after 30 years. I only had 4 years in it. Quote Link to comment Share on other sites More sharing options...
Ska Junkie Posted October 8, 2021 Author Report Share Posted October 8, 2021 On 07/10/2021 at 13:26, Maesknoll Red said: I’ve moved around a lot, (had 20 jobs in 9 companies) so have several little pensions sat waiting for when I retire, a couple of them were final salary schemes one is 30/50ths, the other 40/60ths - wish I had 30 years in the 30/50ths at my current salary…… I was in a similar position MR, with a fair few smaller pensions but wasn't really au fait with my position hence I went to a reputable pension company, after a lot of research and a very welcome recommendation. Now apart from a GFV fund and my current company pension, they're all in one pot. Much easier to keep on top of IMHO and I know where I'm at. If you can keep on top of all those pensions, fair play to you, I struggled with it so am happy with the action I took a couple of years ago. Quote Link to comment Share on other sites More sharing options...
Ska Junkie Posted October 8, 2021 Author Report Share Posted October 8, 2021 (edited) 16 hours ago, Maesknoll Red said: The 30/50ths scheme meant you got full pension after 30 years. I only had 4 years in it. Surely it's 4/50ths then? Edited October 8, 2021 by Ska Junkie 1 Quote Link to comment Share on other sites More sharing options...
Admin Maesknoll Red Posted October 8, 2021 Admin Report Share Posted October 8, 2021 11 minutes ago, Ska Junkie said: Surely it's 4/50ths then? It is for me, but for those that did 30 years it was a full pension, rather then the more usual 40/60 scheme. Quote Link to comment Share on other sites More sharing options...
The Dolman Pragmatist Posted October 8, 2021 Report Share Posted October 8, 2021 Just to clarify, in a final salary scheme if your pension is based on 60ths, for example, then a year’s service is worth 1/60 of your final pension. Most established final salary pension schemes are based on 80ths, so if you worked a full 40 years you’d retire on 40/80 (i.e a half) of your final salary. A pension based on 50ths would be incredibly generous as it would mean you could retire after 25 years on half pay. Quote Link to comment Share on other sites More sharing options...
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