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Pension and retirement


Ska Junkie

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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……

 

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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? 

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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.

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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.

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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.

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