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The Retirement Thread

2 lurkers | 176 watchers
GregP
GregP
Jul 2022
10:31am, 15 Jul 2022
137,110 posts
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GregP
Yes, final salary is much more complicated, I assume.
Bazoaxe
Bazoaxe
Jul 2022
10:36am, 15 Jul 2022
23,148 posts
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Bazoaxe
I hadnt thought about Final Salary and the impact of going part time. Fortunately not a consideration for me as my DB is now closed, and was RCAS as well

I do recall when my Mum retired, she was final salary in the local council, but they allowed her to go to 4 days then 3 days in the 12 months before age 65 without a drop in pay and presumably no impact on her pension.

That was about 11 or 12 years ago though
Fields
Fields
Jul 2022
10:44am, 15 Jul 2022
5,458 posts
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Fields
Isn’t there often a best of 3 years rule for schemes?
Flatlander
Flatlander
Jul 2022
10:52am, 15 Jul 2022
2,528 posts
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Flatlander
For my NHS final salary pension scheme it was the best year of your final 3 years, calculated pro rata so it didn't matter if you were part time in those last 3 years. Being part time only had an effect when calculating the number of years service.
The NHS pension scheme was undergoing major changes (which didn't affect me) when I retired so it will be different for current NHS employees.
Ness
Ness
Jul 2022
11:05am, 15 Jul 2022
23,274 posts
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Ness
The Teachers Pension Scheme was a final salary scheme up until 2015 and then changed. I had a career break when I was 50, returned to do some supply teaching and then did a couple of years on a lower grade contract in a different school. The changes were quite useful for me.
Lip Gloss
Lip Gloss
Jul 2022
11:46am, 15 Jul 2022
63,461 posts
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Lip Gloss
Some of the changes in the NHS pension doesn’t seem to have worked so they are reverting back. At the moment it’s a bloody complicated way to work out my pension as they had split it up. Hopefully by next November they have it back in one pot.
GregP
GregP
Jul 2022
1:54pm, 15 Jul 2022
137,115 posts
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GregP
Sorry for the brag (well I'm not, but hey). I just learned my old DCI entered a formal nomination for me for Police Staff Member of the Year. Second time I've been nominated in seven years I think.

This has got to strengthen my negotiating position re dropping to 20 hours a week instead of retiring, yes?
cathrobinson
cathrobinson
Jul 2022
1:55pm, 15 Jul 2022
10,336 posts
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cathrobinson
Congratulations, Greppers. That’s worth bragging about :-)
HappyG(rrr)
HappyG(rrr)
Jul 2022
1:55pm, 15 Jul 2022
42,982 posts
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HappyG(rrr)
Wow, given there must be thousands of Police Staff, that seems a pretty prestigious nomination Grep. Well done. :-) G
GregP
GregP
Jul 2022
2:01pm, 15 Jul 2022
137,117 posts
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GregP
Thanks gang. I'm very pleased. Yes - roughly 3,000 at my place I think.

About This Thread

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A place for baggy spaciousness: "The quality of time, soft attention and ease that we could enjoy 'doing nothing' "
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