There are 31 results for the search term: "final salary".
When the LGPS changed from a final salary to a career average pension scheme in 2014, members who were within 10 years of their Normal Pension Age on 1 April 2012 were protected from the changes. The Normal Pension Age in 2012 was generally 65. In simple terms, when a...
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When you take your pension, your pension fund will compare the career average pension you built up in the remedy period with the pension you would have built up in the final salary scheme. If the final salary pension is higher, the difference is added to your pension. The underpin...
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Most members will not see an increase in their pension because the pension they build up in the career average scheme is better than the pension they would have built up in the final salary scheme. The underpin is more likely to mean an increase to your pension if: your...
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There will be no change to your pension until you take it. This means that any adjustment for early or late payment can be taken into account when your pension fund compares your career average and final salary pensions. Most members are unlikely to see an increase to their pension....
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