Final salary pension

[Bald Rick]

The last 20 or so posts demonstrate why it is so important to get independent advice.

For the record, Network Rail is running 3 separate pension schemes :

1) defined contribution (similar to schemes in most of the private sector)
2) defined benefit - career average earnings
3) defined benefit (Formerly known as finally salary).

You can only join the final salary scheme after 5 years service. And what counts as your 'final salary' isn't necessarily your final salary, particularly if you get promoted.

 

[redbutton]

Wher have you got this information about the minimum retirement age rising to 57 please?The minimum age for retirement is set by the Government!

It was expected that the government would increase the minimum retirement age to 57 as part of the pension reform bill in February, but it didn't happen.