Cpl Clotts figures also miss out cheap medical insurance for family, upgrades to business and a 15% company contribution to your pension pot. Your pension pot. Some thing you can do what you want with. Not be promised X, sign on to TOS to 55/65 then only receive 2/3 of X once you are so long in the tooth you have no option other than to stay
Vin, once you have earned that pension it is normally protected under AFPS. Hence, pretty much everyone right now is on either AFPS75/15, AFPS75/05/15 or AFPS05/15 terms right now - ie. the pension rights already accrued are protected. Also, the annual pension statement shows you what you have earned so far.
You are right, you can’t take it to ‘do what you like with’, but sometimes we all need protecting from ourselves and frittering away something that we will all need in the future. Also, looking at the crazy money Mrs LJ has invested in civvy pension schemes, and the pittance they currently plan to pay out, then I know where I want my pension pot to reside!