Originally Posted by
M1key
It’s certainly a complex issue for many that are staying for longer and want to know what the sums are. To many, however, the sums should be quite straightforward. I have a little over 9 months left. I know what my Lump Sum and Pension are expected to be on 75/15. I don’t, however, have access to a 75 Calculator. Can someone confirm please that the workings are based on 1/47th per year of your Final Salary under the 75 Scheme? I’ll have done 16 years so will be 16/47 x Final Salary x 3 (Lump Sum) and 16/47 of Final Salary Pension. Clearly this Final Salary will depend on what the AFRB increase will be next year. Leave in Oct 2020 on an Option.
I did a little over 10.5 years on 75 and 5.5 years on 15. The difference is significant for me between the two, but can someone please validate (or not) how I’m working it out? Thanks in advance.
Use the Pension Calculator as you have but change your date of birth to earlier so that you qualify for the grandfather rights and would have got to stay on the 75 scheme. This will give you the simple calculation for remaining on the 75 scheme throughout. I'm out in 6 months time and the difference for me is around £5k per year if was able to remain on 75 rather than transfer to 15.