...and if you CHOOSE (a choice you didn't have before) to work longer you'l earn even more from your pay and get an even bigger pension.
With respect Crash, you're missing the point.
I am happy with the principle that if I
CHOOSE to work for longer I will earn more and get a bigger pension. What I object to is effectively being
FORCED to work significantly longer for the pension I was expecting at 55. As I said earlier, my figures mean I break even at about the age of 63, which is eight years longer than the current situation. If I am in fact able to leave as planned at 55, I will get a 40% cut in my pension. That is neither practical nor fair.
If I leave at 63, before the proposed Normal Retirement Age, I will still take a cut in my pension compared to staying for the last two years....
and finally....
No. I won't be earning any more money. In fact, I will be working those last ten years for what amounts to a third of my pay. Why? Well, under the current system I will get two thirds of my salary at 55 for not working for BA (I consider it deferred pay - they could have paid me significantly more per month but with no pension but they chose to do it this way). If I now have to work those extra ten years, I will only be getting a third more than I would have done had I been retired.
Consider the people who are actually going to have to live with this before you start spouting the management lies.
