Question re pensionable pay rises
I have yet to attend a briefing so have one question re RPI+0.5%. The question itself is quite possibly very stupid (just for a change).
What is the pensionable figure of RPI+0.5% based on?
The reason I am asking is, is it based on your current earnings at the time of us agreeing to this deal (that's if we do).
i.e. what happens if you are not at the top of the scale? Is RPI+0.5% based on the top of the scale for each banding or is it based on what we earn right this minute?
The obvious answer (and the one that we need it to be) is that it's based on the highest pay in your band, i.e. top of the scale, but the modeller on the intranet asks you for current pay, not projected and is therefore fatally flawed IMHO. If it's a wooly formula and is n ot tied down, could we see ourselves getting screwed over even more as with pay spine increases and annual pay awards, pay rises well above the underlying RPI.