Fit_to_burst
You won't however accept a 15 year pensionable pay cap that allows you salary to rise by more but your pensionable bit to remain capped at RPI + 0.5%. Are you sure about that??
The impact of the R+.5% cap on the final benefits of members in their 20s and 30s is huge.
The modeller doesn't really show the reality of a 15 year cap being compounded over a 38 year career, and that's assuming the cap is eventually removed.
The actuary accepted that is was easily conceivable that guys in their 20s and 30s will end up with at best a 1/2 final pensionable salary scheme on retirement and quite possibly much worse!
I've noticed that the Unions and management have chosen not to frame the question as...
"will you agree to a likely 1/2 salary scheme rather than a 2/3rds?"