Originally Posted by
Equilibrium
Can the Government do this to us?**
To you, most probably not. To your successors, almost certainly.
You are in one pension scheme or another; that is part of your ToS. The 05 scheme was the scheme to which new recruits would automatically be joined. The scheme had certain attractions and was offered to people in the 75 scheme. Some chose to change and some chose to remain in the old scheme. It was your choice.
Any new scheme must balance economic reality with sufficient recruitment potential to sustain recruitment and retention.
Flying Instructional Pay and Flying Pay was an example of how changes in new ToS might be introduced. At first FIP was reduced, then delayed, then abolished. Flying Pay was changed. In the former their belief was that people wanted to join to fly and you didn't need to pay them an incentive so to do. I guess it might have put some off but clearly had not real effect. The Flying Pay change to tiers also had an effect but perhaps not as well received as had been hoped.
So your new pension scheme might have incentives that make it more attractive to switch - say a personal contribution leading to a bigger pension. The downside of that is that you would lose an element of pay and have a potential of early death precluding you drawing your pension.
KF, thank you for that, 75 it was although the buying in for widows pension was 73. And your link helped not a lot.