16% over 5 years gives an average of 3.2% per year - seems a reasonable approximation and is below what I used when I did the same calculation this afternoon. Bizarrely, I also couldn't help thinking that if I pulled the plug now, my pension would go up 5.2% in April. We are certainly living in interesting times....
My enthusiasm for 'going the extra mile' has also lessened noticeably over the last 12 months. I think it bodes ill for the future - I don't know anyone who hasn't run their details through the redundancy calc in the last month or so - standby for a complete collapse of morale.