Monkfish,
How does someone benefit from a career average pension based on level 20 through to 35 (AFPS15) versus a pension based on just level 35 (AFPS75)? I would have thought that someone on PAS would still be worse off on AFPS15? What am I missing??
An accrual rate of 1/70 on AFPS05 vs 1/47 on AFPS15. If your salary during your AFPS15 tenure is already at the top of your band, or is only going to increase a small amount, or you have less time to serve, this can benefit you.
If you only have 10 years to serve, 10 at 1/47 vs 10 at 1/70 is better if your average salary for those 10 years is near enough your final salary. Even a new-ish PAS person, 15 years at 1/47 on the average between £60k and £70k is better than 15 years at 1/70 on £70k.
Basically, have a look at the pension calculator. I have some forecasts that place me better off under a combined 75/15 pension in some ways.