Or is it…
The final salary scheme can no longer be added to after March 2022 but that doesn’t mean the end…your future salaries will still be used in working out the pension – so make sure you know how to get the most out of that!
Final Salary – The End?
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Hi David, Thank so much for your invaluable help. I am very confused about taking a one month pension break. I am a 53 year old teacher planning to retire at 60. My highest revalued salary was in 2014-2017. When will the 2014 salary disappear? Also if I take a pension break, for how long will I be able to “use” 2014? For example will I still be able to use it in 2030 when I retire? Finally do you know if we can still get 2 years free if we buy buy out before April? Thank you.
2014 will disappear month-by-month as we move through 2024. Now, in February 2024, both January and February 2014 have become too old to be used and have been lost from the calculation.
A break means you will FOREVER be able to use the 2014 salaries.
The Buy Out thing is an unusual one and given a bizarre post put out on Friday 2 Feb I am not sure they know what they are doing!