RE: Guitarsolo26 Oct 2023 13:56
LTI
“ I believe that a calculation would have been made using old state pension (30 years contributions to get max) plus any SERPS payments, and compare with maximum payment (if 35 years contributions made) under the new pension, and whatever works out to be the highest amount , that is what will be paid”
So a person makes SERP’s payments and a pension value is based on old pension rate plus SERP’s on 30 years and it could be less than new pension value. If the same person works 35 years they will get the new pension rate regardless. The point here is that this person didn’t need to make any SERP payments in the past if they had known about the new pension, but hey, who has a crystal ball. In reality those people that paid SERP’s and the old total didn’t total more than the new scheme have paid money into a government black hole. Over years they could have saved thousands.