final salary or money purchase plan?
Suppose I work only for 1 year in my company and I also recall a period of one year. i contribute 4.1% (gross) in the final salary pension and my income is £ 15,000. Is this correct calculation of final salary? 1 / 60 * 15000 * 1 year = 249.99 249.99 is the amount i get each year from 1 year until I die and rise in inflation? or I can choose the regime puchase money where my employer match my contritbution of 4.1%. 1 year: 615 615 = 1230 me. I know I have to use the 1230 since the last salary to buy an annuity (Assuming a 6% = 73.8) is much smaller than the final salary of 249.99. therefore, it is best to choose the last salary? Thanks to retire in a year when a 65.
Not nearly enough detail. It is necessary to revise the pension rules. The £ 249.99 could increase inflation until you retire (again maybe not) The £ 1.230 for purchase the money will be invested in mutual funds (or similar) and thus increase (or fall) with the stock market. So the quantity available for purchase annuity, hopefully, over £ 1230. Either way, much will depend on how long before 65.
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