It's Officially 10.1%

[notnarcissus]

This is easily proved. Let's use the end of the pay dispute as an example, from 1st July 2004 a FF would have been earning £25K plus the LSI was still around at £990. If that individual had retired on 1st July 2005 then their 40/60ths pension would have been £17, 326.67 OR £12,995 after commuting 25%. In my next post I will post a Government table where we can pick out the retirement date of 1st July 2005 and see what the compounded increase needs to be added to these pension figures to show us what pension that FF would be on as of the 1st April 2023. Strap in, it's going to be a wild ride.

If this imaginary FF, (although there will be many which chose that date to retire on), had retired on their 50th birthday then they will be currently 67 and drawing a state pension too.

[ATTACHMENT NOT FOUND]
From the Table, above, we can see the retirement date of 1st July 2005 gives us a factor of 1.6420, that’s an increase of 64.2%. The factor of 1.6420 can be used to calculate the values of those pension figures I posted earlier, both pre and post commutation.

[notnarcissus]

I gave the example of a FF retiring on 1st July 2005 with a pre commutation pension pot of £17, 326.67 and a post commutation pension pot of £12,995.

What happens if I increase both amounts by a factor of 1.6420?

£17,326.67 X 1.6420 = £28,450.39. That's a net pension of £25,274.31/annum or £2,106.19/month

£12,995 X 1.6420 = £21,337.79. That's a net pension of £19,584.23/annum or £1,632.02/month

A FF who retired on the 1st July 2022 would have had a total pension pot of £21,496. (I am assuming they reached 30 years at 31st March 2022 and delayed retirement to the 1st July to make the wage figure easier to calculate). This pension figure would reduce to £16,122/annum if a maximum lump sum was taken.

I rest my case.

[The Bald One]

Sorry NN....I am absolutely lost !....no worries though...its me !...lol..

Baldy.

[The Bald One]

Sorry NN....I am absolutely lost !....no worries though...its me !...lol..
NN
Would they have a pension pot of £21,500 in 2022 ?...are you saying there are FF's on £30,000 approx.....so 2/3 is £20,000..-£5,000...if so I get it......
But I had my pension in 2012 of £20,000...then - 1/4..to £15,000.......that's 10 years ago....?

Regards

Baldy.

[notnarcissus]

Sorry NN....I am absolutely lost !....no worries though...its me !...lol..

Baldy.

A FF pensioner who retired in 2005 is much better off than a FF pensioner who retired in 2022, this is because annual pension increases, based on inflation, have outperformed pay rises, by a significant amount.

[notnarcissus]

Sorry NN....I am absolutely lost !....no worries though...its me !...lol..

Baldy.

2012 wasn't the best year to retire, but if you were waiting to get to 30 years this is necessary, but you will be better off than everyone of your rank who has retired since. You say you retired on £15K, fair enough, come back and tell me how much that is after this April. I could tell you if you gave me your retirement date and your annual pension at the point you retired.

[The Bald One]

I understand NN...I am not ungrateful believe me...I can see what you are saying...but find it hard to say I am better off then other FF's later on.....but i will !...the pension will go up 10.1% this year so that's another higher rise then they get.....
Maybe there are figures in what bracket the lowest and to the highest our pensions have been paid out......its interesting...