Pension accrual rates

[wmgw15]

Good morning, as of the 1st of April 2022 it is likely that I along with others will be moved onto the new 2015 scheme at which point I will have 29 years and 4 months in the 1992 scheme. Does anybody know if if the 4 months will count as part of a 45th i.e. 29.3/45 or if it is whole years that count only?Many thanks.

[baldygeezer]

Your 4 months will count, every day counts!

[wmgw15]

Your 4 months will count, every day counts!

Cheers baldy, do you know how each day is calculated into the 45th’s? Nice one!!

[notnarcissus]

Cheers baldy, do you know how each day is calculated into the 45th’s? Nice one!!

The formal uprating, for someone who does 30 years, is to multiply years times 1.33 to give you the correct amount of 60ths.

29.33 X 1.33 = 39/60

[notnarcissus]

The formal uprating, for someone who does 30 years, is to multiply years times 1.33 to give you the correct amount of 60ths.

29.33 X 1.33 = 39/60

I mustn't forget the additional decimal place, it's apparently 1.333

[wmgw15]

I mustn't forget the additional decimal place, it's apparently 1.333

Many thanks for the information, I couldn’t remember if it was to two or three decimal places

[notnarcissus]

Many thanks for the information, I couldn’t remember if it was to two or three decimal places

I’ve seen both published but I always felt 2 decimal places did not give enough accuracy. It should really be 3 recurring after the decimal point but accuracy to that degree starts to become unnecessary at a certain point due to it only being required to uprate pension benefits in pounds and whole pence.

[wmgw15]

I’ve seen both published but I always felt 2 decimal places did not give enough accuracy. It should really be 3 recurring after the decimal point but accuracy to that degree starts to become unnecessary at a certain point due to it only being required to uprate pension benefits in pounds and whole pence.

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