I’ve had sight of the new forumla for working out my pension commutation.
I don’t know how widespread the ability to commute your pension is, maybe you can do this in every job, I have no idea. Basically, what it means is that when you retire & your pension is due, you get a set amount of money in the form of the pension. You can convert part of the pension to a cash lump sum but get a reduced pension.
There’s a forumla where you can work out what your pension will be if you convert varying amounts of it to the lump sum & what the lump sum is likely to be. It’s based on your age at retirment.
The Federation had a little Exell spreadsheet in which you could enter your rank & age & it would give you a pension forcast.
Unfortunately, it became defunct when the Home Secretary announced the pension changes a couple of months ago. As far as I’m aware, a new calculator thingy hasn’t been released yet.
There’s some new charts floating around at work. You can look up a calculation figure based on your age, rank, inside leg measurement double it, add 27, half it and divide by the amount of complaints received in the last five years.
The calculator on my mobile almost caused my sim card to fry but after a few beeps, squeaks and some smoke it finally came out with a figure, which is over twenty grand more than it would have been prior to the change.
I made the mistake of informing Mrs Weeks of the new-found joy. Ever since I keep finding little post-it notes around the house; “needs replacing” is appearing on all the kitchen appliances, bedroom furniture & bathroom suite items.
I have a feeling that whatever I do when I retire, DIY will form an increasing part of it.