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New care scheme and last three years in ten rule

Discussion in 'Retirement' started by heldon, Oct 3, 2015.

  1. heldon

    heldon Occasional commenter

    I am 47 I have been buying back years to age 20. These will become paid up next Feb 2016. I have found out that because of lack of pay rises and the cpi rises that if I come out of the new career average scheme my pension which I intend to take at age 55 will be based on a salary of 10% above my current salary. My plan is to pay off the buy back then opt out of the career average scheme to lock in that 10% uplift. Inflation is looking as if it is going to be low over the next couple of years. I plan to do something else from age 50 to 55 then take teachers pension - I will have 27/80ths - hubby a bit older and still in 80th scheme.? Thoughts?
  2. mrkeys

    mrkeys Occasional commenter

    Are you now able to opt out of the career average scheme?
  3. lindenlea

    lindenlea Star commenter

    um. ??
  4. phlogiston

    phlogiston Star commenter

    I didn't think so.
    It's a plan to save the government money long term by reducing pensions, (but it isn't working at the moment and probably won't until they change the way they calculate inflation).
  5. jacob

    jacob Lead commenter

    Don't worry, they will!

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