Pension at 60 after 23 years service

[Bahia Feliz]

Friend of mine said he will get approx £18,000 lump sum and £300 odd per month,seems a bit low to me for the lump sum at least.He will have been in the old final salary scheme for about 10 years from 1998-2008.

[heapsy]

Is he part time? Just about the only way the figure would be that low, unless he didn't join the scheme when he started. That is of course, assuming he read the statement properly.

[RobertT]

Friend of mine said he will get approx £18,000 lump sum and £300 odd per month,seems a bit low to me for the lump sum at least.He will have been in the old final salary scheme for about 10 years from 1998-2008.

With so little information and only vague figures it's virtually impossible to give a proper answer.

But assuming he's only taken his NRA60, which relates to all service up to 31st March 2010, and based on my own entitlement, personally I would say it sounds roughly about right.
If he's taken his NRA65 aswell, then it sounds too low.

But as pension entitlement can vary quite a lot from person to person, because of different allowances, periods of part time work, etc, nobody can say for sure.

[fly-catchers]

Like Robert said, providing that is only the NRA60 that looks about right for the number of years.

[Edward Hunter]

Friend of mine said he will get approx £18,000 lump sum and £300 odd per month,seems a bit low to me for the lump sum at least.He will have been in the old final salary scheme for about 10 years from 1998-2008.

Yes the pension really is pretty poor, its not until you also qualify for your state pension that things get better. Get your head down and work a few more years i suppose?

[97gaz]

Friend of mine said he will get approx £18,000 lump sum and £300 odd per month,seems a bit low to me for the lump sum at least.He will have been in the old final salary scheme for about 10 years from 1998-2008.

I took my NRA60 when I turned 60 in 2018. I started in 1997 so was in the scheme about ten years and maybe 6 years of that was 18hrs part time (although I pretty much worked full time during that period.

I took a £17k lump and got 2600 pa.