What happens to my final salary pension if I leave the company?

[Beamer]

I have worked for RM for over 30 years and paid into the old final salary pension from 1993 until it closed in 2008. I have a chance of a new job but I don’t know how that will affect the final salary pension for me. I will obviously be due the pension when I’m 60 but if I no longer work for the company, how will my final salary be judged? I’m still a fair bit away from 60 by the way.

[freespeech]

I have worked for RM for over 30 years and paid into the old final salary pension from 1993 until it closed in 2008. I have a chance of a new job but I don’t know how that will affect the final salary pension for me. I will obviously be due the pension when I’m 60 but if I no longer work for the company, how will my final salary be judged? I’m still a fair bit away from 60 by the way.

Your "final salary" used to calculate your pension stopped a decade ago. If you look at your RMSPS statement from last year it will show the "final salary" used to calculate the pension. Your RMPP statement increases based on yearly increases but these are independent of whether you are still working for RM or not. In terms of NRA60 (ie final salary scheme) RMSPS will probably be 90% of it.

[Beamer]

I have worked for RM for over 30 years and paid into the old final salary pension from 1993 until it closed in 2008. I have a chance of a new job but I don’t know how that will affect the final salary pension for me. I will obviously be due the pension when I’m 60 but if I no longer work for the company, how will my final salary be judged? I’m still a fair bit away from 60 by the way.

Your "final salary" used to calculate your pension stopped a decade ago. If you look at your RMSPS statement from last year it will show the "final salary" used to calculate the pension. Your RMPP statement increases based on yearly increases but these are independent of whether you are still working for RM or not. In terms of NRA60 (ie final salary scheme) RMSPS will probably be 90% of it.

Thanks for your help. It won’t change drastically then, cheers.