8 March 2023
On International Women's Day 2023, we wanted to share some fascinating facts about our female membership, and encourage everyone to engage with their pension to ensure financial security in retirement!
The cost of living isn't just affecting us right now, looking forward to your retirement the average annual income for a "moderate" retirement has increased to £23,300 for a single person and £34,000 for a couple.
The table below is taken from retirementlivingstandards.org.uk provinding a guide of what the cost of retirement looks like for a single person a varying levels;
Your LGPS is a fantastic part of your remuneration package, offering you security when you retire along with a whole host of other benefits for your family and loved ones!
How is my pension calculated?
The annual pension you build up is based on a set formula of 1/49th multiplied by your annual taxable earnings, which is then indexed in line with inflation up to retirement.
Marcia earns £25,000 in a year. Her annual pension based on that year of service is calculated as:
£25,000 x 1/49 = £510.20 per annum
With a full state pension currently at £10,600 and state pension age set to increase to 67 between 2026 and 2028, don't wait until it's too late...
|How much have you built up in your pension account? Visit My Wiltshire Pension, and log into your online pension account.|
|Want to increase your pension?|
|What could your family receive?|
|Feeling the financial squeeze and thinking of opting out? Consider the 50/50 section where you have the option of paying half your normal contributions and earning half the standard benefits|