S2P to be worth three times less than in 1995

A consultation document from the government Actuary Department reveals at the current rate of accrual, as a proportion of average upper tier earnings, workers retiring in 2028 or beyond will only receive 1/245th of their salary compared to the rate of 1/80th in 1995. Since 1999 the level of the S2P, which is an average earnings related scheme, has been reducing on a gradual level with the rate you receive dependent on the year in which you retire. According to “Rebates and reduced rates of National Insurance contributions for members of contracted-out pension schemes”, in 30 years time th...