"The majority aren't high earners and do not have lucrative final salary pensions"

From the Tory press (Guardian)

"But those on low and middle incomes should benefit, or at least not be any worse off. Alexander cited two examples:

? A nurse earning ?34,200 at the end of a full career in the scheme would now get an annual pension of ?22,800, compared to ?17,300 under the existing final salary scheme. To achieve this income through a private pension Alexander said they would need a pension fund of ?600,000.

? A teacher earning ?37,800 at the end of a full career in the scheme would get a pension of ?25,200 under the new rules, compared with a pension of ?19,100 under the existing final salary scheme. To achieve that through a private pension, Alexander said they would need a pension pot of ?675,000."

Posted By: Old Git, Nov 28, 14:20:31