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04

Better late than never

Open-access content Tuesday 31st March 2015
2
Soldiers

Although long retired, I take a bit of interest in current developments and I have been intrigued by the changes of public-sector pensions to career average revalued earnings, especially for the British Armed Forces, because of the example I used in my presidential address to the Faculty of Actuaries in 1991.

What I said was: "I am on record in our transactions as not being particularly enamoured of final salary schemes. Why should the salary of a person for a very short period before retirement be so important and determine a pension for years thereafter?" I quoted that a general gets a much bigger pension than a lieutenant general, a lieutenant general gets a much bigger pension than a major general, but in each case the person only holds the more senior rank for about two years or so.

What did I say I would like? An average salary scheme revalued in some way by cost of living or earnings seemed good to me.

It took a quarter of a century to get the change!

Alistair Neill  5 March

This article appeared in our April 2015 issue of The Actuary.
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