John's pension

If John takes his LGPS benefits at age 65
 
Although he could take an unreduced pension earlier, due to his protected Rule of 85 option, John plans to retire at 65, which is his Normal Pension Age for both his protected pre-2015 pension and his 3 years in the LGPS 2015:
 
Assumed Annual Pay/Inflation Growth
1% 2.5% 4%
Final Salary Annual Pension (35 years) £34,540 £35,574 £36,623
LGPS 2015 Annual Pension (3 years)
£4,641 £4,709 £4,778
Total Annual Pension
£39,181
£40,283
£41,401
Comparison - if pension remained for 38 year as Final Salary Pension
£38,274 £39,420 £40,582
 
+/- Difference +£907 +£863 +£819

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