How Much to set aside for Cost of Living Increases on a DB Scheme?

S

Starting Out

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Hi All,

I'd like to see if anyone knows of any good tools out there to figure out how much to provide in AVCs to provide for a cost of living increase in a final pension.

I have a DB scheme in work that operates like most DB schemes, however it does not provide for cost of living increases post retirement.

Does anyone know of any good tools or calculators out there that can help me cost how much to set aside weekly through AVCs to cover for these inflation increases?

Thanks,
Starting Out
 
I would request this info from your HR department - they will get your pension actuaries to do the calculation for you.
 
Thanks Don,

My experience with our pension administrator has not been entirely positive with statment errors made in previous discussions with them. They got fundamental points about our pension policy incorrect when I've been in touch with them. This is why I'm curious about finding some tools for performing a reasonable estimate of it myself, with an appreciation of all the input variables and how they could change my contribution decision.

Does anyone know of any tools out there??

Thanks,
Starting Out
 
Thanks for that link. It doesn't seem to allow for being a member of a DB scheme though. Only options are for DC members.

Is anyone aware of a tool that facilitiates purely a cost of living increase provision to a DB scheme post retirement?

Thanks,
Starting Out
 
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