How pension be will calculated
Datafile
Index terms
Variable note:
Script error - routing for related question includes an erroneous filter (if PENCMN=3 // pension scheme non-contributory), resulting in most cases being 'inapplicable'. This error affects Waves 2, 4 and the first six months of Wave 6. Furthermore, please note that in pre-May 2023 releases of the data, codes 1 and 2 were accidentally reversed in waves 10 & 12 due to a coding error. The latter issue was fixed in the May 2023 release.
Question asked in the latest wave:
workconditions_w14.penmtp
Question label:
Final pension calculated
Question text:
There are two main ways in which your pension entitlement can be worked out in an employer's pension scheme. Which of these statements best describes how your pension will be calculated?
Question universe:
if JOBCODE selected at CURRENTEMPLOYMENT.JBMAIN is CURRENTEMPLOYMENT.JBSEMP = 1 (Employee in main job)
and if JBPEN = 1 (pension scheme at respondent's employer)
and if JBPENM = 1 (respondent is a member of employer's pension scheme)
Further details:
For further details about this question, please see the questionnaires
| Value label | Value | Absolute frequency | Relative frequency |
|---|---|---|---|
| inapplicable | -8 | 22089 | 62.27% |
| proxy | -7 | 134 | 0.38% |
| refusal | -2 | 123 | 0.35% |
| don't know | -1 | 1552 | 4.38% |
| My pension is/will be based on a formula involving age, years of service and salary | 1 | 2524 | 7.12% |
| My pension contributions are put into a fund which grows over time and my pension depends on the size of this fund when | 2 | 7706 | 21.72% |
| Combination of the two statements/other | 3 | 1343 | 3.79% |
| Total | 35471 | 100.0% |
| Value label | Value | Absolute frequency | Relative frequency |
|---|---|---|---|
| inapplicable | -8 | 18208 | 62.2% |
| proxy | -7 | 198 | 0.68% |
| refusal | -2 | 90 | 0.31% |
| don't know | -1 | 1367 | 4.67% |
| My pension is/will be based on a formula involving age, years of service and salary | 1 | 2120 | 7.24% |
| My pension will be dependent on the value of contributions paid to the scheme and the rate of return achieved on their investment | 2 | 5792 | 19.79% |
| Combination of the two statements/other | 3 | 1496 | 5.11% |
| Total | 29271 | 100.0% |
| Value label | Value | Absolute frequency | Relative frequency |
|---|---|---|---|
| inapplicable | -8 | 21429 | 62.44% |
| proxy | -7 | 804 | 2.34% |
| refusal | -2 | 74 | 0.22% |
| don't know | -1 | 1609 | 4.69% |
| My pension is/will be based on a formula involving age, years of service and salary | 1 | 2682 | 7.81% |
| My pension will be dependent on the value of contributions paid to the scheme and the rate of return achieved on their investment | 2 | 6364 | 18.54% |
| Combination of the two statements/other | 3 | 1357 | 3.95% |
| Total | 34319 | 100.0% |
| Value label | Value | Absolute frequency | Relative frequency |
|---|---|---|---|
| inapplicable | -8 | 24928 | 63.44% |
| proxy | -7 | 1683 | 4.28% |
| refusal | -2 | 39 | 0.1% |
| don't know | -1 | 1737 | 4.42% |
| My pension will be related to my salary in my final year (or years) and the number of years I have been in the scheme | 1 | 4046 | 10.3% |
| My pension will be dependent on the value of contributions paid to the scheme and the rate of return achieved on their investment | 2 | 5812 | 14.79% |
| SPONTANEOUS: Combination of the two statements/other | 3 | 1049 | 2.67% |
| Total | 39294 | 100.0% |
| Value label | Value | Absolute frequency | Relative frequency |
|---|---|---|---|
| Not available for IEMB | -10 | 4615 | 10.21% |
| inapplicable | -8 | 29033 | 64.24% |
| proxy | -7 | 3129 | 6.92% |
| refusal | -2 | 3 | 0.01% |
| don't know | -1 | 1197 | 2.65% |
| my pension is a final salary scheme | 1 | 3132 | 6.93% |
| my pension depends on the value of contributions and investment returns | 2 | 3809 | 8.43% |
| spontaneous: combination of the two statements/other | 3 | 274 | 0.61% |
| Total | 45192 | 100.0% |
| Value label | Value | Absolute frequency | Relative frequency |
|---|---|---|---|
| inapplicable | -8 | 42698 | 90.7% |
| proxy | -7 | 3935 | 8.36% |
| don't know | -1 | 26 | 0.06% |
| my pension will be related to my final salary and the years in the scheme | 1 | 172 | 0.37% |
| my pension will depend on contributions paid and the rate of investment return | 2 | 225 | 0.48% |
| spontaneous: combination of the two statements/other | 3 | 18 | 0.04% |
| Total | 47074 | 100.0% |
| Value label | Value | Absolute frequency | Relative frequency |
|---|---|---|---|
| inapplicable | -8 | 49974 | 91.58% |
| proxy | -7 | 3880 | 7.11% |
| don't know | -1 | 43 | 0.08% |
| my pension will be related to my salary in my final year (or years) and the number of years i have been in the scheme | 1 | 340 | 0.62% |
| my pension will be depend(ent) on the value of contributions paid to the scheme and the rate of return achieved on their investment | 2 | 302 | 0.55% |
| spontaneous: combination of the two statements/other | 3 | 29 | 0.05% |
| Total | 54568 | 100.0% |
| Value label | Value | Absolute frequency | Relative frequency |
|---|---|---|---|
| missing | -9 | 329 | 2.11% |
| inapplicable | -8 | 10802 | 69.17% |
| proxy | -7 | 982 | 6.29% |
| don't know | -1 | 335 | 2.15% |
| Final salary | 1 | 2215 | 14.18% |
| Return on invest | 2 | 906 | 5.8% |
| Combination | 3 | 48 | 0.31% |
| Total | 15617 | 100.0% |
| Value label | Value | Absolute frequency | Relative frequency |
|---|---|---|---|
| missing | -9 | 37 | 0.2% |
| inapplicable | -8 | 15374 | 81.49% |
| proxy | -7 | 801 | 4.25% |
| don't know | -1 | 400 | 2.12% |
| Pension: final salary scheme | 1 | 1547 | 8.2% |
| Pension: investment scheme | 2 | 556 | 2.95% |
| Pension: combined/other scheme | 3 | 152 | 0.81% |
| Total | 18867 | 100.0% |
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