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See post above. Question is how you value the final salary entitlement (which is a longevity x discount rate x inflation question).
Doing a quick google it looks like a simple 20x multiple is used for LTA purposes (equivalent to a 5% annuity rate). Suspect this is a bit of a fudge and on an "economic" basis the entitlements were worth a lot more during the period of low interest rates
NickCJ
midlife
NHS employees going back years are mainly based on a final salary scheme.
Basically the pension is 1/80 of final salary for each year of service with max pension of 40/80 of final salary after 40 years service. So interest rates are not really an issue. Contributions are about 12-15% salary.
There are variations and currently on a career average. I have 40 years of service this December so pondering what to do.