Your pension is calculated as a fraction of Final Pensionable Earnings for each complete year and month of Pensionable Service.



Notes
The Accrual Rate depends upon category of membership and date to which Pensionable Service was completed (see Membership categories section). If you have switched between categories, your pension will be calculated by adding together the amounts of pension you are entitled to in respect of Pensionable Service in the different categories.

Under the Scheme Maximum your benefits (excluding Additional Voluntary Contribution benefits but including previous benefits in other schemes) must not exceed 2/3rds of your final earnings.

 

Lump sum
You will be able to exchange part of your retirement benefits for a tax free cash sum on retirement.

The amount of the cash sum depends on your circumstances but is typically about 25% of the total value of your annual pension, subject to the consent of the Trustees. The rates used to calculate the value of your pension are determined by the Trustees on advice from the Scheme’s Actuary and may change from time to time.

Normal retirement
If you retire at Normal Retirement Date you will receive a pension that is calculated as shown above.

If you have transferred benefits into the Scheme from a previous pension arrangement, you will receive an additional yearly amount on top of your pension earned whilst in the Scheme.

The Pensions Service Centre will contact you before you reach your retirement age to tell you what your benefits will be.