How much will my pension be?

Question:
How much will my pension be?
Answer:

The benefit you will receive will depend on when the benefit was built up in the scheme:

  • Before 31 March 2008

The benefit built up in this period is made up as follows:

Pension = 1/80 x Membership x Final Pay

Lump Sum = 3/80 x Membership x Final Pay

  • Between 1 April 2008 and 31 March 2014

The benefit built up in this period is made up as follows:

Pension = 1/60 x Membership x Final Pay

There is no automatic entitlement to a Lump Sum Retirement Grant.

  • After 1 April 2014

After the 1 April 2014, your benefit builds up each year (1 April to 31 March) and the rate it builds up at depends if you were paying into the Main Section of the Scheme or the 50/50 Section of the scheme (see Changing Sections of the Scheme).

For the Main Section, each year you will build up the following:

Pension = 1/49 x Pensionable Pay

For the 50/50 Section, each year you will build up the following:

Pension = 1/98 x Pensionable Pay

There is no automatic entitlement to a Lump Sum Retirement Grant.

Whenever your benefits built up, you are able to exchange pension for a (larger) lump sum (see FAQ below)