No your pension is calculated on the salary you earn each year divided by 49**to provide you with an annual pension (please see example below)
Scheme Year 2023/2024
Pensionable Pay £24,500 / 49** = £500 pension per annum*
*the £500 annual pension is then increased each year in line with the Consumer Price Index (CPI) until you chose to receive your pension. You therefore have the reassurance that the pension you have built increases in line with inflation and therefore maintains its value until retirement. The pension will also increase in retirement in line with the CPI for the rest of your life. Current Life Expectancy for a male is 83.5 years and for a female 86 years.
** the way you build up pension per year will differ if you have elected to pay half pension contributions into the 50/50 section of the pension scheme
Membership not only provides a pension at retirement but also valuable life assurance, dependants pension and ill health protection