How is my pension calculated?

The LGPS 2014 is a defined benefit scheme. A defined benefit scheme means that your pension will continue to be worked out using a set formula.

However, from 1 April 2014 that formula is different because the Scheme changed from a final salary scheme to a career average scheme:

  • For each year in the new scheme from April 2014, you will build up a pension based on your pensionable pay in that year.
  • For each scheme year that you are a member, a pension equal to a 49th of your pensionable pay will be added to your pension account.
  • Inflation increases will be added to ensure that your pension account keeps up with the cost of living, which we currently base on Consumer Prices Index (CPI).

Further information

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