How your pension was calculated before 1 April 2014 depends on when you joined the scheme:
Membership up to 31 March 2008
You will receive a pension of 1/80th of your final pensionable pay. The calculation the Fund applies is: pensionable membership x 1/80th x final pensionable pay. Your lump sum will be 3 x your annual pension.
Membership on or after 1 April 2008
Your pension will be at the increased rate of 1/60th of your final pensionable pay. The calculation the Fund applies is: pensionable membership x 1/60th x final pensionable pay. There is no automatic lump sum, but you have the option to convert some of your pension into a lump sum.
If your pay goes down in the year before your retirement, the highest of the last 3 years may be used as your final pensionable pay figure.
The same calculation is used for part time employees, but if for example, you have been employed for 10 years working half time (50 percent of full time hours) then you will have 5 years of pensionable service. Your final pensionable pay is scaled up to the full time equivalent.
Membership from 1 April 2014
Your benefits are calculated differently, visit the 'How is my pension calculated?' webpage for more details.
