How is my pension calculated?
You are entitled to a pension of 1/60th of your Final Pensionable Earnings for every year of Pensionable Service up to and including 31 March 2012.
For service from 1 April 2012, you are entitled to a pension of 1/65th of your Final Pensionable Earnings 2012.
Months and days are included in your Pensionable Service.
- Service to 31 March 2012
27 years of Pensionable Service multiplied by Final Pensionable Earnings of £30,000 (27/60ths of £30,000) = Annual pension of £13,500.
- Service from 1 April 2012
3 years of Pensionable Service multiplied by Final Pensionable Earnings 2012 of £28,500) multiplied by a longevity adjustment factor (3/65 of £28,500) x 1.0 = Annual pension of £1,315.38.
Pensionable Earnings in respect of service before April 2012 may be subject to the application of Rule 5(3) in circumstances where there have been abnormally wide fluctuations in bonus and overtime.
Where a member has purchased Defined Benefit AVCs under the Standard Section, the service credit will be pro-rated based on the period the contributions have been paid.
Deferred pensioner benefits are exempt from Annual Allowance.