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Your pension

When you retire, your pension will be based on the following set formula:

1/60 (accural rate)

years of service in the Scheme (pensionable service)

your pay (pensionable salary)

Total pension from the Scheme

The changes implemented with effect from 1 April 2014 placed an annual cap on increases to the salary used to calculate your pension from 1 April 2013 onwards at the lower of:

  • 3%; or
  • the annual increase in the Retail Prices Index (RPI)

Capped Pensionable Salary is also used to calculate pension from any service you have transferred into the Scheme since 1 April 2014 and for Added Years contracts started since 1 April 2014.

Deferred pensions are calculated at your date of leaving and increased by the Retail Prices Index each year to make sure they keep up with inflation.

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