There are different calculations for working out the value of your deferred pension depending on when you were a member of the scheme:
The pension you build up during each or any of the above periods is calculated separately and added together to get your total pension.
Career Average Pay is the average pay you received over your LGPS membership. In calculating your average pay, the pay you received each year while in the pension scheme is revalued so it keeps up with the cost of living. Your revalued pay for each year is added together with the total divided by your membership to get your Career Average Pay. This figure is then used to work out your benefits in the old career average scheme up to 31 March 2015.
Since the introduction of auto enrolment in 2012, more of us are now paying into a workplace pension than ever before.
Billions of pounds worth of pensions are sitting unclaimed in pension pots, and many of us might not know they even exist.
As the cost of living crisis continues, many of us might be reviewing our outgoings, considering if and where we can cut back on any extra spending.
We might be able to spot trick-or-treaters at our doors this autumn, but do we know the tell-tale signs of a pension trickster?