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
Whether retirement is in 5 years or 25 years, the main reason most of us pay into the pension scheme is to make life a little more comfortable at some point down the line.
Annual Pension Statements for 2021 are now available for members currently paying into the Fund.
Many of our members who pay Additional Voluntary Contributions (AVCs) through Prudential may have experienced recent delays in Prudential's service offering.
Now could present the perfect mid-point opportunity to have a quick pause for a finance refresh.