Calculating Your Pension
Calculating Your Pension
Over time, there have been several changes to the pension scheme. As a result there are different ways of calculating your pension depending on when you were a member.
Your pension is worked out according to the rules that were in force when you were a member. If your membership spans different periods, your pension for each period is worked out separately and then added together to give your total pension.
For Membership After 1 April 2015 - CARE Pension
All pension built up from this date is worked out as follows:
- Step 1: Divide the pensionable pay you received that year by 49
- Step 2: Add that value to your pension account
- Step 3: Increase or decrease your pension account in line with the cost of living (Consumer Prices Index (CPI)
- Step 4: Repeat steps 1- 3 the following year, and every year you are in the Scheme
If you are in 50/50, you pay half the contributions and build up half the pension. The above steps are the same except your pay is divided by 98 rather than 49.
You can see an example of how this works below:
For Membership Before 1 April 2015 - Final Salary Pension
Pension built up before 1 April 2015 is based on your final pay and length of membership. However it is split into 2 membership periods:
- Membership to 31st March 2009
- Membership from 1 April 2009 to 31 March 2015
Your pension built up under each of these periods is calculated slightly differently:
| Membership to 31 March 2009 | Membership from 1 April 2009 to 31 March 2015 | |
| Pension | Final Pay/80 x membership up to 31/3/2009 | Final Pay/60 x membership from 1/4/2009 to 31/3/2015 |
| Lump Sum | Final Pay x 3/80th x membership up to 31/3/2009 | No automatic lump sum |
How much is my pension?
To find out how much your pension is and to see how much it will be when you take it, login to your My Pension+ Account.
My Pension+
