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 paying in.

Your pension is worked out according to the rules that were in force when you were paying in. If your membership spans different periods, which had different rules, your pension for each period is worked out separately and then added together to give your total pension.

Your pension is valued on the day you leave and stop paying into the Fund. Your pension then remains, increasing in line with the cost of living until it can be paid or you transfer to another provider.

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 pension scheme

If you were in 50/50, you would have paid half the contributions and built up half the pension. The above steps are the same except your pay was divided by 98 rather than 49.

How your pension will build up.

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:

  1. Membership to 31 March 2009
  2. 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, register and login to your My Pension+ Account.

My Pension+

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