All pension built up from this date is worked out as follows:
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.
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:
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|
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+