How Does My Pension Build Up?

Your pension is worked out as follows:

  • Step 1: Divide the Pensionable Pay you received in the financial year (April-March) by 49
  • Step 2: Add that value to your pension account
  • Step 3: Increase or decrease the money in 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, where 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.

How your pension will build up.

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