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Calculating your benefits if you left the Scheme after 31 March 2015

If you left the Scheme after 31 March 2015 you will receive an annual pension when your retire, along with the option to give up some pension for a tax-free lump sum at the rate of £12 lump sum for every £1 of pension given up. 

Different calculations are used to work out the value of your deferred pension for different parts of your membership.

Membership after 31 March 2015:

  • Annual pension = each year, if you were in the main section of the Scheme 1/49th of your pensionable pay is added to your pension account (1/98th if you were in the 50/50 section) PLUS a revaluation amount so that your pension keeps up with the cost of living. 
  • Lump sum = not provided automatically

Membership between 31 March 2009 and 31 March 2015:

  • Annual pension = membership between 31 March 2009 and 31 March 2015 x final pensionable pay x 1/60
  • Lump sum = not provided automatically

Membership before 1 April 2009:

  • Annual pension = membership before 1 April 2009 x final pensionable pay x 1/80
  • Lump sum = membership before 1 April 2009 x final pensionable pay x 3/80

*NB.  The above calculation is different for some Classroom Assistants.

Example for members who were in the Scheme before April 2009 and left after April 2015

Mary leaves the Scheme in April 2017 and becomes a deferred member.  She has been a member of the Scheme since April 2000 meaning that she has 9 years' membership before April 2009, and 6 years' membership between 2009 and 2015 and 2 years' membership in the main section of the 2015 Scheme. 

When Mary leaves the Scheme in April 2017 she earns £22,000 per year, and her salary has not changed since 1 April 2015.  Her pre-1 April 2015 membership is still calculated on her final salary when she left the Scheme.  The rate of revaluation will vary each year, however for this example it is set at 5%. 

Mary's pension is worked out in 3 stages as follows: