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Nilgosc


Calculating your benefits if you left between 31 March 2009 and 31 March 2015

If you left the Scheme between 31 March 2009 and 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.  If you had some membership before 1 April 2009 then your standard retirement package will also include an automatic lump sum calculated on your membership before 1 April 2009.

Your pension benefits are calculated on your final pensionable pay, your membership to the date of leaving and the accrual rate.  The accrual rate is the rate at which your pension builds up.  Membership built up before 1 April 2009 accrues at 1/80th for each year of membership.  Membership built up after 31 March 2009 accrues at 1/60th for each year of membership.

If you joined the Scheme after 31 March 2009:

Annual pension = membership after 31 March 2009 x final pensionable pay x 1/60

Lump sum = not provided automatically


If you joined the Scheme before 1 April 2009:

Annual pension = membership before 1 April 2009 x final pensionable pay x 1/80

plus

membership after 31 March 2009 x final pensionable pay x 1/60

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


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