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Nilgosc


Calculating your benefits if you left the Scheme before 1 April 2009

If you left the Scheme before 1 April 2009 you will receive a pension and an automatic lump sum.  You have the option at retirement to increase your lump sum by giving up some pension subject to certain HMRC restrictions.  

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. 

If you left the Scheme before 1 April 2009:

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

Lump sum = three times annual pension


*NB  The above calculation may be different for some Classroom Assistants