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Nilgosc


Example for membership before April 2009, and after April 2009 and April 2015

Mary has been a member of the Scheme since April 2000.  She has 9 years' membership before April 2009, and 6 years' membership between 2009 and 2015 and if she retires in April 2019 she will have 4 years' membership in the main section of the 2015 Scheme.

When Mary decides to retire in April 2019 she earns £22,000 per year, her salary has not changed since 1 April 2015.  Her pre-2015 membership is still calculated on her final salary at retirement. 

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

Membership before April 2009

Annual Pension =                                       Lump Sum =

9 (years) x £22,000 = £2,475                    9 (years) x £22,000 x 3 = £7,425
            80                                                                80

 

Membership from April 2009 - March 2015

 Annual Pension =

 6 (years) x £22,000 = £2,200
               60


Membership from 2015 - 2019

New pension savings per year - £22,000 / 49 = £448.98

 

Mary's total pension can be calculated by adding these three totals together:

 

As Mary has pre 2009 membership she will also receive a guaranteed lump sum of: