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How are my benefits calculated?

For membership of the Scheme from April 2015 your pension will be based on your average earnings.  Every year you are in the main section of the Scheme 1/49th of your pensionable pay (and any assumed pensionable pay) is added to your pension account or half this rate if you are in the 50/50 section PLUS a revaluation to take into account the cost of living.

Example:

      Alice earns £20,000 per year and will build up pension savings in that year of:           

                                                1/49 x £20,000 = £408.16

Table 1 below shows how her pension will build up over five years, assuming that the annual revaluation is 2%, her pensionable pay stays at £20,000 and she remains in the main section of the Scheme. 


 

If Alice joined the 50/50 section of the scheme during years 3 and 4 then her pension would be worked out as follows:

Yearly Pension savings - 

            Main Section - 1/49 x £20,000 = £408.16

            50/50 Section - 1/98 x £20,000 = £204.08