How are my benefits worked out?
For membership from 1 April 2014
From 1 April 2014 you will build up a pension of 1/49th of your pensionable pay each year that you are in the Scheme and this will be added to your Pension Account.
The amount of pension in your Pension Account will be re-valued every year to keep it in line with the cost of living - currently measured by the Consumer Prices Index (CPI).
You can take part of your pension as a tax free lump sum but you will have to give up some of your pension for this.
If you have more than one job in the LGPS, then you will have more than one Pension Account – one for each of your jobs.
For any period you are in the 50/50 section the pension you build up will be half your normal rate.
For membership from 1 April 2008 to 31 March 2014
If you joined the fund for the first time on or after 1 April 2008, your pension is worked out as:
Pension = final pay x membership ÷ 60
You can take part of your benefits as a tax free lump sum but you will have to give up some of your pension for this.
For membership before 1 April 2008
If you have membership before 1 April 2008, the pension you earned before 1 April 2008 is worked out as:
Pension = final pay x membership ÷ 80
Lump sum = pension x 3
You can choose to give up some of your pension for a bigger lump sum.
What if I work part time or term time?
If you work part time or term time your pay used to work out your benefits for membership before 1 April 2014 will be your full time equivalent rate. Your membership will be proportionate based on the actual hours you worked. For membership on or after 1 April 2014 your Pension Account will be based on the actual pay from which your pension contributions were deducted.