How pension benefits are determined

As an active member, you will be entitled to a pension payable from your Normal Retirement Age, calculated (in accordance with the scheme rules) by multiplying the following three components:

You will have various retirement options, including early or late retirement, as well as exchanging up to 25% of your pension for a one-off (tax-free) lump sum.

Once your pension commences, it will be paid in monthly installments for the rest of your life and will be increased each year in line with the scheme rules.

Normal Retirement Age (NRA) for this scheme is Age 65.

Your full pension entitlement is payable from this age. However, there are also early and late retirement options available to you - follow the Retirement Options link.

This is your final pensionable salary at retirement or leaving employment (as defined in the scheme rules).

Final Pensionable Salary is an average of the Pensionable Salary over the 3 years before retirement or leaving employment.

Pensionable Salary includes salary, bonus and overtime over a year ending 31 March.

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