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:

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.

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.

 

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

Your pension is paid monthly for the rest of your life and will be increased in line with the scheme rules - more details here.

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