Wise Owl | How pension benefits are determined

How pension benefits are determined

As a deferred member, your pension benefits at Normal Retirement Age are calculated in two parts as follows:

Part 1: The pension was calculated at your date of leaving (pensionable) service by multiplying the following three components:

Part 2: The pension amount (as calculated above) is then increased in line with the scheme rules for the period between your date of leaving and your Normal Retirement Age. The increase will depend in part on future inflation.

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 the date you left left pensionable service (as defined in the scheme rules).

Final Pensionable Salary is an average of the Pensionable Salary over the 3 years before you left pensionable service.

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