Leaving service

If you cease being employed by the sponsoring employer, your pension benefits at Normal Retirement Age will be calculated (in a similar way as for active members but) based on your Final Pensionable Salary and Pensionable Service at the date of leaving. There are two parts to the calculation:

Part 1: The pension is calculated at date of leaving 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 instalments for the rest of your life and will be increased each year in line with the scheme rules.