How are my benefits worked out?
Any pension built up in the scheme from 1st April 2015 will be on a Career Average Revalued Earnings (or CARE) basis. Visit 'How a CARE scheme works' to find out more.
If you have membership before 1 April 2015, the pension you earned will be worked out as:
From 1 April 2015 you will build up a pension of 1/49th of your pensionable pay each Scheme Year 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).
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 (currently 1/98th).
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 joined the Scheme for the first time on or after 1 April 2009, your benefits are worked out as:
Pension = final pay x membership ÷ 60
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 membership before 1 April 2009, the benefits you earned before 1 April 2009 are 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.
If you have membership both before and after 1 April 2009 the two amounts of pension and tax free lump sum will then be added together with your CARE benefit to give you your total benefits.
What if I work part time or term time?
If you work part time your pay used to work out your benefits for membership before 1 April 2015 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 2015 your pension account will be based on the actual pay from which your pension contributions were deducted.