How are pension benefits built up

Each year, if a member is in the main section of the Scheme, 1/49th of their pensionable pay is added to their pension account (1/98th if they are in the 50/50 section) PLUS a revaluation amount so that their pension keeps up with the cost of living.

The revaluation is in line with Orders made by the Department of Finance. The revaluation is based on the year-to-year change in the Consumer Prices Index figure to the previous September.

More information.

During this period pension built up at the rate of 1/60th of final salary pensionable pay for each year. There is no automatic lump sum.

During this period pension built up at the rate of 1/80th of final salary pensionable pay for each year and lump sum at the rate of 3/80th.