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Nilgosc


Calculating Councillor Benefits

From 1 April 2015, each year you are in the Scheme 1/49th of your pensionable pay is added to your pension account PLUS a revaluation amount so that your pension keeps up with the cost of living.

Example:

      Alice earns £10,000 per year and will build up pension savings in that year of:           

                                                1/49 x £10,000 = £204.08

Table 1 below shows how her pension will build up over five years, assuming that the annual revaluation is 2% and her pensionable pay stays at £10,000. 

 Year

Opening Balance

New Pension Savings

Total Pension Savings

Revaluation of 2%

Closing Balance

 Year 1

£0

+ £204.08

= £204.08 

+ £4.08

= £208.16 

 Year 2

£208.16

+ £204.08

= £412.24 

+ £8.24 

= £420.48 

 Year 3

£420.48

+£204.08 

= £624.56 

+ £12.49 

= £637.05 

 Year 4

£637.05

+ £204.08 

= £841.13

+ £16.82

= £857.95

 Year 5

£857.95

+ £204.08 

= £1,062.03

+ £21.24 

= £1,083.27

Total Pension: £1,083.27 per Year