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Calculating your benefits

If you left the Scheme after 31 March 2015 your deferred benefits are normally payable from your normal pension age.

Your normal pension age is the same as your state pension age (but with a minimum of age 65).    

How your pension benefits are worked out depends on when you were a member of the Scheme. If you have membership before and after 1 April 2015, separate calculations will need to be completed for each stage of your membership. 

Example for members who were in the Scheme before April 2009 and left after April 2015

Mary leaves the Scheme in April 2019 and becomes a deferred member. She has been a member of the Scheme since April 2000 meaning that she has 9 years’ membership before April 2009, and 6 years’ membership between 2009 and 2015 and 4 years’ membership in the main section of the 2015 Scheme. 

When Mary leaves the Scheme in April 2019 she earns £22,000 per year, and her salary has not changed since 1 April 2015.  Her pre-1 April 2015 membership is still calculated on her final salary when she left the Scheme. The rate of revaluation will vary each year, however for this example it is set at 2%. 

Mary’s pension is worked out in 3 stages as follows:

 Membership before 1 April 2009

Annual PensionLump Sum
(9 (Years) x £22,000 = £2,475)/80(9 (Years) x £22,000 X 3 = £7,425)/80

Membership from 1 April 2009 – 31 March 2015

Annual pension
6 (Years) x £22,000)/60 = £2,200

Membership from 1 April 2015 – April 2019

YearOpening BalanceNew Pension SavingsTotal Pension SavingsRevaluation of 2%Closing balance
Year 1£0+ £448.98= £448.98+ £8.98= £457.96
Year 2£457.96+ £448.98= £906.94+ £18.14= £925.08
Year 3£925.08+ £448.98= £1,374.06+ £27.48= £1,401.54
Year 4£1,401.54+ £448.98= £1,850.52+ £37.01= £1,887.53
Total Pension: £1,887,53 per Year

Mary’s total annual deferred pension can be calculated by adding these three totals together:

 £2,475 + £2,200 + £1,887.53 = £6,562.53 per year

 As Mary has pre – 1 April 2009 membership she will also receive a guaranteed lump sum of:

 £7,425 

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