Membership after 31 March 2015
Each year, if you are in the main section of the Scheme 1/49th of your pensionable pay is added to your pension account (1/98th if you are in the 50/50 section) PLUS a revaluation amount so that your pension keeps up with the cost of living.
Pensionable pay includes your:
- basic pay
- overtime (contractual and non-contractual)
- additional hours
- shift allowance
- bonus
- acting up allowance, and
- any other taxable benefit specified in your contract as being pensionable.
It does not include:
- travelling or subsistence allowance
- pay in lieu of holidays
- any sum which has not had income tax liability determined on it
- payment as an inducement not to terminate employment
- payment in lieu of notice to terminate a contract of employment
- payment in consideration of loss of future pensionable payments or benefits
- compensation for the purposes of achieving equal pay in relation to other employees
- payment in consideration of loss of future pensionable payments or benefits
- any amount treated as the money value for the provision of a motor vehicle
- any pay paid by your employer if you go on reserve forces service leave, and
- any non-consolidated non-pensionable payment paid to a member as part of an annual pay award.
Protected final pay and benefits for membership before 1 April 2015
Your retirement benefits will normally be calculated on your final pensionable pay (2009 definition i.e. excluding non-contractual overtime and additional hours) at retirement (if you are part-time, your final pay is increased to what you would have received had you been full-time). However, your benefits can be calculated on one of the two previous years’ pay if better and, if you downgrade in your last ten years with your employer, you have the option to notify NILGOSC in writing, at least one month prior to your date of leaving, that you wish to have your benefits based on the average of any three consecutive years in the last ten years (ending on a 31 March).