When you retire, you will receive a pension from the Plan which will be paid to you every month for the rest of your life.
The normal retirement age for the Plan is age 65. Your pension amount is based on your final pensionable pay and your length of service:
How much is my final pensionable pay?
Your final pensionable pay is the average of your pensionable pay over the last five years' of pensionable service. Please see the booklet for more details on how pensionable pay is calculated.
What’s my accrual rate?
- For pensionable service before 1 June 2009, your accrual rate is 1/55th
- For pensionable service from 1 June 2009, your accrual rate is either 1/60th or 1/70th (according to your membership tier).
Special additional pension
If you were a member of the Old Fund who transferred into the Plan on 1 August 1988, or if you joined the Plan since then and paid middle-tier or top-tier contributions, a special additional pension (SAP) is payable. This is paid to you monthly from your 65th birthday for the rest of your life.
SAP is worked out as follows:
Pre-1 August 1988 pensionable service
|Pensionable service to 1 August 1988 x 1/55 x 25% x final lower earnings limit (LEL) pay|
Post-1 August 1988 pensionable service
|Basic tier||No SAP is payable|
|Middle tier||Pensionable service from 1 August 1988 x accrual rate x 25% x final LEL pay|
|Top tier||Pensionable service from 1 August 1988 x accrual rate x final LEL pay|