How are my benefits worked out?

From 1 April 2015 you will build up a pension of 1/49th of your pensionable pay each Scheme Year and this will be added to your Pension Account.

The amount of pension in your Pension Account will be re-valued every year to keep it in line with the cost of living - currently measured by the Consumer Prices Index (CPI).

If you have more than one job in the LGPS, then you will have more than one Pension Account - one for each of your jobs.

For any period you are in the 50/50 section the pension you build up will be half your normal rate (currently 1/98th).

You can take part of your pension as a tax free lump sum but you will have to give up some of your pension for this.

If you joined the Scheme for the first time on or after 1 April 2009, your benefits are worked out as:

Pension = final pay x membership ÷ 60

You can take part of your pension as a tax free lump, sum but you will have to give up some of your pension for this.

If you have membership before 1 April 2009, the benefits you earned before 1 April 2009 are worked out as:

Pension = final pay x membership ÷ 80

Lump sum = pension x 3

You can choose to give up some of your pension for a bigger lump sum.

If you have membership both before and after 1 April 2009 the two amounts of pension and tax free lump sum will then be added together with your CARE benefit to give you your total benefits.