Pension benefits

Your pension will be based on your pensionable service and final pay:

• Each year of pensionable service is worth 1/70 of your final pay. Each day counts as 1/365 of a year
• You can build up to 35/70 of your final pay as pension, equivalent to 35 years of full time service
• You will also receive a lump sum worth four times the annual pension. You can choose to exchange (commute) some of the lump sum to increase the annual pension

Examples

Your pension will be:

• (Final pay × pensionable service) ÷ 70 = yearly pension
• Yearly pension × 4 = lump sum

If you were to retire with 21 years' full time service and final pay of £30,000 your pension would be:

• (£30,000 × 21) ÷ 70 = £9,000 yearly pension
• £9,000 × 4 = £36,000 lump sum

If you have any part time service, its calendar length will be adjusted to give pensionable service. For example, if you worked 10 years full time and 10 years half time, you would have 15 years' pensionable service. If your final pay was £35,000, your pension would be:

• (£35,000 × 15) ÷ 70 = £7,500 yearly pension
• £7,500 × 4 = £30,000 lump sum