The pension you receive from the DB Section of the Plan is calculated based on:
- Pensionable Service;
- Final Pensionable Salary; and
- Accrual Rate – this is the proportion of your Final Pensionable Salary used to calculate your benefits.
So, for example, if you joined the Plan in 1980 and were due to retire in 2020 aged 65, your pension could amount to £28,571.43 a year, worked out as follows:
|Pensionable Service||x||Accrual rate||x||Final Pensionable Salary||=||Pension|
|40||x||1/70||x||£50,000||=||£28,571.43 a year|
This is a simple example and your actual benefits will depend on your personal situation and category of membership.