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  • How is your pension calculated?

How is your pension calculated?

In this section, we look at how your pension is worked out.

Your LGPS benefits are made up of:

• an annual pension

• the option to exchange part of your pension for a tax-free lump-sum paid when you draw your pension benefits.

The scheme rules have changed over the years, which means different parts of your pension are calculated in different ways.

Please click the links below for more information:

How are the benefits built up from April 2014 worked out?

How are the benefits built up between April 2008 and April 2014 worked out?

How are the benefits built up before April 2008 worked out?

ABS video promo image 2019
ABS video promo image 2019

Note for members who joined the scheme before 1 April 2014 and work term-time (contracted weeks) only

Pension benefits built up before 1 April 2014 are calculated using your full-time equivalent pay, proportioned down to reflect your annual contractual weeks worked.

The number of working weeks within a year is usually 52.14 weeks; however, if you work less than this due the nature of your job role (e.g. you may work during term-time in a school), then:

  • your service will be credited at the full year rate (pro-rata if you work part time), and-

  • your full-time equivalent salary will be proportioned down to reflect the annual contractual weeks worked.  

This ensures that you receive the correct amount of pension in line with your earnings.

 

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