CALCULATING YOUR BENEFITS
Your scheme benefits are based upon FINAL SALARY - that is, based on pay in your final year of membership and the number of years you have been a Scheme member.
The 'accrual rate' is the rate at which the fraction of your final pay increases for each year of Scheme membership. The rate in the LGPS is 1/60th of final pay per year of membership. You will be able to give up some of your pension and take a lump sum if you wish, at the rate of £1 of pension for each £12 of lump sum subject to a maximum of 25% of the capital value of their benefits.
Retiring at 65
Jean retires on her 65th birthday with 20 years of whole-time membership of the Scheme. Her final pay is £12,000
Total Membership = 20 Years
Final Pay = £12,000
|20 / 60 x £12,000|
|= £4,000 Annual Pension|