CALCULATING YOUR DEFERRED BENEFITS IF YOU LEFT THE SCHEME BEFORE 1 APRIL 2008
Your scheme benefits will be based upon FINAL SALARY - that is, based on pay in your final year of membership before leaving the Scheme and the number of years you were 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 is 1/80th per year for pension and 3/80th per year for automatic tax-free lump sum.
| Your Benefits |
| Total Membership/80 x Final Pay = Annual Pension |
| Annual Pension x 3 = Automatic Lump Sum |
 Example: George
|
|
George left the Scheme on 31 January 2008 with 20 years whole-time membership. His final pay was £16,000
Total Membership = 20 Years
Final Pay = £16,000
|
| George's Benefits |
| 20/80 x £16,000 |
| = £4,000 Annual Pension |
| £4,000 x 3 = £12,000 Automatic Lump Sum |
