How benefits are worked out if you have membership from before 31 March 2008 onwards
Annual Pension | Automatic Lump Sum |
---|---|
8/80ths x £26,500 = £2,650
|
3 x 8/80ths x £26,500 = £7,950
|
Annual Pension | Automatic Lump Sum |
---|---|
6/60ths x £26,500 = £2,650
|
Nil
|
Year | Opening Balance | Pension built up in that year | Total at 31 March |
Cost of Living | Updated Total Amount |
---|---|---|---|---|---|
1
|
£0
|
£25,200/49 = £514.29
|
£514.29
|
£6.17 (1.2%)
|
£520.46
|
2
|
£520.46
|
£25,700/49 = £524.49
|
£1,044.95
|
£10.45 (1%)
|
£1,055.40
|
3
|
£1,055.55
|
£26,000/49 = £530.61
|
£1,586.01
|
£7.93 (0.5%)
|
£1,593.94
|
4
|
£1,598.11
|
£26,500/49 = £540.82
|
£2,134.76
|
£42.70 (2%)
|
£2,177.46
|
Benefit | Up to 31 March 2008 | 1 April 2008 to 31 March 2014 | 1 April 2014 to 31 March 2018 | Total |
---|---|---|---|---|
Annual Pension
|
£2,650
|
£2,650
|
£2,177.46
|
£7,477.46
|
Lump Sum
|
£7,950
|
Nil*
|
Nil*
|
£7,950
|
*You can exchange some pension [1] to get a tax-free cash lump sum. For every £1 of pension you give up you will get £12 of tax-free lump sum (subject to HM Revenue and Customs limits). There is an automatic lump sum payable for membership up to 31 March 2008.
If you transferred previous non-LGPS pension rights, or pension rights from the LGPS in Scotland or Northern Ireland, into your current membership, then the revalued amount of the pension benefits bought by the transfer will be added to the retirement benefits as calculated above.