The lump sum automatically paid on retirement is three times your annual pension and is tax-free.

 

Like your pension, it is based on your career average pay [1] and your total membership [2].

 

The calculation for the lump sum is 3/80ths of your career average pay for every year of total membership.

 

When you draw your benefits you will be able to exchange some of your pension [3] to receive a bigger tax-free lump sum.