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Working out benefits before April 2008

Before 1 April 2008
  • Benefits built up during this period are final salary benefits
  • They are worked out using membership and final pay. That’s not your pay back in 2008, it's your pay in the future – pay close to the time you leave
  • For each year of membership before 1 April 2008 you get:
    • 1/80th of your final pay as a pension
    • Plus 3/80ths of your final pay as a one off tax free lump sum

    We can also show this as a formula:

    Pension = membership before April 2008 × Final pay ÷ 80

    Lump sum = membership before April 2008 × Final pay ÷ 80 x 3

    Don't forget to add this to any other benefits you have.

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