- Benefits built up during this period are career average benefits
- Rather than being worked out at the end using final pay, they are worked out each year using your pay for that year
- For each year in the scheme from 1 April 2014 onwards you get:
of your pay for that year as a pension
We can also show this as a formula:
Pension = Pay for the year ÷ 49
The benefits from each year are then 'banked' and rolled forward to the next year, where they are adjusted for inflation. Then you build up 1/49th of the next year's pay and so on down the line.
Please note... there is no automatic lump sum for this period. But you can give up some pension and take it as a lump sum instead.
Don’t forget to add this to any other benefits you have.