29 / 58
22
Pensionable Service on and after 1 May 2015: the accrual rate for this
period is 1/70th.
When this member retires, his or her pension is calculated in three slices. Let's say for the sake of the
example that his or her Final Pensionable Pay is £30,000.
The accrual rate for the first slice is 1/50th. Bearing in mind that
Pensionable Service is measured in complete calendar months, this member
has Pensionable Service between 1 June 1996 and 1 July 2011. That means
he or she has Pensionable Service of 10 years and 1 month.
The pension accrued in this period (rounded to the nearest pound) is:
10.08333 x £30,000 =
50
£6,050.00 p.a.
The accrual rate for the second slice is 1/65th. Bearing in mind that
Pensionable Service is measured in complete calendar months, this member
has Pensionable Service between 1 July 2011 and 1 May 2015 in this
period, of 3 years and 2 months.
The pension accrued in this period (rounded to the nearest pound) is:
3.1667 x £30,000 =
65
£1,462.00 p.a.
The accrual rate for the third slice is 1/70th. Bearing in mind that
Pensionable Service is measured in complete calendar months, this member
has Pensionable Service between 1 July 1 May 2015 and 30 October 2022
in this period, of 7 years and 5 months.
The pension accrued in this period (rounded to the nearest pound) is:
3.1667 x £30,000 =
70
£3,179.00 p.a.
So this member's total pension is
£10,691.00 p.a
.
For members who joined on or after 1 July 2011
The Accrual Rate is 1/70th.
Again, it is important to note that Pensionable Service is calculated in complete calendar
months.