Calculating your Benefits
Your pension benefits will be calculated on a Career Average Revalued Earnings (CARE) basis from 1 April 2014. However, if you became a member of the scheme before this date, the benefits that you have built up until 31 March 2014 will continue to be calculated on a Final Salary basis when you retire, using your pensionable pay at the point of retirement.
The combined value of your Final Salary and CARE benefits will then yield the pension benefits payable upon your retirement. You will also have the option to give up part of your pension to receive tax free cash (in addition to any automatic lump sum entitlement that you may have in respect of your pre 2008 scheme membership). This is known as Commutation. (Exchanging your Pension).
Protections may be in place if you are nearing retirement, to ensure that you will get a pension at least equal to that which you would have received, had the scheme not changed on 1 April 2014.
What if I started in the Scheme after 31 March 2014?
The 'Final Salary' references made within this section will NOT apply, therefore reference should only be made to the CARE Benefits and Exchanging your Pension sections.
Due to the High Court judgement in December 2018 in relation to the unlawful transitional protection afforded to existing members of Public Service pension schemes, the Scheme regulations will change in due course to take account of the relevant remedy.
Your benefits may be actuarially reduced / increased if paid before / after your Normal Pension Age (NPA). NO reference has been made to the actuarial reduction / increase of benefits in this section.