If you retire on your Normal Retirement Date (NRD)
you will be entitled to an annual pension income equal to 1/60th of
your final pensionable earnings for each full year (and
proportionately for each complete month) of pensionable employment.
If you are a reduced accrual member who has elected to pay 7.85% of pensionable earnings until your pensionable employment ends, benefits on and from 1 September 2003 accrue at the reduced rate of 1/80th of your final pensionable earnings for each year (and proportionately for each complete month) of pensionable employment.
A reduced accrual member contributes to the Staff Section of the Scheme for 30 years (10 years prior to 1 September 2003 and 20 years after 1 September 2003) and retires at normal retirement date with final pensionable earnings of £15,000.
The normal retirement pension is calculated as:
Total pension = £8,750 per year
If you are a part-timer, your pension benefits will be directly proportional to the number of hours you are contracted to work. For instance, if you work half the full-time hours, you will pay contributions based on your actual pensionable earnings and build up half the pension of an equivalent full-time employee. If you work both full-time and part-time during your career, each period will be treated accordingly. The part-time service and pensionable earnings will be adjusted to the full-time equivalent and added to the full-time entitlement. This means that your pension is protected if your hours change.