1995 Section
This part of the pension is now frozen and was closed to new members since 1st April 2008.
- It is based upon an 80th accrual rate and a final salary calculation method. This means that for every full year of service you accrue 1/80th of your relevant pensionable pay as a pension and 3/80th as a lump sum
- The final salary calculation is based upon ‘sort of’ the best 12 month period in the last three years before you drew the pension
- If you are part-time your whole-time-equivalent pay is used
- It has Normal Retirement Age of 60
- There is the ability to take benefits early, from the age of 50 or 55 (depending on membership history), but there will be a reduction to the starting amount
- From October 2023 you also have the ability to ‘drawdown’ and claim up to 100% of your pension without the need to retire
- On your death an annual adult survivor pension and child pension may be payable
- There is a death in service lump sum payment. This is broadly twice your 2015 pensionable pay
- You pay contributions of on a scale made up of 11 levels based upon your reckonable pay
- Pensions in payment increase in line with inflation, CPI (consumer price index)