How are benefits worked out?
1/49th of your pensionable pay is put into your pension account every year. The balance in your pension account is adjusted in line with the cost of living every April. When you retire, the balance in your pension account is the annual pension payable for life.
| Scheme Year | Opening Balance | Pension build up in Scheme year | Total account 31 March | Cost of living adjustment | Total Pension |
|---|---|---|---|---|---|
| 2022/23 | £0.00 | £24,500 ÷ 49 = £500.00 | £500.00 | 10.1% £50.50 | £550.50 |
| 2023/24 | £550.50 | £25,000 ÷ 49 = £510.20 | £1,060.70 | 6.7% £71.07 | £1,131.77 |
| 2024/25 | £1,137.77 | £27,000 ÷ 49 = £551.02 | £1,682.79 | 1.7% £28.61 | £1,711.40 |
| 2025/26 | £1,711.40 | £27,500 ÷ 49 = £561.22 | £2,272.62 | 3.8% £86.36 | £2,358.98 |