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)