Classic plus pension scheme
Your pension benefits
What do I get when I retire?
You get:
- A pension and lump sum as in classic for your service before 1st October 2002; that is pension based on 1/80 of your final pensionable pay for each year of reckonable service; and a tax-free lump sum of three times your pension.
- A pension and optional lump sum as in premium for your service from 1st October 2002, a pension based on 1/60 of your final pensionable pay for each year of reckonable service and if you want a lump sum, you can exchange some pension for that lump sum. We will give you £12 of lump sum for each £1 of yearly pension you give up.
We have produced a calculator which shows the maximum lump sum for a given amount of pension and the effect that taking a lump sum would have on your remaining pension.
Lump sum calculator [XLS] This calculator uses Microsoft Excel. If you do not have Excel, ask your pensions administrator helpline to do the calculation for you.
