Your benefits at retirement
When you reach retirement, as a Section B member, you will receive:
- a pension for life; and
- a lump sum of three times your pension.
Both of these are based on your Pensionable Service and Final Pensionable Salary for benefits built up before 1 April 2009.
The benefits that you build up from 1 April 2009 will be on a career average revalued earnings (CARE) basis. They will be based on the value of your pension and lump sum built up each year that you are a member of the Scheme from that date.
The lump sum is tax-free (under current law) as long as it does not exceed one quarter of the standard Lifetime Allowance at that time.
You can find out how these are worked out by referring to Section B Member Booklet.
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Frequent questions
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