Your pension from the Scheme is based on your Pensionable Service (years and months) and your Pensionable Salary.
Your pension is:
Pensionable Service x Pensionable Salary x 1/60th; or if less
2/3rds of your Pensionable Salary.
Example:
You retire at age 65 with 30 years’ Pensionable Service and Pensionable Salary of £31,200. Your annual pension is:
30 ÷ 60 x £31,200 = £15,600
If you are a reduced accrual member you will accrue pension at the rate of 75% of the Scheme formula outlined above in respect of service after 31 December 2007 or after 5 April 2013 (depending on when you selected the reduced accrual option).
The above formula shows the pension payable from Normal Retirement Age. If benefits come into payment earlier than Normal Retirement Age, the benefits are reduced to reflect the longer period of time that they will be in payment.