Benefits of the Scheme

Your pension benefits are based on your career average pay and also how many years membership you have accrued in the pension scheme.

The annual pension is based on 80ths so for each year’s membership that you accrue, you will receive an 80th of your career average pay as a pension:

Annual Pension

1/80 x career average pay x membership

You also receive a one off tax free lump sum as part of the pension benefits.  The lump sum equates to 3 times your annual pension amount.  So the tax free lump sum is calculated as follows:

Retirement Grant

3/80 x career average pay x membership