Your annual pension is calculated by dividing your membership before 1 April 2008 by 80 and multiplying this figure by your final salary pensionable pay.
Annual pension = period of membership before 1 April 2008 x 1/80 x final salary pensionable pay.
If you work part-time, your membership is proportioned to the part time equivalent length based on your contractual hours. However, the whole time equivalent rate is used for your final salary pensionable pay.
In addition, you receive an automatic lump sum of 3 times your annual pension based on your membership up to 1 April 2008.
Automatic lump sum = period of membership before 1 April 2008 x 3/80 x final salary pensionable pay.
Examples of how your deferred benefits are worked out before 1 April 2008
If you work full time
You leave with 10 years full time membership up to 31 March 2008 and a final year's pay of £18,000.
Your deferred annual pension is: 10 years x 1/80 x £18,000 = £2,250
Your automatic lump sum is 3 x £2,250 = £6,750
If you work part time
You leave after 10 years working half time. You worked 18.5 hours a week in a job where the full time hours are 37 per week. You received part-time final pay of £9,000.
Membership used in calculating benefits is proportioned: 10 years x 18.5 hours ÷ 37 hours = 5 years. The whole time equivalent pay of £18,000 (£9,000 x 37/18.5) is used in the calculation.
Your deferred annual pension is: 5 years x 1/80 x £18,000 = £1,125
Your automatic lump sum is 3 x £1,125 = £3,375
You paid half the contributions and receive half the benefits of a whole time equivalent member.