How your pension builds up
You are in the
2015 scheme
Yearly build up
How it works
Every year
As a member, you build up a 'cube' of pension each year.
This is calculated as:
Pensionable earnings
1/55.3 (accrual rate)
Pension earned in year
Over time
Any pension cubes you had already built up in the police pension scheme would also be revalued to ensure that they keep up with the cost of living.
These are added to the new pension you build up.
At retirement you can take some of the value of your pension as a lump sum and the remainder as a monthly income. Find out more about taking a lump sum in the commutation lump sum section of the website.