How your pension builds up
You are in the
2015 scheme
Yearly build up
How it works
Building up your pension
Each year that you are a member of the 2015 scheme, you build up a new 'cube' of pension. Think of each cube as a separate piece of pension earned during that scheme year.
The scheme year runs from 1 April to 31 March. At the end of each scheme year, your new cube is added to your pension account. On the following 1 April, all the cubes already in your account are revalued so that they keep pace with changes in the cost of living.
When you retire, all of the cubes are added together to give your total pension.
The example below shows how this works in practice.
Every year
As a member, you build up a 'cube' of pension each year.
This is calculated as:
1/55.3 (accrual rate)
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.