About Your Plan

When the DB section closed to future accrual, you would have received a leaver statement which detailed the pension that you had accrued up to your leaving date in the DB Section.

Your accrued pension would have been determined by the accrual rate for each year of pensionable service multiplied by your final pensionable salary. For more details of how these calculations work please see the DB booklet.

In broad terms, however, the accrual rate is 1/60th (1.66%) of pensionable salary for each year of pensionable service. If you had 20 years of pensionable service and your final pensionable salary was £40,000 then the accrued pension at the date of leaving would be £13,333 per annum. This accrued pension, also known as a deferred pension, would be increased each year from the date of leaving until your retirement date, broadly in line with inflation.