BGCM EC May 2017

 Pensionable Service on and after 1 May 2015: the accrual rate for this period is 1/70th.

When this member retires, his or her pension is calculated in three slices. Let's say for the sake of the example that his or her Final Pensionable Pay is £30,000.

 The accrual rate for the first slice is 1/50th. Bearing in mind that Pensionable Service is measured in complete calendar months, this member has Pensionable Service between 1 June 1996 and 1 July 2011. That means he or she has Pensionable Service of 10 years and 1 month.

The pension accrued in this period (rounded to the nearest pound) is:

10.08333 x £30,000 = 50

£6,050.00 p.a.

 The accrual rate for the second slice is 1/65th. Bearing in mind that Pensionable Service is measured in complete calendar months, this member has Pensionable Service between 1 July 2011 and 1 May 2015 in this period, of 3 years and 2 months.

The pension accrued in this period (rounded to the nearest pound) is:

3.1667 x £30,000 = 65

£1,462.00 p.a.

 The accrual rate for the third slice is 1/70th. Bearing in mind that Pensionable Service is measured in complete calendar months, this member has Pensionable Service between 1 July 1 May 2015 and 30 October 2022 in this period, of 7 years and 5 months.

The pension accrued in this period (rounded to the nearest pound) is:

3.1667 x £30,000 = 70

£3,179.00 p.a.

So this member's total pension is

£10,691.00 p.a .

For members who joined on or after 1 July 2011

The Accrual Rate is 1/70th.

Again, it is important to note that Pensionable Service is calculated in complete calendar months.

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