Councillors
Councillors
The majority of the information within the deferred members area also applies to Councillors. However there are some differences which are outlined below.
How Your Pension is Calculated
There are different calculations for working out the value of your pension depending on when you were paying into the pension scheme:
- After 31 March 2015: You built up a pension worth 1/49th of your pensionable pay each year you were in the scheme (or 1/98th if you were in the 50/50 section). This is known as a CARE pension and you can see an example of how this is worked out here.
- Between 1 April 2009 and 31 March 2015: Your pension is calculated by dividing your membership between those dates by 60 and multiplying the resulting figure by your career average pay.
- Before 1 April 2009: Your pension is calculated by dividing any length of membership you have falling before this date by 80 and multiplying the resulting figure by your career average pay.
The pension you build up during each of the above periods is calculated separately and then added together to get your total pension.
What is Career Average Pay?
Career Average Pay is the average pay you received while you were a member of the LGPS.
It is calculated as follows; we take the pay you recieved each year while in the pension scheme and revalue it with the cost of living. Your revalued pay for each year is added together and the total is divided by your membership. This gives us your Career Average Pay which is then used to work out your pension benefits in the old career average scheme (pre 31 March 2015 pension).
