If you joined the Scheme after 1st April 2014, your pension will be calculated as follows:
- Pension = Actual pensionable pay from 1 April to 31 March ÷ 49
This calculation is calculated for each tax year individually, with the pension credited to your account at the end of each year.
There will be no automatic entitlement to a lump sum for any membership you have accrued form the 1st April 2008 onwards, but you do have the option of converting a percentage of your pension into a lump sum if you wish, full details on this can be found under Converting pension into lump sum.