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Document How can I calculate a Reckonable Pay figure (2008 Section only)?

For members of the 2008 section of the scheme the Reckonable Pay is the figure used in the calculation of pension benefits. It is the average of the best three consecutive years pensionable pay in the 10 years prior to benefits being taken. When less than one years pay is available the pay will be increased pro-rata to a full year. Where more than one year of pay is available but less than three years the averaging will be over the actual period of pay available.

Before deciding the best three years pay each year in the 10 year period will first be revalued in line with the Consumer Price Index (CPI).


For more information please the Membership, Contributions and pay section on our website.

 

 

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reckonable, pay, reckonable pay, 2008, 2008
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