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Document How is my CARE scheme different to a final salary scheme?

A Career Average Revalued Earnings (CARE) scheme uses your pensionable earnings throughout your career to build your pension. A final salary scheme uses your pensionable earnings at or close to retirement to calculate your pension.

In the 2015 CARE scheme your earnings in each scheme year from 1 April to 31 March build you a pension of a proportion of those earnings. Each year’s pension is then revalued in the following and subsequent years until retirement or you leave the scheme. At retirement the annual revalued pension amounts are added together for payment.

The 1995 Section uses your pensionable earnings in the best of the three years leading up to retirement. The 2008 Section uses the average of the best three years pensionable earnings within the 10 years leading up to retirement.
 

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