This is your salary plus shift allowances, bonuses and any overtime worked. This also includes any assumed pensionable pay you have received while on leave due to sickness or injury, reduced pay or no pay, child-related leave or reserve forces leave. Pensionable pay does not include travelling or subsistence allowances or any other expenses: pay instead of notice or holidays; the value of a car or pay received instead of a car.
Pre 1st April 2014 Members – Final Pay
This is normally the actual full time equivalent pensionable pay earned in the last year ending on the day you leave or retire. You can choose to base your pension on the highest pensionable pay in any one of the three years leading up to your leaving or retirement date. If you work part time, the pensionable pay figure used to work out your pension benefits is the pensionable pay you would have received had you worked full time.
How will my final Pensionable Pay be calculated if I have a reduction in pay?
Members who downgrade or move to a job with the same employer but with less responsibility in the last 10 years can if you wish, have your final year’s pay calculated as an average of your pay in any three consecutive years (in the last 13 Years) ending 31 March and re-valued in line with inflation.
For further guidance please contact the Cheshire Pension Fund.