How much will I get at retirement?
The way your benefits are worked out depends on when you started and stopped paying into the scheme. At the date you left, you will have been told of the value of your pension at that time. That pension is revalued each year until you draw your benefits, as shown on your annual statement. Below is an overview of how your pension would have been calculated at the time you left the scheme and you can find out more information in the Guide to benefits. Please note that the benefits you actually receive will be worked out in accordance with the scheme’s Rules. If there is any discrepancy between this website and those Rules, the Rules will take precedence.
Any benefits you built up before 1 April 2012 will be paid by the RMSPS. Any benefits built up on or after 1 April 2012 will be paid by the RMPP.
| If you joined before 1 April 1987 (Sections A and B) |
If you joined on or after 1 April 1987 and before 1 April 2008 (Section C) |
For service up to 1 April 2008, your pension is 1/80 x your salary when you left x your number of years of service.
For service on and after 1 April 2008 your pension is worked out as follows:
Each year 1/80 x your salary for that year was added to your pension total, and the additions from previous years were revalued.
You will also get a lump sum based on the total value of the pension payable. You can choose to increase this lump sum, up to a maximum of 25% of the value of your benefits, and take a reduced pension or convert your lump sum payment to an additional pension. |
For service up to 1 April 2008, your pension is 1/60 x your salary when you left x your number of years of service.
For service on and after 1 April 2008 your pension is worked out as follows:
Each year 1/60 x your salary for that year was added to your pension total, and the additions from previous years were revalued.
You can choose to take up to 25% of the value of your benefits as a cash lump sum and take a lower pension.
You may also be entitled to a pension supplement if your State Pension age is after your Normal Retiring Age. |
Any Additional Voluntary Contributions (AVCs) that you paid through Addplan will be included in these benefits. You will receive a separate annual statement telling you about the value of any other AVCs you paid. Details of how you can take your AVCs at retirement will also be sent to you as you approach Normal Retiring Age.
Don’t forget that you may also have other benefits in other schemes to which you might be entitled. You can find out how to trace these here.
You may also be entitled to a State Pension – you can find out more about the State Pension and State Pension age here or watch our handy animation.