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TPT Retirement Solutions
FAQs

What do I get when I retire? (DB Schemes)

CATEGORIES:

  • Members

Career Averaged Earnings (CARE) scheme members

Benefits are calculated using your earnings for each year you were a member in the scheme under this option. Your pension is based on the accrual rate (for example 1/60th, 1/80th etc.) and your pensionable earnings in each year of pensionable service. Each yearly element of your pension will then increase up to the point where you retire.

Final salary scheme members

Your pension is based on the accrual rate (for example 1/60th, 1/80th etc.), your total service in the scheme and your final pensionable earnings.

Multiple benefit structures

If you've changed benefit structures, your pension will be calculated based on the pensionable service built up under each structure. The way your pension is calculated is dependant on if you're a member of a CARE or  Final Salary scheme, and the accrual rate applicable to your benefit structure.