Which elements of my pay do you use to calculate the benefits on my ABS?

Members of classic, classic plus or premium

We calculate the benefit amounts on your ABS using the following:

• Your basic salary and pensionable allowances as at 31 March 2021; and
• Any pensionable bonuses you received in the last 12 months up to 31 March 2021.

A simple calculation to work out your pensionable earnings is:

Salary + allowances + pensionable bonuses in payment at 31 March = pensionable earnings

However, upon retirement the full scheme calculation to find your best pensionable earnings will be used. Details on the calculation for your scheme can be found in the Pension Scheme Guides

Members of nuvos and alpha

We calculate the benefit amounts as follows:

alpha 2.32%, of your actual pensionable earnings up to 31 March each year.

nuvos 2.3% of your actual pensionable earnings up to 31 March each year.