Service Description: The Pensions Team is highly skilled and experienced. We pride ourselves on our friendly approachability and our desire to help. If you have a specific query which you cannot find the answer to on this web page, please do not hesitate to contact the pensions office by telephone, or indeed make an appointment to see a member of staff.
Also known as:- Pensioners Payroll, Teachers Pensions
Answer: If you joined the scheme before 1 April 2008, you will have a lump sum with your pension. Each year of membership that you have before 1 April 2008 will give you a pension worth 1/80th of your final pay. It will also give you a lump sum worth 3/80th of your final pay. The scheme changed on 1 April 2008 and since then you have not been building up a lump sum. Instead, you have been building up pension at a higher rate. Each year of membership that you have from 1 April 2008 will give you a pension worth 1/60th of your final pay. When you retire you can give up pension to make the lump sum bigger.