With this in mind, the scheme offers a degree of protection should you experience a reduction in your pensionable pay due …
32/80 x £ 120,000 =£ 48,000) + (4/80 x £ 100,000 =£ 5,000) = £ 53,000, Scottish Government | Riaghaltas na h-alba | gov-scot.
pensionable salary (also referred to as pensionable earnings or pensionable pay) final pensionable salary; Although relevant to both defined benefit (DB) and defined contribution (DC) schemes, this article concentrates on DB schemes.
Scheme section 1995 section 2008 section 1995 section 2008 section 1995 section 2008 section Member contributions 5% - 8.5% depending on rate of pensionable pay 5% - 8.5% depending on amount of pensionable earnings 5% - 8.5% depending on rate of pensionable pay Pension A pension worth 1/80th of final year’s pensionable pay per year of membership Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Protection of pay does not apply to Practitioners or to members of the 2015 Scheme unless you have a ‘final salary link’ through previous membership of either the 1995 or the 2008 sections.
Charges resulting from a local CEA will be payable by the local employer. *2008 Section membership - The reckonable pay, which is an average of the best three consecutive years!!
If you’re a member of the 1995 Section (or have a final salary link to 1995 Section pension benefits ) and you’ve reached minimum pension age, you can apply for voluntary protection of pay if your pensionable pay reduces by 10% or more for a full year following a ‘step down’ to a role where your duties are less demanding and carry less responsibility than previously.