About Active Membership

If you are entitled to a consolidated pay award, then yes for pension purposes when we calculate benefits the pensionable salary will take into account the backdated pay award.

Check the Business Rules available on Platform to see if you are entitled to a consolidated pay award.

Once the payroll has been run, we receive a data file from payroll to advise us of your revised salary, this can take a several weeks to process all of the changes.

Your contributions for the calendar year are assessed in November of the previous year and are effective at the new rate from January, the only exception is if you change your working hours in which case your contributions are reassessed at the effective date of your change of hours if that falls after November of the previous year.  Any arrears of contributions due will be automatically collected by payroll when you are paid arrears of salary.

Yes as long as you are entitled to a consolidated pay award we will recalculate your accrued pension to take account of the pay award.

Check the Business Rules available on Platform to see if you are entitled to a consolidated pay award.

If you are entitled to a consolidated pay award and have already put your pension into payment before the pay award is paid, we will adjust your pension to take into account the backdated pay award, however there will be no change to the tax free cash sum available.

If you put your pension into payment after the consolidated pay award is paid we will recalculate the pension and tax free cash options to take account of the pay award.

Check the Business Rules available on Platform to see if you are entitled to a consolidated pay award.

This would not affect your TfL Pension other than to the extent that any HMRC limits on pension accrual or overall pension from all sources may apply. 

There are no exclusions, we recommend that you complete an Expression of wish form to tell the Trustees who you would like the lump sum paid to in the event of your death.  You can update your Expression of Wish form at any time should your circumstances change and we would encourage you to do so. 

We calculate all benefits based on full time equivalent pensionable salary and pensionable service, so for example if you work 50% of full time hours, 1 year will count as 6 months towards your pensionable service, but your pensionable salary will be doubled to the full time equivalent, this way there is not impact to how your pension builds up if you change your contractual working hours.  Our helpsheet on the Fund website contains examples of how this works. 

The Fund Rules include an underpin that means if your contributory pensionable salary falls, your pension accrued up to that point based on your contributory pensionable salary is protected and it is only service after the fall that is based on the lower pensionable salary.  Further details can be found in our helpsheet on the Fund website.

Your pension is based on your pensionable salary over the last 12 months so the full impact of a promotion will not be seen in your pension until a full 12 months after the increase. 

Unless you have changed your working hours your contributions will not change until January when they will be based on your pensionable salary in the previous November.