Changing Your Hours

The Rules of the Pension Fund are designed such that Members can change between full time and part time working without disproportionately impacting their benefits.

Full timer

Hours: 35 hours per week
Pensionable service: 10 years
Pensionable salary: £40,000

Accrued pension is calculated as:

Part timer

Hours: 17½ hours per week (50% of full time)
Pensionable service: 10 years (Full time equivalent is 5 years)
Pensionable salary: £20,000 (Full time equivalent is £40,000)

Accrued pension is calculated as:

Mixed full time and part time
Using the examples above:

5 years full time followed by 5 years at 50%
Full time equivalent pensionable service is 5 years at 100% plus 5 years at 50% = 7½ years
Full time equivalent pensionable salary is £40,000 (as explained above)

Death in service

Under the Fund Rules Active Members are covered for life cover at the rate of 4 times pensionable salary.

In the above examples, the part timer would be covered for 4 x £20,000 whereas the full timer would be covered for 4 x £40,000. In the event of death within 12 months of changing hours, the pensionable salary for life cover will be calculated based on the average over the last 12 months.

Dependants benefits are calculated based on accrued pension plus an element of future service, the future service element will be pro-rated based upon the proportion of the full time hours you are contracted to work at the time of death.

Ill health retirement

Ill heath retirement benefits are calculated based on accrued pension, plus where pensionable service is at least 5 years; an element of future service, the future service element will be pro-rated based upon the proportion of the full time hours you are contracted to work at the time of ill health retirement being granted.