Final salary benefits are based on your Final Pensionable Salary (FPS) and your Pensionable Service (PS). In most cases the benefits are calculated as follows:
Pension is FPS x PS / 80
Lump sum is 3 x FPS x PS / 80
Final Pensionable Salary and Pensionable Service are defined on the Special Terms page.
If you were in the scheme before 6 April 1995 we will deduct an amount equivalent to value of SERPS we think you will get from the state pension scheme. This is called the SERPS offset.
If you retire after age 65 we will calculate your final salary benefits as at age 65 and enhance them to your date of retirement. This would be 31 December 2012 if you were born before 1 January 1948.
Please note that for active members under 65 as at 31 March 2018 the FPS is calculated as at 31 March 2018. This is because the final salary link was broken as at 31 March 2018. These benefits are then revalued in line with inflation - see section below for more information.