Working out your benefits As a member you can look forward to a guaranteed package of benefits to enjoy when you retire, including an inflation proof pension and a  tax free lump sum – either built into the standard package, or offered as an option when you retire. We work out these benefits by using your pay and your membership...

Pension = Final Pay x Membership ÷60

You can swap some of this pension for a lump sum if you like – see below...
 
If you also have some membership before 1 April 2008, this will count towards a smaller pension, but an automatic lump sum too, worked out like this...

Pension = Final Pay x Membership ÷ 80

Lump Sum = Yearly Pension x 3

Click here for example
More about pay and membership

Bigger lump sum
Instead of taking the standard benefits package shown here, you can take a bigger tax free lump sum by giving up some pension.

More about a bigger lump sum
More about when you can retire

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