Your annual pension is calculated by dividing your annual pensionable pay by 49 for each scheme year.
The pension you build up each scheme year is added together in your pension account. When you take your pension, it is revalued to keep up with the cost of living.
Annual pension built up each scheme year = annual pensionable pay x 1/49
50/50 section
If you are in the 50/50 section of the scheme, your annual pensionable pay is divided by 98 for each scheme year.
Annual pension built up each scheme year = annual pensionable pay x 1/98
Example of calculation
You were in the main section of the scheme for 2 years. You left on 31 March 2016 and stopped paying in. Your annual pensionable pay was £17,000 in 2014/15 and £18,000 in 2015/16.
Your deferred annual pension is:
1 April 2014 to 31 March 2015: £17,000 ÷ 49 = £346.94
1 April 2015 to 31 March 2016: £18,000 ÷ 49 = £367.35
Total annual pension = £346.94 + £367.35 = £714.29
You built up an annual pension of £714.29. When you take your pension, it is revalued to keep up with the cost of living. Your pension in payment will also increase each year to keep up with the cost of living.