You will receive a pension for life plus, if you choose to commute part of it, a lump sum. View further information in Exchange pension for lump sum.
The PPS 2015 is a Career Average Revalued Earnings (CARE) scheme which means that benefits you build up are worked out using your pensionable earnings in each scheme year. The pension you build up each scheme year is added together in your pension account. Your pension account is increased with the cost of living so it keeps its value.
For each scheme year that you are a member, a pension equal to a 55.3th of your pensionable earnings will be added to your pension account.
June joined the PPS 2015 on 1 April 2017.
In 2017/18 June's pensionable earnings are £16,000
The annual pension she builds up that year is 1/55.3 x £16,000 = £289.33
In 2018/19 June's pensionable earnings are £16,500
The annual pension she builds up that year is 1/55.3 x £16,500 = £298.37
When June retires inflation increases are added to ensure these amounts keep up with the cost of living.
June has built up an annual pension of £289.33 + £298.37 = £587.70 plus cost of living increases.
Your benefits can be reduced or increased, depending upon your reason for retirement and when you retire. View further information in Retirement.
If you work full-time or part-time, your pension builds up in the same way. If you work part-time your pension will be less than if you work full-time as your pensionable earnings used to calculate your pension is less.
If you were a member of the Police Pension Scheme 1987 (PPS 1987) or Police Pension Scheme 2006 (PPS 2006) and moved to the PPS 2015, your existing PPS 1987 or PPS 2006 pension rights did not transfer with you; they will remain fully protected in the PPS 1987 or PPS 2006. View further information in PPS 1987 or PPS 2006.