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Pre August 2017 benefits

This section of the website gives you a reminder of what happened to your benefits built up between 1 August 2010 and 1 August 2017, if you were a member at that time.

When you take your benefits, you will receive your benefits built up before 1 August 2017 at the same time as your benefits built up in the Fund from 1 August 2017 (unless you take flexible retirement).

Your benefits built up between 1 August 2010 and 1 August 2017 are treated differently depending on whether you were a member of:

  • The Starter Lane/Lane 1; or
  • Lane 2/Lane 3

Lane 1 and Starter Lane benefits

Lane 1 and the Starter Lane were Defined Contribution (DC) pension arrangements, like DC Start and DC Core. If you had benefits in Lane 1 or the Starter Lane, these were transferred into DC Core or DC Start on 1 August 2017. For more information about how DC Core and DC Start work and the benefits you could receive, see Building up benefits.

Lane 2 and 3 benefits

Lane 2 and Lane 3 were Career Average Revalued Earnings (CARE) arrangements like DB Core and DB CorePlus. For more information about how a CARE arrangement works, see DB Benefits

Your pension built up each year based on your Career Average Revalued Pensionable Earnings and a formula:

In Lane 2, your pension built up as follows:

1/80
X
Career Average Revalued Pensionable Earnings
X
Pensionable Service in Lane 2

In Lane 3, your pension built up as follows:

1/60
X
Career Average Revalued Pensionable Earnings
X
Pensionable Service in Lane 3

If you changed lanes and you built up pension in both Lane 2 and Lane 3, your pension will be calculated for each period of service and then added together.

Once in payment, the Fund increases pension built up in Lane 2 and Lane 3 in line with the rise in RPI, up to a maximum of 2.5% a year.