Front of statement Yearly pension (Final Salary benefits only) You get 1/80th of your final pay as a pension for each year of membership in the Final Salary scheme up to 31/03/2008 and 1/60th for each year after this date One off tax free lump sum (Final Salary benefits only) You get 3/80ths of your final pay for each year of membership up to 31/03/2008. You don’t build up an automatic lump sum for membership after this but you will be able to swap some of your pension for a bigger lump sum when you retire. Your CARE closing balance at 31 March. This is your total CARE Pension that will be carried forward to next year. It includes CARE Pension you’ve earned in previous years, as well as the revaluation (up or down) to take account of the cost of living. The closing balance becomes next year’s opening balance. CARE Pension in the 50/50 section If you’re in the 50/50 section of the scheme, at the end of March each year a pension equal to 1/98th of your pensionable pay for that year is added to your pension account. Your pension account is revalued every year in line with the cost of living. CARE Pension in the main section. If you’re in the main section of the scheme, at the end of March each year a pension equal to 1/49th of your pensionable pay for that year is added to your pension account. Your pension account is revalued every year in line with the cost of living. Membership in the Final Salary scheme at 31/03/2014 This is the total membership you built up in the Final Salary part of the scheme. Membership here includes that which you transferred from other pension schemes, converted AVCs and the proportion of any extra membership you were buying at 31/03/2014. If you worked part-time at all up to this date we’ve adjusted your membership for this. Final Salary rate of pay This is the rate of pay used to work out your benefits in the Final Salary part of the scheme only. Your employer tells us your annual rate of pay at 31 March. If you work part time, your rate of pay is the full-time equivalent pay for your job. But certain elements of pay – for example non-contractual overtime – were not classed as pensionable under the Final Salary scheme so are not used to work out these benefits.