Credit account

You will build up a pot of cash in your credit account which will be available when you retire.

When you retire, we will work out your credit account based on your pensionable payPensionable pay

Your pensionable pay is your basic salary at any given point in time. history, linked each year to the rate of consumer price inflation (CPI) up to 5%

In return for this, we will add to your credit account a notional amount of cash for each year you were paying into the scheme after 1 April 2011. The notional amount will be 30% of your pensionable pay for the Plus section (20% for the Standard section).

Assuming you are still paying into the scheme, we will increase at each April, the notional amounts credited to your credit account in line with consumer price inflation (CPI), up to 5%.

The value of your credit account, plus any amount in your AVC account, will be added together to make your retirement account.

This is how we work out your credit account.