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Your pension builds up at a rate of 1/49th of your pensionable pay and the money you pay into your pension will be built up each year.

This will be revalued each year in line with inflation (Consumer Price Index).

So, if you contributed for 1 year on a pensionable pay of £40,000, you’d get the amount below:

£24,000 / 49 = £489.79 (this amount is then revalued in line with inflation the following year)

For more details about how your pension is worked out see our full Scheme guide.

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