Non-Pensioners - The British Steel Pension Scheme

How much pension you're due

You are entitled to a pension of:

1/60th of your Final Pensionable Earnings for every year of Pensionable Service up to and including 31 March 2012

PLUS

1/65th of your Final Pensionable Earnings (2012) for every year of Pensionable Service from 1 April 2012 onwards.

Months and days are included in your Pensionable Service.

Service to 31 March 2012

27 years of Pensionable Service multiplied by Final Pensionable Earnings of £30,000

27/60ths x £30,000 = £13,500

PLUS

Service from 1 April 2012

Three years of Pensionable Service multiplied by Final Pensionable Earnings (2012) of £28,500, multiplied by a longevity adjustment factor of 1.0

(3/65ths x £28,500) x 1.0 = £1,315.38

Total deferred pension = £14,815.38

Pensionable Earnings for service before April 2012 may have Rule 5(3) applied in circumstances where there have been abnormally wide fluctuations in bonus and overtime.