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Working part time

Working part time

What if you work part time?

As a DB Core or DB CorePlus member, if you work part time, your benefits will be calculated in the same way as if you were a full-time employee.

For a reminder of how your pension is calculated in DB Core and DB CorePlus, see What will you receive?

Example

John retired on 31 July 2020 after being a member of DB Core for three years. In his last year before retirement, John worked 15 hours a week so his salary reduced to £13,000. So, in the three years before retirement, John’s pensionable earnings were £25,000 in year 1, £26,000 in year 2 and £13,000 in year 3.

His career average revalued pensionable earnings are calculated as follows:

Year 1

Pensionable earnings revalued for 2 years:

£25,000
+
2.5%
+
2.5%
=
£26,265.63

Year 2

Pensionable earnings revalued for 1 year:

£26,000
+
2.5%
=
£26,650

Year 3

Pensionable earnings (not revalued in the last year):

£13,000

 

£26,265.63
+
£26,650
+
£13,000
3 years
=
Career Average Revalued Pensionable Earnings of £21,971.88

John's career average revalued pensionable earnings are then used in the formula to calculate his pension as follows:

1/80
x
£21,971.88
x
3

For a reminder of how your pension is calculated in DB Core and DB CorePlus, see What will you receive?

Related links Overview of sections What will you receive? Modeller