Pilkington Superannuation Scheme
The Pilkington Superannuation Scheme provides a pension based on a member's salary near retirement. The pension also depends on how long you are a member. This means that as your salary and length of membership increases, so does your pension.
The Pension 'Unit' - Each year that you contribute will provide you with a pension unit of (1/60)th from your sixty fifth birthday, the Scheme's normal retiring age. (If you complete 20 years 7 months contributory membership, for example, you will end up with 20 7/12 units at age 65).
Average Retiring Salary - Your contributions have been based on your normal salary. Your average retiring salary (the figure used for calculating your retirement pension) is the average of the best two consecutive years' normal salary in your last ten years contributory membership before leaving or retiring.
The Pension Calculation
Your Pilkington pension at age 65 is calculated using a simple formula:
Your pension at age 65 :
- for membership up to 31 January 2004
Number of sixtieths x Average retiring salary - [Cumulative disregard* x One sixtieth]
The Disregard is defined as 70% of the married couple's State Pension. *The cumulative disregard is the sum of the Disregards for each year of membership up to 31 January 2004. Click on the button below for a table of the Disregards, which will help you to calculate your Pilkington pension.
- for membership from 1 February 2004 onwards
Number of sixtieths x [Average retiring salary - Average disregard**]
**Average disregard is worked from the rates of disregard over the two years used for calculating average retiring salary.
DISREGARD