If you work reduced hours, the benefits you build up will reflect the actual hours you work, but are based on the salary that you would have earned if you worked full-time.
The pension for part-time workers in the scheme is calculated on the full-time equivalent of their part-time salary thus ensuring there is no loss of pension for any period that was worked full-time. Pensionable Service is adjusted for any period of part-time service to reflect the hours worked against the full-time equivalent.
Let’s say you have worked for the Company for 30 years, 20 years of which were full-time at 37 hrs. per week and 10 years part-time at 18.5 hrs. per week. Your Pensionable Service will be calculated as:
20 + (10 x 18.5/37) = 20 + 5 = 25 years Pensionable Service
This pensionable service would then be applied to a Full-Time Equivalent Salary to calculate your pension.
If you were to die while in part-time service, your lump sum death benefits would be four times your part-time salary.
If you need more details on how your Scheme benefits are affected by changing your working hours please contact the pension scheme administrator.