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.
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 the full-time equivalent of your salary.
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.