Benefits
Part time / term time membership explained
Scheme membership is based on full time hours. So if you are part-time/term time, your membership is worked out on a pro rata basis.
For example, if you work 18 hours per week in a job where full
time is 36 hours per week and you work the whole calendar year, your
scheme membership for the year will be half the full time - 183 days
instead of 365 days.
When you leave or retire, your pension is worked out using the pay you would receive if you worked full time and with your pro-rata service as calculated above.
Going part time in the years before you retire
Your benefits are worked out on your full time equivalent salary and membership. If you go part time on the same salary your benefits will be worked out using the full time salary. The only change that happens is your membership is pro rated so you will build up less membership as you are working less hours.
How it works
Patricia works 18 hours and earns £10,000.
If Patricia worked full time would be 36 hours with the salary being £20,000. This means Patricia is working half the FTE hours every year, so her Scheme membership would be half the year - 183 days. (rounded up to whole days)
How this affects your pension
If Patricia works in her part-time post for 10 years then retires, her pension is worked
out as follows:
5 years 5 days pension membership
(Patricia's service is pro-rata to 183 days for each year in her post: 183 x 10 is 5 years 5 days)
X
Final Pay £20,000 (the post's full time equivalent salary)
X
1/60th (the pension benefits multiplier for pension built up from 1 April 2009)
Patricia's pension would be £1,671.23 per year
