P
Pension account
Each scheme year the amount of pension you’ve built up is worked out and added to your pension account. You can find out more about pension accounts in the ‘How’s my pension worked out?‘ section.
You’ll have a separate pension account for each employment. That pension account will hold the total pension built up in that employment.
In addition to an active member’s pension account there are also:
- deferred pension members
- flexible pension members
- pension credit members
- survivor members pension
accounts.
Pension credit
A pension credit is a share of an ex-spouse’s or ex-civil partner’s pension benefits. A pension credit is awarded by a Court under a Pension Sharing Order following a divorce or dissolution of a civil partnership.
Pensionable pay
Pensionable pay is the pay that pension contributions are taken from. Pensionable pay includes:
- your normal salary or wages
- bonuses
- overtime – both contractual and non-contractual
- pay for additional hours if you work part time
- maternity, paternity, adoption and shared parental pay
- shift allowance
- any other taxable benefits specified as pensionable in your contract.
You don’t pay pension contributions on:
- any travelling or subsistence allowances
- pay in lieu of notice
- pay in consideration of loss of holidays
- pay as an inducement not to leave before the payment is made
- any award of compensation made for the purpose of achieving equal pay, other than a payment representing arrears of pay
- pay relating to loss of future pensionable payments or benefits
- pay paid by your employer when you are on reserve forces leave
- the monetary value of a car or pay received in lieu of a car
- any sum which has not had tax liability determined on it.
