Overview of PASLEMC
It's a defined benefit, so you know what you are likely to get at retirement. This helps you to plan for your retirement.
- A pension based on Final Pensionable Earnings x 1/70 (1/60 for service before 1 September 2006) x years of Pensionable Service.
- The option to exchange part of the pension for a tax free cash sum.
- Annual pension increases
You are also covered for life assurance as part of the package.
On Death before Retirement
- A spouse's/civil partner's pension equal to 25% of your Final Pensionable Earnings.
- A lump sum equal to 3 x Final Pensionable Earnings plus a refund of your contributions.
On Death after Retirement
- A spouse's/civil partner's pension equal to half your own pension (before you exchange any part of it for a tax free cash sum).
- A lump sum payable if you die within five years of starting to receive your pension.