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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Scheme Member | Important Aspects of My Pension | What counts towards pensionable service?
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What counts towards pensionable service?
Pensionable service is the time YOU are credited with as being an active member of your pension scheme.
It is an important element of the formula that your defined benefit scheme uses in the calculation of your benefits. The formula (and the definitions for each part of it) will be set out in the Scheme Rules which will also define what period of your actual service will be classed as your pensionable service. The two most common types of defined benefits scheme, ‘final salary’ and ‘CARE schemes’ use pensionable service in their formula.
It is important to understand the vast difference each scheme’s definition of pensionable service might have on your pension benefit. We explain why.
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To find out more, choose one of our free Factsheets on the right to match your category of membership.
Not sure which category of member you are? See our definitions:
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See our Glossary for definitions of phrases in our Factsheets
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This Factsheet is not yet available for Money Purchase members.
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