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The actuarial factors used to calculate your benefits have changed with effect from 1 January 2024. The new factors will be updated on our modeller once you have received your 2024 benefit statement. This is likely to be sent to you in June/July this year. If you are considering retirement or have any questions regarding this, please contact the Pensions Office.

Knowing how much to save towards your pension can feel like a difficult choice.

See what retirement income you’re on track for now

There are ways to check if you’re on track for the retirement income you would like:

Benefit Statement

Every year we send active members an annual pension statement. This outlines how much pension you have built up so far, and what this could be worth at your Normal Retirement Age.


You can find your pension figures in your most recent benefit statement. Please note, if you are age 64 or over, please contact the Pensions Office for a retirement quote

Boost your benefits

If, after you’ve checked whether you’re on track, you think you need to save more for your retirement, you can boost your pension by making Additional Voluntary Contributions (AVCs) to buy extra benefits.

You can choose:

Regular AVCs are deducted from your salary like your normal pension contributions. This means you can get tax relief (and National Insurance savings if you pay through PensionChoice).

Does it make a difference?

Mark is 28, earns £24,000 a year and doesn’t pay AVCs at the moment.

He found that by paying just an extra 1% of his salary, or £20 a month, he could receive an extra £522 a year in pension and £1,566 extra cash lump sum.

1. Think about your circumstances

You should also consider taking financial advice. To find a verified independent financial adviser near you, visit Unbiased – you would be personally responsible for any costs associated with obtaining this advice.

2. Start paying AVCs – it’s easy!

If you decide that making AVCs is for you, simply complete an AVC form and return it to the Pensions Office.