Public sector pensions are known as being generous but how do they all work individually? i explains
Private sector employees have to take responsibility for saving into and using their own pension pots throughout their later life, whereas most public-sector staff accrue an annual income in retirement based on their salary and length of service.
In this scheme, for every year worked, civil servants build up 2.32 per cent of that year’s pensionable pay per year in their retirement. If you had pensionable earnings of £25,000 in one year, you would accrue £462 worth of pension. That is then increased every year in line with the previous September’s inflation figure plus an additional figure of 1.5 per cent, and will be paid to you every year in retirement.
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