Pension accrual percentage
Each year you accrue pension over part of the pensionable salary you have earned in that year. That part of your salary over which you do not accrue pension is referred to as ‘offset’.
You build up 1.875% annually in Retirement Pension over your pensionable salary less the offset.
You earn € 25,000 per annum. The offset is € 15,000. In that year you accrue 1.875% in Retirement Pension over the pension basis of € 10,000. That is € 187.50 in that year. The Retirement Pension you receive upon retirement is the sum of all annual accrued pensions, plus any indexation compensation.
Would you like more information and/or wish to know exactly what our pension scheme offers you? See the pension scheme or the brochure ‘Pension Scheme for participants who commenced employment after 31-12-2005’.