Following feedback from various stakeholders, including members and unions, we’ve updated the member Benefit Statement.

This will provide a simpler way for members to understand more about their pension and how it’s calculated. The changes include:

• Information for members in the Final Salary arrangement about how average salary is calculated. The Benefit Statement now shows the salaries used to calculate the best final average salary, and if appropriate how the salaries have been revalued up to the calculation date of the benefits estimate
• An out of service death grant figure for deferred members (those with benefits in the Scheme but not currently in pensionable service)
• Breaks in pensionable service will be highlighted within the service history, which will make it easier for members to check for missing service.