site logo
site logo

Jargon buster

  • Final pay

    This figure is used to calculate pension benefits earned up to 31 March 2015. Benefits earned from 1 April 2015 will be based on career average revalued pay. Final pay is normally pensionable pay received over the last 365 days before retiring. If your pay went down in your last year, it could be the pay from one of the two previous periods of 365 days.

    If you work part time, your final pay is normally scaled up to the full-time equivalent.

    If your pay is reduced because of sickness, your final pay is taken to be the pensionable pay you would have received had you not been off sick.

    If you're off on maternity, paternity, or adoption leave and are paying (or are considered to be paying) pension contributions, final pay is taken to be your pensionable pay if you were working normally.

  • Free standing additional voluntary contributions (FSAVCs)

    Similar to AVCs but the contributions are paid to a provider of the member's choice and not to the approved in-house AVC scheme provider.
  • Fixed protection

    Members were able to apply for fixed protection of their lifetime allowance at £1.8m up to April 2012.