The FPS 1992 is a final salary scheme, meaning that your pension is based on your scheme membership (pensionable service) and final average pensionable pay:
Pensionable service x average pensionable pay ÷ 60 (accrual rate) = Annual pension
What is pensionable service?
This is your service as a member of the scheme for which you have paid contributions. If you have ever worked part-time, the starting point for working out your pension is to use the pensionable service you would be able to count if whole-time.
Other periods may count as pensionable service. For example, service transferred in from another pension arrangement, unpaid leave (including additional maternity, paternity, and adoption leave) for which contributions have been paid, or service which previously counted towards a pension which has since been cancelled. Added years paid for by additional contributions would also be included in the assessment of pension.
Each day of pensionable service will count as 1/365th of a year. The maximum pensionable service that can be built up is 30 years.
For each of the first 20 years of pensionable service, you will get 1/60th of average pensionable pay and for each of the following years you will get 2/60ths of average pensionable pay. This is known as double accrual.
The maximum number of 60ths that you can count is 40 (after 30 years' service).
What is average pensionable pay?
In most cases this will be your pensionable pay averaged over the last 365 days of pensionable service. It would not include those payments which have been treated as pensionable for providing Additional Pension Benefits (APBs).
If either of the two periods of 365 days immediately before would produce a greater amount, the final pensionable pay from one of those earlier periods could be used instead. This protects your pension if you have a reduction in pay in your last couple of years' service. If you have a reduction in pay earlier on in your service, the two pension option could help you.
If at any time you have worked part-time, the starting point for working out your pension is to use the pensionable pay you would be able to count if whole-time.