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TEESSIDE PENSION FUND

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222 Pensionable Pay

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333 Meaning of pensionable pay Pensionable or not Final pay - general Full time & part time employees Final pay – BIS Last 365 days Reductions & restrictions Certificate of Protections Pre 2008 & post 2008 Final pay - fees Unusual calculations

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444 Pensionable Pay Meaning of pensionable pay salary wages fees & other payments for members own use in respect of their employment - pensionable emoluments specified in their contract of employment

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555 Pensionable Pay Pensionable Pay does not include - Payments for non-contractual overtime any travelling, subsistence or other allowance in respect of expenses incurred in relation to the employment any payment in consideration of loss of holidays any payment in lieu of notice to terminate their contract of employment any payment as an inducement not to terminate his employment before the payment is made the amount of any supplement paid by the Environment Agency in recognition of the difference in contribution rates between members of the principal civil service pension scheme and the Scheme - Any payment by way of compensation for the purposes of achieving equal pay in relation to other employees

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666 Pensionable Pay Workshop 1

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777 Pensionable Pay Pensionable or not? Mr Workaholic commences employment with you and his first pay packet is comprised of many elements. £2,500.00Salary £ Performance-related Pay £1,000.00Cash equivalent of lease car £ Contractual Overtime £ Travelling Expenses £ Subsistence expenses £ 14.00First Aid Allowance £ Enhancement for weekend working £ Non-contractual overtime £5,993.75

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888 Pensionable Pay Pensionable or not? Mr Workaholic commences employment with you and his first pay packet is comprised of many elements. £2,500.00Salary Yes £ Performance-related PayYes £1,000.00Cash equivalent of lease car No £ Contractual Overtime Yes £ Travelling ExpensesNo £ Subsistence expenses No £ 14.00First Aid AllowanceYes £ Enhancement for weekend workingYes £ Non-contractual overtimeNo £5,993.75

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999 Pensionable Pay Next month he receives a similar pay packet but with an extra £1, ‘honoraria’ payment. Is the honoraria pensionable?

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10 Pensionable Pay Next month he receives a similar pay packet but with an extra £1, ‘honoraria’ payment. Is the honoraria pensionable? Depends on what the honoraria is in respect of: Lieu of duties Yes Anything in the exceptions listNo (i.e. extra hours that couldn’t put through)

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11 Pensionable Pay In a number of months time his final pay packet includes £2, payment in lieu of notice and £1, payment in lieu of holidays not taken. Are either of these payments pensionable?

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12 Pensionable Pay In a number of months time his final pay packet includes £2, payment in lieu of notice and £1, payment in lieu of holidays not taken. Are either of these payments pensionable? NO

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13 Pensionable Pay Final Pay - year ending on day member ceases to be an active member - best of the last three years - part time – use a single comparable whole time employment - disregard any absences due to illness or injury Pensionable Pay - calculated as final pay, where a year is 365 days - leap year 366 days only if date of leaving is 29 th February - less than one year’s service, convert to 365 days i.e. Member employed from 1 st March to 21 st September on a salary of £18, so if pay for period (205 days) was £10,109.59, the pensionable pay would be £10,109.59/205 x 365 = £18,000.00

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14 Pensionable Pay If the pay rates are as follows: 01/12/2007 to 31/03/2008 = £ 26, /04/2008 to 30/11/2008 = £ 26, You need to calculate the period 01/12/07 to 31/03/2008 at the rate of £26,067 and the period 01/04/2008 to 30/11/2008 at the rate of £26,835 01/12/2007 to 31/03/2008 gives a number of days of 121 days 01/04/2008 to 30/11/2008 gives a number of days of 244 days 365 days Pensionable pay 01/12/07 to 31/03/08 is 121 / 365 x £26, = £ /04/08 to 30/11/08 is 244 / 365 x £26, = £17, Pensionable Pay £26, The pensionable pay you calculate will always fall between the first and last salaries.

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15 Pensionable Pay Final Pay/Pensionable Pay – Why 365 days? Strictly speaking the final pay should done in accordance with the way in which a person is paid. - employers pay a salary/wage - paid monthly i.e. 1/12th - paid lunar i.e. every 28 days - 52 weeks - 1/260 th of the annual salary for each working day Allows many variations i.e. leaving on the 12 th of a month - September would be 12/30ths, October would be 12/31sts - or 12/28ths

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16 Pensionable Pay Mrs Hutton Retires at age 60 on 29 September She is monthly paid and her rates of pay over the last year were: 01 April 2009 £ 16, p.a. 01 April 2010 £ 17, p.a. Final/Pensionable pay 30 September 2009 to 31 March 2010 £16, x 6/12 = £8, £16,440.00/12 x 01/30 = £ April 2010 to 29 September 2010 £17, x 5/12 = £7, £17,400.00/12 x 29/30 = £1, Pensionable Pay = £16,917.34

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17 Pensionable Pay Mrs Hutton Retires at age 60 on 29 September She is monthly paid and her rates of pay over the last year were: 01 April 2009 £ 16, p.a 01 April 2010 £ 17, p.a. Worked on days rather than months gives the following Final/Pensionable pay 30 September 2009 to 31 March 2010 £16,440 x 183/365 = £ 8, April 2010 to 29 September 2010 £17,400 x 182/365 = £ 8, Pensionable Pay = £16,918.68

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18 Pensionable Pay Workshop 2 Full Time Employee Leaving Date 31 December 2003 Salary Details £13, £14, Calculate the annual pensionable pay:

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19 Pensionable Pay Workshop 2 Full Time Employee Leaving Date 31 December 2003 Salary Details £13, £14, Calculate the annual pensionable pay: /365 x 13,884.00= £ 3, /365 x 14,391.00= £10, = £14,265.98

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20 Pensionable Pay Workshop 2 Full Time Employee Leaving Date 03 March 2004 Salary Details £15, £16, £16, Calculate the annual pensionable pay:

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21 Pensionable Pay Workshop 2 Full Time Employee Leaving Date 03 March 2004 Salary Details £15, £16, £16, Calculate the annual pensionable pay: /365 x 15,264.00= £ 1, /365 x 16,194.00= £ 7, /365 x 16,718.00= £ 7, = £16,356.67

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22 Pensionable Pay Workshop 2 Full Time Employee Leaving Date 15 January 2004 Salary Details £13, plus £100 First Aid Allowance £14, plus £100 First Aid Allowance Calculate the annual pensionable pay:

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23 Pensionable Pay Workshop 2 Full Time Employee Leaving Date 15 January 2004 Salary Details £13, plus £100 First Aid Allowance £14, plus £100 First Aid Allowance Calculate the annual pensionable pay: /365 x (13, )= £ 2, /365 x (14, )= £11, = £14, OR /365 x 13, = £ 2, /365 x 14, = £11, = £14, = £14,386.82

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24 Pensionable Pay Full time & Part time employees Benefit regulation 1 defines a whole time employee as ‘an employee whose contract of employment provides’ (a)That he is such an employee for the scheme (b) that his contractual hours are not less than the number of contractual hours for a person employed in that employment on a whole time basis Benefit regulation 7(3) part-time members accrue membership as an appropriate fraction of the duration of membership they have. Benefit regulation 7(4) states ‘the numerator of that fraction is the number of contractual hours during the part-time service and its denominator is the number of contractual hours of that employment if it were on a whole-time basis’

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25 Pensionable Pay Straight forward, simple definition School crossing patroller’s whole-time equivalent hours are 7.5 per week Therefore a part timer working 5 hours per week for 6 years at a rate of £6.00 per hour would have a pensionable pay of 6 x 7.5 x = £2, and pensionable service of 6 x 5/7.5 = 4 years. This would give a pension of 4/60 x 2, = £ p.a. Transferred to a cleaning post of 5 hours per week where the whole- time equivalent hours are 37 at a rate of £6.00 per hour. Pensionable pay becomes 6 x 37 x =£11, The same service already accrued would give a pension of 4/60 x 11, = £ p.a.

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26 Pensionable Pay Straight forward, simple definition Therefore for administrative purposes the whole-time equivalent of all part-time employment is 37hours. The service is therefore recorded as ??.??/37.00 The pensionable pay is calculated as £? X 37 x

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27 Pensionable Pay Hours & Pay proportionality Mrs Red works whole-time on a salary of £10, plus £2, enhancement for weekend working. In one year she would contribute £ (5.5% of £12,000.00) After 10 years membership, Mrs Red would receive a benefit of 10 x 1/60 x12000 = £2, p.p. pension

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28 Pensionable Pay Now if we take Mrs White & Mrs Blue who work the same job as Mrs Red but on a part-time basis. Both work 18.5 hours per week, but Mrs Blue does all the weekend work and receives all of the weekend enhancement. In one year, Mrs White would contribute £ (5.5% of £5,000.00) In one year, Mrs Blue would contribute £ (5.5% of £7,000.00) Regulation 8 states ‘In the case of part-time employment, the final pay is the pay which would have been paid for a single comparable whole-time employment.’

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29 Pensionable Pay If we take this statement literally, the whole-time equivalent pay would be £12, So after 10 years Mrs White would get a benefit of 5 x 1/60 x £12,000 = £1, p.a. Similarly, After 10 years Mrs Blue would get a benefit of 5 x 1/60 x £12,000 = £1, p.a.

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30 Pensionable Pay Is this fair? Mrs White would have paid £2, in contributions over the 10 yrs Yet Mrs Blue would have paid £3, in contributions over the 10 yrs I.e. Mrs Blue paid in 40% more More Logical If Mrs White’s whole-time equivalent pay was £10, (a 37 hour working week without weekend enhancement. Mrs White’s benefit would be 5 x 1/60 x £10,000 = £ p.a. Is Mrs Blue’s whole-time equivalent pay still £12,000.00? ( a whole-time post with weekend enhancements), Mrs Blue’s benefit would be 5 x 1/60 x £12,000 = £1,000 p.a. Is this fair? Mrs Blue is receiving 20% more in benefit, but has paid 40% more in contributions.

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31 Pensionable Pay Would it be fairer to say that the whole-time equivalent for a half-timer with one weekend enhancement is one whole-timer with two. Mrs Blue’s whole-time equivalent pay would be £14, Her benefit would be 5 x 1/60 x £14,000 = £1, p.a. From a fund’s point of view They paid Mrs White £ and Mrs Blue £1,166.67, a total of £2, (equal to Mrs Red’s benefits) in return for contributions of £2, from Mrs White and £3, from Mrs Blue, a total of £6, (equal to Mrs Red’s contributions) From the member’s point of view Mrs Blue has paid 40% more in contributions than Mrs White and has received 40% more in benefits than Mrs White

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32 Pensionable Pay Summary ServiceContributions Paid Pension Paid Pensionable Pay Mrs Red10 yrs£6,600.00£2,000.00£12, Mrs White5 yrs£2,750.00£1,000.00£12, Mrs Blue5 yrs£3,850.00£1,000.00£12, Mrs White5 yrs£2,750.00£833.33£10, Mrs Blue5 yrs£3,850.00£1,166.67£14,000.00

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33 Pensionable Pay However Could it then be claimed that the whole time equivalent for Mrs Blue is £14,000.00, thereby moving her into the next contribution band. Mrs Blue would therefore pay 5.8% of £7, being £ An extra £ over 10 years in the fund’s coffers.

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34 Pensionable Pay Consider another conundrum Mrs Green worked along side Mrs Red until the last year, when she reduced to exactly half time working the weekends. She receives a salary of £5, plus the weekend enhancement of £2, Should her pension be: (a) 9.5 x 1/60 x £14, = £2, or (b) 9.5 x 1/60 x £12, = £1, If (a) Mrs Green would receive more pension than Mrs Red! – effectively the first 9 yrs have been increased in value by 16% (i.e. based on £14,000 instead of £12,000) Is (b) mathematically correct! – effectively Mrs Green’s benefits are 9.5/10ths of Mrs Red’s. However, Mrs Green has paid a contribution in her final year that is nearly 60% of Mrs Red’s.

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35 Pensionable Pay Benefit regulation 8 (3), in describing final pay states: ‘in the case of part-time employment, the final pay is the pay which would have been paid for a single comparable whole-time employment’. To calculate the final pay for a part-timer working 30 hours per week would be relatively simple, using the actual pay received in the final year and multiplying by 37/30. So an example for a person working 30 hours per week and receiving the following pay: 01/12/2007 to 31/03/2008 = £21, /04/2008 to 31/03/2008 = £21, You would use the whole time equivalent 01/12/2007 to 31/03/2008 = £26, (£21, / 30 hours x 37 hours) 01/04/2008 to 30/11/2008 =£ 26, (£21, / 30 hours x 37 hours)

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36 Pensionable Pay Hourly Rates: 01/12/2007 to 31/03/2008 = £ 9.56 per hour 01/04/2008 to 30/11/2008 = £ per hour The annual salaries would be 9.56 x 37 x = £18, x 37 x = £19, The pensionable pay would therefore be 01/12/07 to 31/03/08 is 121 / 365 x £18, = £ /04/08 to 30/11/08 is 244 / 365 x £19, = £13, Pensionable Pay £19,371.51

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37 Pensionable Pay Workshop 3 Calculate the whole-time and part-time Pensionable Pay details for the following part time employee: Leaving Date hours worked are 10 per week Salary Details Part-time annual pay £3, Part-time annual pay £3,422.43

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38 Pensionable Pay Workshop 3 Calculate the whole-time and part-time Pensionable Pay details for the following part time employee: Leaving Date hours worked are 10 per week Salary Details: Part-time annual pay £3,322.70/10 x 37 = 12, Part-time annual pay £3,422.43/10 x 37 = 12, – = 44/365 x 12, = 1, – = 321/365 x 12, = 11, Whole-time pensionable pay = £12, – = 44/365 x 3, = – = 321/365 x 3, = 3, Part-time pensionable pay = £3, Check: £12,618.52/37 x 10 = £3,410.41

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39 Pensionable Pay Workshop 3 Calculate the Pensionable Pay details for the following employee: Leaving Date Salary Details £ per week plus £42.80 bonus per week £ per week plus £46.50 bonus per week N.B. FOR WEEKLY PAID STAFF THE ANNUAL RATE IS CALCULATED BY MULTILPYING THE WEEKS BY 52.14

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40 Pensionable Pay Workshop 3 Calculate the Pensionable Pay details for the following employee: Leaving Date Salary Details £ per week plus £42.80 bonus per week £ per week plus £46.50 bonus per week – = 256/365 x ( x = 13,780.60) = 9, – = 109/365 x ( x = 14,560.10) = 4, Pensionable Pay = £14,013.38

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41 Pensionable Pay Term-time members The original intention of the new look LGPS was that membership and final pay calculations for term-time employees should be pro-rated Part-timers service is recorded as ??.??/37.00 To keep uniformity with part-timers, a term-time employee also has the service adjusted, so that the whole time equivalent pay is then used in the calculation of the pensionable pay. An employee working 37 hours per week for 44 weeks per year would have their membership recorded as 31.22/37.00 ( i.e. 37 x44/52.14) If the employee’s actual pay was £20,000.00, the final pay for this term-time employee would be grossed-up for benefit calculations i.e. £20, x 52.14/44 = £23,700.00

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42 Pensionable Pay Part-time, term-time members A part-time, term-time employee working 20 hours per week for 44 weeks per year would have their membership recorded as 16.88/37.00 (i.e. 20 x 44/52.14) If the employees actual pay was £10,810.81, the final pay for this part-time, term-time employee would be grossed-up for benefit calculations i.e. £10, x 37/20 x 52.14/44 = £23,700.00

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43 Pensionable Pay Part-time & term-time members For ease of administering and calculating benefits, Administering authorities should pro-rata the membership and use the whole-time equivalent pensionable pay

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44 Pensionable Pay Workshop 4 Calculate the pensionable pay for the following employee: Leaving Date Pay Details weekly hoursweekly contractual Date wage worked bonus overtime £ £ hours £ £ hours

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45 Pensionable Pay Workshop 4 Calculate the pensionable pay for the following employee: Leaving Date Pay Details weekly hoursweekly contractual Date wage worked bonus overtime £ £ hours £ £ hours Hourly rate: /37 = , /37 = – = 13/365 x ( [5 x ] x 52.14) = – = 352/365 x ( [5 x ] x 52.14) = 12, Pensionable pay = £12,610.88

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46 Pensionable Pay Worked hours & paid hours Hours/weeks worked are used in the calculation of membership Hours/weeks paid are used in the calculation of the pensionable pay Grossed/scaled up to whole time equivalent Not as straight forward as it might appear!

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47 Pensionable Pay

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48 Pensionable Pay SICK LEAVE If a member is absent on sick leave he/she is treated for pension purposes as having received full normal pay. Where the member works non-cyclical fluctuating hours an average from a previous period can used or a comparison made with another member employed in a comparable employment. Basic roster hours reduce the level of pension benefits and will not be accepted.

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49 Pensionable Pay Authorised leave Reserved forces Maternity, paternity or adoption leave Sickness leave Final pay based on what would have been paid if not been absent Authorised Leave Period of leave without pay after first 30 days Regulation 9 (4) – scaled up pay

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50 Pensionable Pay Authorised leave Mr Fickle chooses not to pay contributions for the period 1/10/2008 to 30/11/2008 and leaves on 30/04/2009. Whilst the employee is a member throughout the whole of the final year, they are only entitled to count as active membership 304 days of the last year. So as per regulation 9 (4) the final pay must be scaled-up. Pay 01/05/2008 £16, no changes 01/05/2008 to 30/09/ /365 x 16, = £ 6, /10/2008 to 30/11/2008 (61 days for which no contributions were paid) 01/12/2008 to 30/04/ /365 x 16, = £ 6, = £13, Pay = £13, x 365/304 = £16,500.00

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51 Pensionable Pay Authorised leave Same scenario, but Mr Fickle’s rates of pay were: Pay 01/05/2008 £14, /12/2008 £15, /01/2009 £16, /05/2008 to 30/09/ /365 x 14, = £ 5, /10/2008 to 30/11/2008 (61 days for which no contributions were paid) 01/12/2008 to 31/12/ /365 x 15, = £ 1, /01/2009 to 30/04/ /365 x 16, = £ 5, = £12, Pay = £12, x 365/304 = £15,190.14

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52 Pensionable Pay Authorised leave – maternity leave Mrs Fickle goes on maternity leave, doesn’t return to work or pay the contributions for the period of unpaid additional maternity leave (unpaid leave commenced 30/01/2009 and her date of leaving was 30/04/2009 Pay 01/05/2008 £14, /10/2008 £15, /01/2009 £16, /05/2008 to 30/09/ /365 x 14, = £ 5, /10/2008 to 31/12/ /365 x 15, = £ 3, /01/2009 to 29/01/ /365 x 16, = £ 1, = £11, Pay = £11, x 365/274 = £14,824.08

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53 Pensionable Pay Authorised leave – strike break Mr Prentis goes on strike and doesn’t elect to pay the contributions on 16 and 17 July 2009, then leaves on 30/09/2009 Pay01/10/2008 £20, /04/2009 £22, /10/2008 to 31/03/ /365 x 20, = £ 9, /04/2009 to 30/09/ /365 x 22, = £11, Less pay lost on strike 2/260 x 22, = £ = £20, Pay = £20, x 365/363 = £20, Grossing-up the pay by 365 when the pay that is lost through the strike is calculated on 260ths will always cause an anomaly.

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54 Pensionable Pay Workshop 5 Calculate the pensionable pay for the following employee: Leaving Date Member had unpaid strike periods of 16 & 17 July 2010 and 16 & 17 October 2010 Pay Details: £15, £16, £16,719.00

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55 Pensionable Pay Workshop 5 Calculate the pensionable pay for the following employee: Leaving Date Member had unpaid strike periods of 16 & 17 July 2010 and 16 & 17 October 2010 Pay Details: £15, £16, £16, = 31/365 x 15, = 1, = 92/365 x 16, = 4, = 242/365 x 16, = 11, , Less pay lost on strike 2/260 x 16, = Less pay lost on strike 2/260 x 16, = Total = 16, Pensionable pay = 16, x 365/361 = 16,428.95

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56 Pensionable Pay Workshop 5 Do Not Do: 31/361 x 15, = 1, or 31/365 x 15, = 1, /361 x 16, = 4, /365 x 15, = 3, /361 x 16, = 11, /365 x 16, = 10, = 16, = 16,321.74

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57 What happens if?

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58 Final Pay On or before 31/03/08 Best of the last 3 years rule ending with the anniversary ceases 3 year period covers all local government employment On or after 1/4/08 Best of the last 3 years rule ending with the anniversary ceases 3 year period covers current employer only (unless the member has aggregated their membership)

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59 Final Pay reductions Pre 08 Protection applies if, otherwise than by virtue of a member’s own circumstances- his/her rate of pay is reduced, or the rate at which it may be increased is restricted in such a way that it is likely that the rate of their retirement pension will be adversely affected, AND a certificate of protection of pensionable pay has been issued. (A certificate can only be issued where the reduction or restriction in pay is enforced)

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60 Final Pay reductions Pre 08 Protection does not apply where – a member takes a voluntary or temporary reduction in pay; or they are returning to their normal post after a temporary promotion; or they are simply reducing their working hours or weeks (and the whole time equivalent pay remains unchanged).

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61 Final Pay reductions Pre 08 Must leave within 10 years of date of reduction/restriction Pay can be- Best single year in the last 5, OR Annual average of any consecutive 3 year period in the last 13 years Always ending with anniversary of date of leaving After allowing for PI – spreadsheet Certificate is transferable across employments where membership is aggregated

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62 Final Pay reductions – Post 08 Protection applies where a member’s pay in a *continuous period of employment is reduced or restricted- because the member chooses to be employed by the same employer at a lower grade or with less responsibility; for the purposes of achieving equal pay in relation to other employees of that employer; as a result of a job evaluation exercise; because a change in the member’s contract of employment resulting in the cessation or restriction of, or reduction in, payments or benefits specified in the member’s contract of employment as being pensionable emoluments; or because the rate at which the member’s rate of pay may be increased is restricted in such a way that it is likely that the rate of the member’s retirement pension will be adversely affected. *unless a person has changed employers in the last 10 years in circumstances where TUPE or the move is treated as a TUPE move applies, e.g. in a machinery of government change or contracting out exercise

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63 Final Pay reductions – Post 08 Protection does not apply where- the reduction/restriction immediately follows a period in which the member occupies a post on a temporary basis at a higher rate of pay; or the member chooses to reduce his or her hours of work or to be employed at a lower grade, for the purposes of flexible retirement; or they are simply reducing their working hours or weeks (and the whole time equivalent pay remains unchanged).

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64 Final Pay reductions – Post 08 Must leave within 10 years of reduction/restriction Pay can be- Annual average of any 3 consecutive years in the last 13 years Year ending 31 st March Not transferable – current employer only unless TUPE applies

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65 What is the Effective Date of reduction/restriction? The date of the contractual change Even where pay is restricted or detriment is paid? YES Entitlement to protection - PERMANENT change to substantive post Detriment (whether at 100% or on a sliding scale) is a temporary payment

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66 Deferred Benefits? Young members / more than 10 years away from retirement Changes job – issued with a new contract 12 months to aggregate

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67 Duplication of forms – Change of job Certificate / Notification – record on post affected by reduction / restriction Leavers form – calculate benefit entitlement (usually deferred) Starter form – create new pension record If member chooses to aggregate (within 12mths) follow re-employed deferred procedure. Deferred record is reopened The new post becomes a status 2 A member who keeps benefits separate my transfer any or all benefits to another LGPS fund at a later date and still benefit from protection

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68 Axis Upon receipt of certificate/notification Doc Id REDINPAY Enter effective date (date of reduction/restriction) on Page1 of scheme contributions screen Record any changes to hours / weeks

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69 Axis Calculations Benefit calculations (X/Y) Final Pay – actual pay Previous years pay - Use pay from spreadsheet before PI then enter effective date (end of relevant pay period used)

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70 Scheme Documentation Certification of Protection of Pensionable Pay Notification of Protection of Pensionable Pay Leaver / Starter forms Spreadsheet Employer guidance / training

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72 Pensionable Pay Workshop 6 Calculate the pensionable pay for the following employee: Leaving Date Pay Details: £16, £17, £15, £16, £16,719.00

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73 Pensionable Pay Workshop 6 Calculate the pensionable pay for the following employee: Leaving Date Pay Details: £16, £17, £15, £16, £16, / /365 x 16, = 15, /365 x 17, = 1, Pensionable pay for 2008/2009 = £16,856.43

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74 Pensionable Pay Workshop 6 Calculate the pensionable pay for the following employee: Leaving Date Pay Details: £16, £17, £15, £16, £16, / /365 x 17, = 5, /365 x 15, = 9, /365 x 16, = 1, Pensionable pay for 2009/2010 = £16,299.54

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75 Pensionable Pay Workshop 6 Calculate the pensionable pay for the following employee: Leaving Date Pay Details: £16, £17, £15, £16, £16, / /365 x 16, = 1, /365 x 16, = 15, Pensionable pay for 2010/2011 = £16,674.41

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76 And finally WHAT IF? Pay Scenarios

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77 Pensionable Pay Regulation 11 Final Pay (fees) Average of all such fees for 3 consecutive years Ending with the final pay period Any sums other than fees that are for the final pay period An employer may allow the average of such fees for any 3 consecutive years ending 31 st March within the ten years ending on the last day of membership Returning Officers are the only employees whose pensionable pay is calculated using fees

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78 FINALLY Evaluation Forms G:\PensionsUnit\Training\Controls\TRAINING EVALUATION.doc Save in G:\PensionsUnit\Training\LG Manual\Pensionable Pay\Evaluation forms THANKYOU

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79 TEESSIDE PENSION FUND

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