Calculating Protected Benefits

For Example
 
A member retires at his Normal Pension Age in 2018 with a total of 16 years’ service.
 
The first 7 years were in the 1998 Scheme, the second 6 years in the 2009 Scheme and the last 3 years in the new LGPS 2015. His final pensionable pay figure is £15,320. Their CARE LGPS 2015 pension is £933.67.
 
This is how the member's total benefits will be calculated:
 
LGPS 1998 Benefits
7 years membership
Pension (7/80 x £15,320)
Automatic Lump Sum (3 x 7/80 x £15,320)
£1,340.50
£4,021.50
LGPS 2009 Benefits
6 years membership
Pension (6/60 x £15,320) £1,532.00
LGPS 2015 Benefits
3 years membership
CARE Pension £933.67
 
 
The member's total LGPS pension benefit (adding together the three pension amounts is £3,806.17 plus an automatic lump sum of £4,021.50.
 
He could increase the amount of benefit he will take as a lump sum by trading pension to a maximum of £17,748.40 which would leave him with an annual pension of £2,662.26 (assuming he has no other pension savings).