New Starter Guide December 2017 | Page 40

Pensionable Pay The pay on which you normally pay contributions is your normal salary or wages plus any shift allowance, bonuses, overtime (both contractual and non- contractual), Maternity Pay, Paternity Pay, Adoption Pay and any other taxable benefit specified in your contract as being pensionable. You do not pay contributions on any travelling or subsistence allowances, pay in lieu of notice, pay in lieu of loss of holidays, any payment as an inducement not to leave before the payment is made, any award of compensation (other than payment representing arrears of pay) made for the purpose of achieving equal pay, pay relating to loss of future pensionable payments or benefits, any pay paid by your employer if you go on reserve forces service leave nor (apart from some historical cases) the monetary value of a car or pay received in lieu of a car. Relevant Child Related Leave Relevant child related leave includes periods of Ordinary Maternity, Adoption or Shared Parental Leave (normally first 26 weeks), Paternity Leave and any periods of paid Additional Maternity or Adoption Leave (normally after week 26 weeks up week 39) or Shared Parental Leave. Reserve Forces Service Leave State Pension Age This is the earliest age you can receive the state basic pension. State Pension Age is currently age 65 for men. State Pension Age for women is currently being increased to be equalised with that for men and will reach 65 by December 2018. State Pension Age equalisation timetable for women Date of Birth New State Pension Age Before 6 April1950 60 6 April 1950 - 5 April 1951 In the range 60 - 61 6 April 1951 - 5 April 1952 In the range 61 - 62 6 April 1952 - 5 April 1953 In the range 62 - 63 6 April 1953 - 5 August 1953 In the range 63 - 64 6 August 1953 - 5 December 1953 In the range 64 - 65 The State Pension Age will then increase to 66 for both men and women from December 2018 to October 2020. This occurs when a Reservist is mobilised and called upon to take part in military operations. The period of mobilisation can range from three months or less and up to a maximum of 12 months. During a period of reserve forces service leave you will, if you elect to stay in the LGPS during that leave, continue to build up a pension based on the rate of assumed pensionable pay you would have received had you not been on reserve forces service leave. Increase in State Pension Age from 65 to 66 for men and women Scheme Year Under current legislation the State Pension Age is due to rise to 67 between 2026 and 2028 and to 68 between 2044 and 2046. However, the government has announced plans to link rises in the State Pension Age above age 67 to increases in life expectancy. To find out your State Pension Age please visit https://www.gov.uk/calculate-state-pension. The scheme year runs from 1 st April to 31 st March each year. 38 SouthYorkshirePensionsAuthority Date of Birth New State Pension Age 6 December 1953 - 5 October 1954 In the range 65 - 66 After 5 October 1954 66 SouthYorkshirePensionsAuthority 39