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Retirement benefits

Retirement benefits are benefits payable to the member of the pension scheme on retirement or earlier withdrawal from service, including retirement pensions; retirement lump sums or gratuities; benefits (such as dependants’ pensions) payable following the member’s death in retirement and periodic increases on all pensions whilst in payment.

Retirement benefits includes benefits arising from a previous employment which have not yet commenced, retirement pensions which are in course of payment and benefits arising from a current employment which will commence from a future date.

Changes which occur after the date of the decree of judicial separation or divorce (with the exception of section 50 amendments) are not taken into account when calculating the designated benefit. In other words, the designated benefit is calculated in accordance with the rules of the scheme in force as at the date of the decree.