Untrue unless you have held the allowance for at least 3 years. Otherwise the allowance will count pro-rata for final salary based on the number of years you have held it prior to retirement.the pension amount will be half of final salary+allowances.
Thanks for the replies. Is an increment considered an allowance?
Will my final salary be worked out based on an average over the previous 3 years?
No, your final salary is your base salary at retirement, plus any allowances you have earned for at least three years. If you job shared pre retirement then your final salary will be based on the wholetime equivalent for that postWill my final salary be worked out based on an average over the previous 3 years?
I don't think that is strictly accurate. They need to held for at least 3 years to be fully pensionable. For less than 3 years it is on a pro rata basis, eg, if you receive a pensionable allowance of €3,000 for one year only, then €1,000 would be pensionable.Allowances need to be held for 3 years or more
The pension is based on the salary in the final year unless you received a promotion (as opposed to increments) within your last 3 years.Will my final salary be worked out based on an average over the previous 3 years
The clue is in the name!Is this treated as an allowance, or the same as an increment?
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