I Am Going To Work Part-time
The SHPS pension is available to both full-time and
part-time employees.
If you are a member of the CARE option in the Scheme, your benefits are based on your earnings each year. If you work part-time, or if your working hours change, this will be reflected in your pensionable earnings. It isn't necessary for the administrators to convert your earnings and service to full-time equivalents in order to calculate your benefits - they simply use your pensionable earnings in each year of your membership.
If you are a member of one of the Final Salary options in the Scheme and you are going to work
part-time then your employer will inform us of the hours.
If you work less than your Employer's standard weekly hours, it is usually necessary to convert your
part-time working into a full-time equivalent before working out your pension benefits.
To do this it is necessary to establish:
Your weekly part-time contractual hours.
Your Employer's standard weekly full-time hours.
Your Pensionable Service and Pensionable Salary are then adjusted as follows:
Pensionable Service Adjustment
This calculation will give you a reduced period of pensionable service based upon the proportion of full- time hours that you work:
| Your Pensionable Service |
X |
Your Hours |
÷ |
Standard Hours
|
Pensionable Salary Adjustment
This calculation increases your actual (part-time) salary up to your full-time equivalent:
| Your Pensionable Salary |
X |
Standard Hours |
÷ |
Your Hours
|
This method is used to ensure that you do not lose out as a result of choosing to work part-time.
In all other respects, your benefits are calculated in the same way as under normal provisions of the Scheme but based upon your adjusted Pensionable Service & Adjusted Final Pensionable Salary.
The following example shows how this works in practice:
| Actual Hours Worked |
21 per week |
| Standard Full-time Hours |
35 per week |
| Pensionable Salary |
£8,500 p.a |
| Pensionable Service |
10 years |
Adjusted Pensionable Service is worked out as follows:
10 years x 21 hours ÷ 35 hours = 6 years
Adjusted Pensionable Salary is worked out as follows:
£8,500 x 35 hours ÷ 21 hours = £14,167
Your contributions to the Scheme will be based on your actual part-time Pensionable Salary and not the adjusted Pensionable Salary as referred to above.