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 one of the CARE benefit structures 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 benefit structures in the Scheme and you are going to work part-time then your employer will inform us of the hours you are contracted to work.
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 |
Actual Pensionable Salary
for part-time hours |
£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.