At Normal retirement age
Your pension is flexible. You can choose to use it all to provide a monthly income, or take part of it as a Lump sum on retirement. Your pension is paid from the day after you retire.
Your pension is worked out as a percentage of your salary, based on the years, months and days that you've been a member of the Scheme (your Pensionable service).
Your basic pension = (your Pensionable service x your Retiring pay) divided by 52 build up rate (Flying Staff) or by 56 build up rate (Ground Staff).
If you paid higher contributions for any pensionable service between 1 April 1997 and 30 September 2010 to have your pension worked out on a faster Build up rate, we will use this build up rate for the period you paid for the faster rate. Service from 1 October 2010 builds up at the standard rate of 1/52 for Flying Staff or 1/56 for Ground Staff.
Your pension will normally increase each year in line with the government's Pensions Increase (Review) Orders. The APS Trustees have a power to pay increases in addition to those set out in the Pensions Increase (Review) Orders if, after taking professional advice, they agree this to be appropriate.
You can exchange part of your pension for a tax-free Lump sum on retirement.
This is currently paid tax-free. HM Revenue and Customs sets a limit for the amount you can take. If you choose this option, there will be less money for your monthly pension.
You also give up the future annual increases on any pension you give up for cash and the pension is given up for life.