At Normal Retirement Age

Your pension is flexible. You can choose to use it all to provide a monthly income, take part of it as a lump sum on retirement or transfer out to an external provider. 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). There are special arrangements for part time; see I am working part time for details.

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 to have your pension worked out on a faster Build-up rate, we will use this Build-up rate for the period during which you paid for the faster rate.

You can choose to pay less to build your pension at a slower build-up rate (1/54 Flying Staff or 1/58 Ground Staff). If you choose the slower build-up rate, we will use that rate for any period during which you have paid for the slower rate.

Your pension will normally increase each year once it is being paid to you in line with the rate specified within the government's Pensions Increase (Review) Orders. The APS Trustee has a power to pay increases in addition to those set out in the Pensions Increase (Review) Orders if, after taking professional advice, it agrees 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 exchange for lump sum and the pension is given up for life. Any Adult Survivor's pension and Dependent Children's allowances remain unaffected.