This document describes the formulae and methods used by the system to calculate benefit projections for member benefits.
Defined benefit (DB) retiral benefits
The benefit value as quoted at the current date, is projected forward with interest, together with the projected future contributions. The pension is based on the final average salary, with the relevant decrease / increase in accrual as per the rules defined for early and late retirals.
All other benefits
The benefit value is the quoted value as at the current date plus projected future contributions plus projected investment returns from the current date to the date of the event.