Final Pensionable Pay definition
Examples of Final Pensionable Pay in a sentence
X is a widow's pension of one per cent of your Pensionable Pay at the date of death multiplied by the years and months of your Pensionable Employment up to Normal Pension Age less any widow's pension payable or contingently payable from the Main Scheme and subject, in aggregate with benefits from your previous arrangements, to a maximum of two-thirds of your own maximum ▇▇▇▇▇ pension (as indicated above, your maximum ▇▇▇▇▇ pension is two-thirds of your Final Pensionable Pay).
Your pension accrual under this Fund will be at the rate of 1/30th of Final Pensionable Pay up to the "Earnings Cap" for each year of Pensionable Service in the Fund.
Final Pensionable Pay The greater of either final 12 months' pensionable pay or highest pensionable pay during any tax year in the last 10 years.
The amount of the supplementary pension accrual will be calculated as the pension with an Actuarial Value of: • The Actuarial Value of a pension of "two-thirds of Final Pensionable Pay (not limited by the "Earnings Cap") less the pension accrued under the Rio Tinto Pension Fund", less • The Actuarial Value of the benefits under the Kennecott Supplementary Retirement Accumulation Plan, the Rio Tinto America Inc.
Final Pensionable Pay is as defined as Base Salary in the last 12 months ending on the day that you leave Service.
At Normal Pension Age If you had not been subject to the Earnings Cap, the principal benefit under the Main Scheme would have been a pension at Normal Pension Age of one-thirtieth of your Final Pensionable Pay for each year of your Pensionable Employment, provided that, when aggregated with your benefits from your previous arrangements, it did not exceed two-thirds of your Final Pensionable Pay.
Its amount will currently be one-sixtieth of your Final Pensionable Pay up to the Earnings Cap for each year of Pensionable Employment.