What is a CARE scheme?
- In a Career Average Earnings Scheme (CARE) your pension is still linked to your pay, but instead of being linked to your earnings near to retirement, it is based on your pensionable earnings over the whole period that you contribute to the CARE scheme, revalued to your date of leaving or retirement.
- You will build up pension for each tax year that you contribute to the CARE scheme, based on your pensionable earnings in that year.
- You will continue to build up pension each year that you pay into the CARE scheme and the pension you build up each year will be added to the previous years’ total.
- To protect against inflation, for every tax year that you are a Member, the pension you build up will be increased on the following 6 April in line with inflation up to a maximum of 5%.
