Defined Benefit: Joining during year

gtat

Hello,
For Defined Benefit schemes (e.g. Civil Service Alpha or the NHS CARE), what effect does joining half way through a financial year cause, if any? 
For example, I joined in July 2020, will I build up one years' pension by July 2021 (i.e. one year service), April 2021 (i.e. start of next financial year) or April 2022 (i.e. completion of a full financial year)?
I assume it is the first of these, but I'm aware you should never assume anything.. especially with regards to pensions!
Thank you 

Silvertabby

Apart from 'the sooner the better' it really doesn't matter when you join.

Cranberryberry

In most CARE schemes (career average) you build up based on your annual salary. So if you earn 100k per year and start half way your salary for the pension will be £50k leading to an annual benefit of 1/50 (or whatever) of £50k - I.e. 1k per year.  

Easy numbers for the maths, of course! Your accrual rate will probably be different as will your income. 

Dazed_and_C0nfused

In practice those pension schemes are likely to provide statements on an annual basis, often to 31 March each year so your first statement would show the CARE benefit accrued in the period from when you joined the pension scheme to 31 March.

And then annually thereafter.

gtat

Great, thanks all. Very useful, and obvious in hindsight!

Marcon

gtat said:

Great, thanks all. Very useful, and obvious in hindsight!

Actually it isn't obvious, so very sensible to ask. Many schemes only count complete months of service, so not at all unreasonable to question whether incomplete years suffer the same fate (they don't!).

gtat

Great,  thank you for the information.. and for reassuring me that it wasn't a stupid question!