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2008 Section
The 2008 Section which came into existence on 1 April 2008 has a retirement age of 65 and an accrual rate of 1/60th of final salary with no automatic lump sum. If a lump sum is required the pension would be reduced by a ratio of 1/12.
For Practitioners, the pension is calculated as 1.87% of Career Average Revalued Earnings (CARE). There is no automatic lump sum. If a lump sum is required the pension would be reduced by a ratio of 1/12.