The accrual rate is the rate at which your pension lump sum increases while you are a member of a defined benefit pension scheme. The rate is a fraction multiplied by your earnings each year. Your final pension is calculated by adding all the savings made in each year of membership. The bigger the rate, such as 1/60th, the more benefits the scheme member will accrue.

The formula to use is the final average salary/accrual rate multiplied by years of service. So, if your final average salary is £30,000 and you have worked for 25 years and 247 days and the accrual rate is 1/80th, your annual pension will be 30,000/80 x 25.67671233 = £9,628.77.