There are 2 membership sections, namely deferred (aged between 25 and 64) and current (aged between 65 and 89). The charts refer to “def” and “pen”. A third section is 50:50, called “mix”.

Both sections have a total initial total pension of £1 m pa.  The benefit is a single life pension, payable annually in arrears. The retirement age is 65, with the first payment made at age 66. Any pension increases are applied to payment at the end of the second year onwards. Mortality is zero until age 90, when all pensioners die immediately after a pension payment. The data are shown here.