Yep you'll get the full ??123.75 (I think its ??123.75 now?) You may have to pay some pension contributions from that depending on your companies policy. I had to pay 2% in order to get my company to pay their contribution, but my 2% was based on the SMP (which was ??112.75 at the time!) meanwhile the company had to pay their contribution on my normal wage

Oh I forgot to mention that you may have to pay minimum pension contribution to get your company to pay their contribution in the bit above. You can choose not to pay your pension, but then your company won't pay either.