I have a picture, sitting on the windowsill in my study, of Bishop Westcott. It was given to me by his great-grandson. The nineteenth-century English scholar, Bishop B.F. Westcott, was Regius Professor of Divinity at Cambridge University.
On one occasion he was approached by a zealous undergraduate who asked him, ‘Are you saved?’ ‘Ah,’ said the Bishop, ‘a very good question. But tell me: do you mean…?’ And then he mentioned three passive participles of the Greek verb ‘to save’, indicating that his answer would depend on which of the three the student had in mind (the English translation is given here in italics). ‘I know I have been saved,’ he said; ‘I believe I am being saved; and I hope by the grace of God that I shall be saved.’
‘Salvation’ is a huge and comprehensive word. It means ‘freedom’. As the Bishop pointed out, there are three tenses of salvation: you have been set free from the penalty of sin, you are being set free from the power of sin and you will be set free from the presence of sin.