Added pension calculators:
Added pension is just what it says! – Your annual benefit statement tells you about how much pension you have built up to date and gives you an idea of the level of benefits you may get in the future. If you are thinking of boosting your pension then added pension could be for you.
The booklet Added pension for classic, classic plus, premium and nuvos tells you about how it works and the calculators below are to help you work out how much you want to contribute. There is also a frequently asked questions page which explains how to apply and who to contact.
To access the calculators please select the scheme you are in:
Partial retirement calculators:
Partial retirement allows you, with the agreement of your employer, to draw some or all of your pension and remain in work. Your employer has to consider the needs of the business first so you will not have an automatic right to partial retirement. You must also be prepared to have your job reshaped to reduce your earnings by at least 20%. To find out more, see the booklet Partial retirement – a guide for scheme members. You need to be aware that your pension could be reduced if you take partial retirement. The leaflet What is abatement? will tell you more.
When you access the Partial retirement calculator it may open on the results tab. Please click on the “Enter your details here” tab in the bottom left hand corner of the document. You will then need to click on the results tab after you enter your personal details.
Lump sum calculators:
If you are thinking about retiring or have already decided to retire the lump sum calculator will work out what amount of pension you can take in the form of a tax-free lump sum.
- Lump sum calculator for classic, classic plus and premium, nuvos
There is plenty of supporting information to help you to understand the process and tell you about your retirement benefits – use these links to take you to the scheme guide relevent to you:
- classic Thinking about retirement scheme guides
- classic plus Thinking about retirement scheme guides
- premium Thinking about retirement scheme guides
- nuvos Thinking about retirement scheme guides
Actuarially Reduced Pension Buy-out calculator:
If a member claims their pension early, before scheme pension age, the pension and lump sum (where appropriate) is actuarially reduced to pay for this early payment.
The member has the option to buy out this reduction and take full pension benefits. The cost of the buy out can be determined by using the buy out calculators.
The calculator will ask you for your pension details which you can get from your latest Annual Benefit Statement.