No, the Modeller does not assume any career breaks if you are a current employee.
The Retirement Modeller will allow members to model retirement benefits from 55 (or current date if older) up to their 75th birthday. It will default to your current age if you are older than 55. Different schemes have different minimum retirement ages, that would trigger an actuarial reduction if you are looking to retire earlier than the scheme normal pension age.
You can adjust the age that you wish to retire within the retirement modeller, but you cannot model two different retirement ages for the two separate schemes simultaneously. The modeller shows what each part of your pension is potentially worth at the age you select. In the circumstances described, you could model your benefits at age 60 and then at 67 and the modeller would show you what the classic and alpha pensions would be worth at both ages.
The Retirement Modeller will allow members to model retirement between the ages of 55 and 75 years of age. It will default to your current age if you are older than 55. Different schemes have different minimum retirement ages, that would trigger an actuarial reduction if you are looking to retire earlier than the scheme normal pension age
The retirement modeller will default to show your projected annual pension and maximum lump sum at the age of 55 years or your age next birthday (whichever is later). You can use the modelling options to project alternative scenarios such as a later retirement date or reduced lump sum value.
The results are an indication of the benefits you may receive and are not guaranteed.
Please note the projections do not take into account:
Yes, the modeller is suitable for use by partially retired members to illustrate their future full retirement. It is not suitable to model partial retirement.
The Modeller uses the latest payroll information provided by your employer; this can take up to 6 weeks to receive.
For both options A and B, there will be a graph showing the breakdown of pension and lump sum. The arrow at the left hand side of the graph displays an alternative view and provides a percentage split between your legacy and alpha scheme and if applicable, active and deferred benefits.
A new version of the retirement modeller is now available to help active and deferred members decide which scheme they would like their Remedy benefits to be calculated under.
The previous version of the modeller used payroll data received from your employer as at 31st March to provide pension benefit projections. The current version of the modeller uses the most up to date information we have on record, based on data sent from your employer, to calculate projected pension benefits.
The previous version of the modeller presented a default projection at age 65 with no lump sum payment calculations, whereas the updated version of the modeller defaults to your age next birthday or age 55 (if under 55) and includes a maximum lump sum payment.
Your ABS provides an estimate of the value of your benefits as at March 31st each year, assuming you claim these benefits at your scheme’s Normal Pension Age
The Retirement Modeller uses current data held as of today’s date and projects forward to the later of
- Your 55th birthday (if under 55)
- Your age next birthday if over 55
• The Retirement Modeller default calculations incorporate a maximum value lump sum payment which reduces the annual pension value accordingly.
• The Retirement Modeller allows you to adjust your retirement age, lump sum and for active members, annual salary increases, to project different retirement scenarios. These variables will affect the figures presented.
• No reduction is applied to ABS projections for early payment, but these are included in the modeller.
It is important to note that the figures quoted in both your ABS and those generated via the retirement modeller are not guaranteed and provide an illustration of what benefits you could receive at retirement.
The modeller default calculation will show your projected annual pension and maximum lump sum at the age of 55 years or your age next birthday (whichever is later).
You can model up to age 75 and amend the value of the lump sum to include in your projections by using the slider bars. In addition, Active members can incorporate annual salary increases up to a maximum of 10%
If you select a retirement age below Normal Pension Age (NPA), a reduction will be applied to your projected pension benefits in line with scheme rules.
Lump sum
The modeller calculation is defaulted to the maximum tax-free lump sum you can take in line with current HMRC limits (25% of the total value of your benefits), but can be adjusted down using the slider bar should you wish to model a lower tax-free sum.
The modeller will automatically limit the amount of lump sum you can take in line with current scheme rules and HMRC limits.
Lump sum projections will incorporate standard lump sum payments for classic and classic Plus scheme members.