User guide to the proposed 2015 scheme calculator
Contents
1. does not apply to classic classic plus or premium members If you have not transferred in a fund pension into the PCSPS you will not need to consider the following and can leave this question blank lf you have transferred in a fund pension to the PCSPS from a personal plan or an occupational scheme this would have been transferred in as final salary and therefore you would have been credited with a number of years service This will be shown on your annual benefit statement as the number of years and days You will need to add this into the calculator as a decimal figure UNCLASSIFIED UNCLASSIFIED lf you have transferred in service of 3 years 245 days this will need to be input as 3 6712 To do this you will need to make the following calculation Number of days number of days in a year a decimal figure 245 365 0 6712 3 years 245 days 3 6712 4 What are your pensionable earnings Full time rate Pensionable earnings are used to calculate your benefits and can be made up by your salary and other pensionable elements not all of your pay will count towards your pension for example bonus payments do not count You will be able to find your pensionable earnings in your annual pension benefit statement but if you are unsure you can check your payslip or contact your employer shared services You can also input an approximate amount which will provide you with approximate results 5 If you work part ti2. UNCLASSIFIED User guide to the proposed 2015 scheme calculator The calculator is based on proposals that are subject to change Results shown by the calculator are estimates based on the information that you enter In calculating results a number of important assumptions are made These are shown within the calculator You may find it helpful to have a copy of your latest payslip and annual pension benefit statement to hand You should receive a statement each year from your pensions administrator Contents A Inputting your details What is your date of birth What scheme are you in How much nuvos pension have you built up How many years would you have built up as of 1 April 2012 Part time Years of final salary service transferred in from other schemes What are your pensionable earnings Full time rate If you work part time what fraction of full time See results for retiring at 65 your State Pension Age and what other age B Your results What pension have you built up so far What pension will you get when you retire How much will you pay from April 2015 UNCLASSIFIED UNCLASSIFIED Inputting your details 1 What is your date of birth Ensure that it is the format dd mm yy inputting the incorrect date or no date will give you incorrect figures Debbie was born on 13 May 1981 and therefore she should enter 13 05 81into the calculator 2 What scheme
3. are you in You will be in a scheme called classic classic plus premium or nuvos If you are in Partnership this calculator is not relevant to you If you joined the civil service after 30 July 2007 you will probably be in nuvos If you joined the civil service between 1 October 2002 and 29 July 2007 you will probably be in premium You may have also opted to join premium following a choice exercise in 2002 If you joined the civil service before 1 October 2002 you will probably be in the classic scheme If you were in the classic scheme you may have opted to move into the classic plus scheme lf you are unsure what scheme you are in you will find this information on your annual benefit statement If you have not received a benefit statement you should contact your HR Shared services 2a How much nuvos pension have you built up If you are in classic classic plus or premium you will not see this question as it is not relevant to your scheme If you are in nuvos you will need to input the amount of pension that you have built up so far The calculator cannot calculate this automatically as it will depend on your individual salary history UNCLASSIFIED UNCLASSIFIED You will find this information from your last benefit statement If you have not received one then you should contact your HR Shared services 3 How many years will you have built up as of 1 April 2012 classic classic plus and premium scheme onl
4. as it legally stands The announced change that was made in the Chancellor s Autumn Statement in November 2011 to increase the state Pension Age for some has been incorporated into our calculator and therefore the State Pension Age calculator that is available at the link above may show different results To find out if you are affected by the announcement go to http Awww direct gov uk en NI1 Newsroom SpendingReview DG_ 192159 Your projected pension is based on the pensionable earnings that you have entered The projections assume that you continue in the scheme until you reach the age shown You will see that there are three sets of results based on different pension ages 1 Pension at current scheme pension age 2 Pension at your State Pension Age 3 Your chosen age which you would have entered The figures will show you your combined total pension from both your current scheme and where applicable the new 2015 scheme e lf you are in classic classic plus and premium you will see results for a mixture of benefits It will show you a combined final salary career average total pension e For those in classic and classic plus you will see your projected lump sum which is based on your current final salary scheme benefits e Those who are members of nuvos will see a career average projected pension which will be made up of nuvos career average new scheme Career average scheme Underneath the projected benefits are resul
5. at your current scheme pension age is based on other information you have provided You can try a number of different ages which will show you different results Your results lf you are less than 10 years from your current pension age on 1 April 2012 you will remain in your current scheme and therefore no results are shown for the new scheme However the calculator will estimate how much pension you will get from your current scheme when you retire 7 What pension have you built up so far This set of results will show you how much pension that you up built up up to 1 April 2012 in your current scheme classic classic plus and premium members This amount is based on the figures that you have entered and the pension calculation is based these pensionable earnings Should you go into the new scheme in 2015 you will build up more final salary service between 2012 and April 2015 Once you leave or retire from the scheme the pensionable earnings used to calculate your final salary pension will be your salary and any other pensionable allowances at the point of departure nuvos The amount of pension that has been built up so far and which you have inputted into your details will be shown UNCLASSIFIED UNCLASSIFIED 8 What pension you get when you retire Please note that the State Pension Age calculator on http pensions service direct gov uk en state pension age calculator home asp will show the State Pension Age
6. me what fraction of full time If you currently work full time then you can to leave this field blank lf you currently work part time you will need to put in your working hours as a decimal figure An example is if you work 3 days out of 5 then you will need to input 0 6 If you work 30 out of 36 hours you will need to put 0 83 to calculate this 30 36 0 83 The following guide may be able to assist you further 1 day a week 0 2 15 hr 37 hr week 0 41 15 hr 36 hr week 0 42 2 days a week 0 4 20 hr 37 hr week 0 54 20 hr 36 hr week 0 56 3 days a week 0 6 25 hr 37 hr week 0 68 25 hr 36 hr week 0 69 4 days a week 0 8 32 hr 37 hr week 0 86 32 hr 36 hr week 0 89 To calculate hours as a decimal number of hours work number of full time contracted hours The results that you will get from the calculator will be based on the assumption that you will stay part time in this capacity until you retire UNCLASSIFIED UNCLASSIFIED The calculator cannot currently take into account partial retirement 6 See results for retiring at 65 your State Pension Age and what other age You are able to see results for another age which is between 55 and below State Pension Age lf you are in premium and you are aged 30 you will be able to see results at age 60 at age 68 which is your State Pension Age automatically and you will be able to enter another age such as 63 The calculator will Know wh
7. s are deducted from your gross pay before Income Tax is deducted This gives you tax relief on your contribution at source Tax relief has been assumed to apply based on rates at 1 April 2012 to full time pensionable earnings as follows Under 45 000 20 45 000 150 000 40 150 000 45 UNCLASSIFIED
8. ts which show what benefits you would receive if you had continued to build up benefits in your current scheme after 2015 These results show what you would have expected to receive at the current pension age of your current scheme State Pension Age and at your chosen date Please note These are for comparison purposes only lf you are in classic or classic plus the automatic lump sum is shown Many people choose to convert some of their pension into a lump sum when they retire The calculator has assumed that you have taken the same level of lump sum from the new scheme benefits that you have in your current scheme Therefore your projected pension has been reduced to allow for this conversion However in reality you will have a choice about how much lump sum you want to receive at the point you retire UNCLASSIFIED UNCLASSIFIED lf you are less than 10 years from your current pension age on 1 April 2012 you will remain in the current scheme and therefore no results will be shown How much will you pay from April 2015 This figure shows how much you might pay after 2015 It is the total overall contribution and not the extra amount some indicative rates for after 2015 based on your salary have been set but these will be reviewed before they are finalised Under the Government s proposals these rates will apply to everyone regardless of scheme or your age The average contribution rate will be 5 6 from 2015 Contribution
9. ur reckonable service will be different to the number of years or months since you joined An example of what reckonable service should be used is as follows this technique can be used for classic classic plus and premium UNCLASSIFIED UNCLASSIFIED Bob joined the department on 1 July 1999 and is in the classic scheme Bob worked full time up until 30 June 2009 He then decided to work part time 30 hours a week instead of 37 hours a week Bob has received a benefit statement that shows his current service as 11 years 275 days as at 31 03 2011 Bob now needs to work out how much service he needs to put into the calculator to give him an approximate result The calculation Bob needs to make is Bob knows he already has 11 years 275 days up until 31 03 2011 So from 1 04 2011 31 03 2012 1 year full time To turn this period into part time service Bob will need to do the following calculation Full time service x number of hours worked full time contracted hours 1 x 30 37 0 8108 to turn this decimal into days 0 8108 x 365 days a year 296 days 11 years 275 days 296 days 12 years 206 days 206 365 0 5644 12 years 206 days 12 5644 To get approximate results from the calculator Bob could either round up to 13 years or round down to 12 years or you could input the decimal figure of years and days 3 nuvos members only Years of final salary service transferred in from other schemes This
10. y you will find the nuvos question is below This is the number of years service that you have built up in the scheme up to 1 April 2012 You will need to enter this as a number For example if you Know you have 11 years and 6 months service you will need to input this as 11 5 This can also referred to as Reckonable service and this is where you will see your service on your annual benefit statement Reckonable service is the service that counts towards your pension Some service does not count towards your pension for example unpaid leave and career breaks If you are part time the number of years will be reflected by your part time working hours Please note that your annual benefit statement will be calculated up to a certain point and the one that you should have already received is unlikely to be based on 1 April 2012 Therefore you should input an approximate number of years that you have worked up until 1 April 2012 If you are full time and your last benefit statement was calculated up to 31 March 2011 you may wish to add a year to the figure to give you approximate results Alternatively if you have a number of days to add you could make the following calculation Number of days 365 number of days in a year Proportion of the year worked As a calculation this is shown as a decimal figure 207 days 365 0 5671 PART TIME lf you work part time you will need to input this amount more carefully as yo
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