Welcome to the Options Exercise Calculator

You should use this calculator if you are eligible for the Options Exercise and have received an Options Pack. Information about who an ‘eligible member’ is and what decision you will have to make can be found here. You will need the information we have given you in your Options Pack to use this calculator.

What is the Options Exercise Calculator?

We have designed the Options Exercise Calculator to help you make your decision about which option is best for you. The calculator allows you to see what benefits you might get at your chosen retirement age under each option.

IMPORTANT: The Options Exercise Calculator is for illustrative purposes only and is not a promise of the benefits to which you may be entitled. The key point to consider is whether Option 1 or Option 2 is your preferred option for any given set of assumptions used.

Why should I use it?

Your Options Pack includes estimates of your benefits at two ages. The calculator lets you personalise the estimates by choosing different retirement ages or varying the ratio of pension and lump sum.

How do I use it?

  1. Before you start using the calculator, you will need your Options Pack to hand and will need to confirm that you have read and understood the terms and conditions of use. The terms and conditions can be found below. Enter  your information into the calculator (this information can be found in your Options Pack) and then click calculate.
  2. When the calculator shows your results, you can change the age you want to retire at and the amount of pension/lump sum you want and see the effect that this has under each option.
  3. The calculator uses default inflation and salary assumptions figures. You can change these assumptions if you want in the "Assumptions Used" section of the calculator.