About the modeller
This Retirement Modeller is designed to give you a rough indication of the benefits you might receive at a retirement age of your choice.
The modeller will also allow you to specify the amount of lump sum you would like to receive.
This information is easily adjustable and the results are clearly presented to ensure you understand how your choices affect your pension in retirement.
The modeller does, however, require you to input information in order for results to be generated. Luckily, all the information required can be found on your Annual Benefit Statement and better still if you haven’t yet received this year's statement, you can use last years instead, although we’d always recommend using the most up-to-date statement you have.
Throughout your benefit modelling journey you should look out for the ‘i’ icons, these will provide you with help and support and also guide you to the exact location of the information required in the ‘Your details’ page of the modeller.
Whilst the modeller enables you to choose your preferred retirement age and lump sum you’d like to take there is also the ability to adjust salary growth assumptions.
On the ‘Your modeller results’ page there is a light grey box beneath the lump sum % slider. This box provides confirmation of the default assumption rates (which are 0% inflation and 0% salary growth) and also an ‘Edit’ link which allows you to adjust the salary increase assumption rate (please note, the inflation assumption is fixed at 0% and cannot be amended).
The salary growth assumption can be set at 1% increments from 0% to 4%. The projection results will then be adjusted accordingly and you will be able to see the affect this has on your retirement benefits.
The modeller also provides you with a comparison function. This facility is designed to make it easy to compare differing retirement scenarios from within a table view.
The comparison table is pre-populated with the initial estimate you were shown. If you decide to adjust your initial estimate you will be able to add a new scenario to the table by clicking on “Add to comparison”.
There is room for five individual comparisons, however, you can easily remove a line from the table by clicking the ‘x’ icon on the far right. If you wanted to store your modelled scenarios then the comparison table also allows you to print the table and its contents for your records.
Lastly, the retirement modeller will provide you with relevant additional information that it believes may be of interest to you. The modeller will use the information you entered in the ‘Your details’ page to ensure you can quickly and easily access the information that may be relevant to your circumstances.
Things to note:
- In order to use this modeller you will be required to accept the terms and conditions that have been set against this modeller.
The terms and conditions can be viewed at the bottom of the ‘Your details’ page. These must be accepted before you can proceed.
- The modeller will take into account any early retirement reductions.
Any early retirement figures quoted will include early retirement reduction.
- Added pension figures provided will only take into account added pension you have paid up to the date of the statement you are using.
- Part-time members can use this modeller.
- If you are currently in alpha but have previous service in classic, classic plus, premium or nuvos the modeller will provide you with a breakdown of your benefits.
- Whilst the modeller covers the majority of the Civil Service Pension Scheme active membership there are a small amount of scenarios which aren’t covered.
Please click on the ‘Eligibility checker’ link on the ‘What you need page’ to understand if the modeller will work for you.