Pension Calculator

Our online pension calculator has been designed for use by active members of the fund. It enables active members to instantly project benefits to any given retirement date between the ages of 55 and 75.

There isn't a limit to the amount of estimates that can be produced by the pension calculator, which makes it an excellent tool for active members who are thinking about retiring, or who are thinking ahead and planning their retirement.

It’s important that you read the information on this page carefully. The link to use the pension calculator is provided at the end of this page.

What you will need

In order to use the pension calculator, you will need:

  • Your most recent annual benefit statement
  • Your State Pension age (If you are unsure what date this is, you can check your State Pension age)
  • Your rule of 85 date if you joined the LGPS before 01 October 2006 (This date was provided on your annual pension statements up to and including 2018. For technical reasons this date can no longer be provided on the statements from 2019. If you don’t have a copy of your previous statement, you can contact us).
  • Optional: a calculator

What the projection shows you

The pension calculator will show your benefits both on an unreduced basis (such as redundancy), and on a reduced basis (such as voluntary retirement).

Tax free cash lump sum

When you retire you have the option to convert some of your yearly standard pension to receive a larger tax free lump sum. For every £1 of yearly pension you convert you will get an extra £12 of lump sum up to the maximum figure shown in the results. For example, if you give up £100 of your pension each year you will receive an extra £1,200 towards your tax free lump sum.

The results of the pension calculator shows both the standard lump sum and yearly pension figures, as well as the maximum tax free cash lump sum after conversion and the associated yearly pension figures. Before deciding whether to opt to reduce your yearly pension in order to obtain a larger lump sum, you may wish to take independent financial advice.

Lifetime allowance awareness

Once you've used the pension calculator, if your unreduced yearly pension is more than £45,000 per year, you may wish to contact us for further details, as you may be close to breaching the HMRC lifetime allowance limit.

Use the pension calculator

Make sure you have read the disclaimer before using the pension calculator. It contains important information about what the pension calculator assumes about your pension when projecting benefits.

Use the pension calculator