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2015 Pension Scheme estimator The illustrations do not count any inflation, so it will always result in lower figures than GAD's calculator. New Commutation factors (for 1987 rights) and new accrual rate (TBC) are loaded. FIRST view tutorial and print off this page.

 

This estimator is not advice under FCA regs. NOT to be used to make career or financial decisions.

 

Given its output depends on future pay, it's an estimator rather than a calculator.

 

Force IT firewalls and third party wi-fi will it. ONLY use on a private device at home, please use CHROME on desktops/laptops or SAFARI/Ipad (it hangs if you use Firefox, Edge not tested). It does work on smart phones -in landscape-, but can be very slow.

 

Only for personal use by individual police officers.

 

It will estimate ordinary full pensions, including old rights (PPS 87 or NPPS 2006),

commutations (and any 2006 lump sums) for £1.00 (for one-off use 15mins).

 

It is referenced to all benefits payable at minimum age 60.

 

Any 2015 commutation assumes you are less than age 67.

 

It will work out a reduced 2015 pension if you go early at age 55 (or higher) based on a broad clawback for going early.

 

Next click on TEST (top right on ipads), play with it and when ready proceed to payment. TEST is fully functional but has fixed pension results at £10k, you can use the commutation slider to see how the two schemes treat commutations. NOTE: The 1987 commutation slider will ONLY work if you have 30 years combined service in both schemes (see below for more info). Do not navigate off main pages (use back arrows etc), otherwise your payment may be wasted.

 

Go to PAYMENT page and complete the Paypal form, post payment click 'Return to Merchant' (and continue if required) at the bottom of the Paypal page. You will then automatically be redirected to a new page.

 

ONLY click OPEN when ready to start, other actions on this page will void the payment, if it is slow on loading (periods of very high demand) do NOT click refresh or you will also lose payment.

 

Once the calculator pop up page opens, you now have 15 minutes to input and review figures. Click on the max screen sq symbol (top right) to maximise the page and get access to scroll down bar (far right margin). Take care as if you click on the X next to the square symbol, you will kill the link and have to pay again.

 

It is not meant to be an open-ended multi-use estimator. It's for personal use only and as such you should have more than enough time to tweak the figures to reflect your career plans. If you want to repeat access, ensure you clear your browsing history (best to use an incognito /private view) to ensure you get fresh access.

 

Where you see a blue field enter a number directly OR

use arrows. Press enter or return on your keypad/board.

 

The first is section A: choose total years in 2015 scheme (MAX 40 yrs) to retirement at AGE 60 (from the start date of membership of 2015 scheme NOT going forward from today).

 

Then any preserved service in either of the old schemes, if none leave as 0.

Choose just one line and enter years and months.

 

The default retirement age is 60, you can draw your 2015 benefits from age 55, but your pension is actuarially reduced by 5% approx per year. If you reduce the age figure from 60, the table will reduce the number of active 2015 years accordingly (section B: next line) and the pay input column will shrink accordingly. Now move to the PAY cells. Just enter a figure (no £ and no commas).

 

eg enter £29,300 as 29

or 29,700 as 30.

if you want precision you can also use 29.3 & 29.7

 

If your pay does not change then leave blank, skip down to the year (in the 2015 scheme) where it does change. You will then see gaps in this column. This is to save you entering the same pay each year.

 

But you can enter as many years’ pay as you wish, even every year.

 

If you enter a lower figure, eg future part time, it will be ignored.

 

If you change pay ensure you delete the first figure,

 

Once the pay data is in, scroll to the top right, sec C, you will see the final 2015 pension and any preserved benefits.

 

It assumes you serve at least 30 years (combined 87 & 2015). If less, then old 87 rights are reduced and the commutation is capped at 2.25x pension.

 

Use the slider to commute pension ONLY if 30 combined years are served (tap slider to a new position on smartphones).

 

 

Whilst you can draw your 1987 benefits at the same age as the 87 scheme, if you retire below age 55, your 2015 benefits are then deferred till state pension age, you can draw them at age 55 BUT further actuarially reduced (the estimate is approximated).

 

If you see NaN in the 87 line or total line, you have tried to retire below the 87 rules, which are: after 30 years combined service or age 50 with 25 yrs combined service (ie add the old 87 service and the large figure above the years column in sec B) so increase your age of retirement.

 

You can adjust the age of retirement, to see how the 2015 pension changes for early retirement. If you reduce the age, the pay column will shrink and any data entered in a year which no longer exists will vanish. The final figures excludes the tax charge if 87 max commutation is taken below age 57.5yrs (your administrator will tell you the options when you retire, usually taking a max commutation of circa 23% prevents you exceeding HMRC limits). Nor does it reduce the estimate to cater for the Lifetime Allowance tax when total pension exceeds £50k; you will only know the tax rules when you are close to retirement.

 

NOTE: This estimator is not advice as defined by FCA regs. Do not rely upon it to make career or financial decisions. Only qualified experts such as your pension administrator can give you a definitive figure. It will only cater for standard full- time regular service. This site is based on the current view of the new regs, interpretation may change, no accuracy is expressed or implied.

 

This estimator is designed to give you a rough idea of how the new pension relates to future pay. Unlike GAD's calculator it does not include inflation, so you get an estimate based on today’s figures. In reality each pension year is increased by inflation so it does not lose its value (the rules on negative inflation have yet to change, negative inflation greater than 1.25% will reduce the pension pot).

 

Estimator coding errors (hopefully none) or suggestions to Only estimator errors (hopefully none) or suggestions to Send Mail or admin@2015care.one

 

Scheme queries/rules are answered by your force pension team.

 

Abuse of this site will be referred to professional standards departments.

Read the Home Office guide to the new scheme for further information. ppsdirect LTD is registered in England Wales: 7416919 Registered office: 20-22 Wenlock Rd, London, N1 7GU.

 

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