ATL's pension modeller
ATL has developed a pension modeller which will give you an illustration of how pension benefits under the new Teachers' Pension Scheme will be calculated.
The modeller can be used by those teachers who do not have protection and will join the new Teachers' Pension Scheme on 1 April 2015. It can be downloaded from the bottom of this page, however please read the notes below before use.
Who should not use the pension modeller?
The modeller is not appropriate for those teachers with transitional protection (within 10 years of their normal pension age at 1 April 2012). The modeller will also not give an accurate illustration for those with tapered protection (ie between 10 and 13 years from NPA at 1 April 2012), who will join the new TPS at a later date.
Currently, the modeller assumes that all future service is full-time. Part-time teachers should be aware that if they use the modeller, the element for the new pension will be based on full-time service.
What information do I need to provide?
You will need to enter:
your age at 1 April 2015
the years of service you will have accrued to 1 April 2015.
You will also need to enter
your normal pension age (either 60 or 65)
your state pension age (between 65 and 70).
You can find out out more about your normal and state pension age on the pensions section of the Directgov website.
What information will the modeller provide me with?
The modeller will estimate the amount of pension payable to you under you existing scheme:
for those with a normal pension age of 60, this will be 1/80th of your salary for each year of service up to 1 April 2015.
for those with a normal pension age of 65, this will be 1/60th of your salary for each year of service up to 1 April 2015.
The modeller will estimate the amount of pension payable to you under the new scheme. This is calculated with reference to the number of years from April 2015 to your retirement. For each year of service until you retire you will receive 1/57th of your salary.
The modeller will give you a total of both parts of your pension (rounded to the nearest £).
If you currently have a normal pension age of 60, the calculator will also give you an estimate of the lump sum payable.
The modeller will provide you with an estimate of the pension payable to you should you retire at any age between age 55 and age 68. If you access your pension benefits prior to your normal pension age the appropriate actuarial reduction for early payment has been applied.
The modeller is very simple and should not be used for financial planning. It is designed only to illustrate how your benefits will be calculated.
The salary used by the calculator will be the single salary you enter. The modeller cannot undertake a career average salary calculation or revalue salaries by CPI+1.6% as they will in the new Teachers' Pension Scheme. We cannot predict future changes in salary, changes in your career path or the rates of CPI.