Box 1 – ‘Your Details’
To help you understand the different terms used in the Calculator, hover over the text to see more information.
Drag the slider to choose the pay figure you wish to use. This will be the actual amount you would expect to earn in a Scheme year, including pay for all overtime and excess hours worked.
Drag the slider to choose an inflation figure (between 0% and 5%). This is an assumed figure only. The figure that will be used to work out your benefits in the future will depend on the Consumer Prices Index (CPI) measure of inflation each year.
The current rate of CPI used to increase pensions in payment is 3.1%.
Drag the slider to choose an assumed pay increase in the future (between 0% and 5%). This is to help illustrate how possible future pay increases might impact on your pension in the Scheme.
‘Years in LGPS (NI)’
Select the number of years you expect to be in the new Scheme from 1 April 2015 (minimum is 2 years as this is the period of time you need to build up a pension in the new Scheme, the maximum you can input is 50 years – however there is no limit to the number of years you could have in the Scheme except that you must claim your benefits before your 75th birthday).
Select ‘Yes’ if you wish to see the impact of being in the 50/50 section for the number of years you selected in ‘Years in LGPS(NI)’.
Please note that the 50/50 section is designed to be a short-term option for when times are tough financially. Because of this, your employer is required to re-enrol you back into the main section of the Scheme every three years. This will be carried out in line with your employer’s automatic re-enrolment date.