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Personal Calculation

Discussion in 'Retirement' started by djhappy, Mar 17, 2020.

  1. djhappy

    djhappy New commenter

    There may already be a thread on this, but If so I'm afraid I can't find it.

    How do I get a personal pension calculation? The calculators on the TPS are useful but I want to see in black and white, what I would get. The TPS site said go back to the homepage for a personal calculation, but then I cannot see any option from there.

    Can anyone help please by either directing me to the relevant thread or telling me where I am going wrong?
     
  2. diddydave

    diddydave Established commenter

    When you log in you can see a "benefit statement' that shows the two standard calculations
     
  3. djhappy

    djhappy New commenter

    I'm sorry. I wasn't clear enough. I want to take my pension before I'm 60 and want to know what I would get in this case.
     
  4. diddydave

    diddydave Established commenter

    Yes, I found their calculators ok but a bit of a pain to go through with all the different age combinations so I did my own spreadsheet using the factors to show all of the effects month by month in one go. It shows the amounts, per £1000 of pension, of taking it before 60. There are two sheets one for the final salary with NPA60 and the other for the career average with NPA67 (as those were my two parts):

    https://docs.google.com/spreadsheets/d/1MmQ1h1AwCoC5IggRdVai4L0aBu5j0subZHCkVe3JNOw/edit?usp=sharing

    If you want to see your own exact numbers just make a copy and pop into G3 your pension amount from the benefit statement.
     
  5. djhappy

    djhappy New commenter

    Thank you. I may try that but for an English teacher the figures are frightening.

    Could I get an exact figure by ringing TPS?
    Or
    Could I apply to take my pension, they give the figures, and I then get the chance to proceed or not (it’s highly unlikely I would not proceed)?
     
  6. diddydave

    diddydave Established commenter

    I've been through the figures with people privately before...just start a conversation I can talk you through them in more detail if you like.

    No harm in asking TPS.

    There is also the problem with not knowing what changes will be made as a result of the court case.
     
  7. djhappy

    djhappy New commenter

    What court case?
     
  8. diddydave

    diddydave Established commenter

    The Government lost an age discrimination case over the introduction of the Career Average scheme which means that ALL public sector pensions that were moved from Final Salary to Career Average are going to have to be changed.

    The Tribunal have already directed that anyone already retired has to be treated as though they were on the Final Salary scheme so it is likely that your pension will be altered. There is also a promise that you will not get less than is currently shown on your statement. So you can work on the basis that the figure you have is the very least you will get.

    https://www.teacherspensions.co.uk/members/faqs/valuation/mccloud-case.aspx
     
  9. meister

    meister New commenter

    Although with the current lockdown who knows when we will hear the actual outcome in hard cash terms!!
     
  10. SingToAng

    SingToAng New commenter

    Someone from Wesleyan met with me at no charge, looked at all my figures and worked out for me what my pension would look like at 55 and 57 so that I could make an informed decision. Despite the current uncertainty over the court case it was extremely helpful.
     

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