Your projected pension (up to 65)
This part of your statement only applies to members up to the age of 65. Over 65's statements show only your pension earned to the statement date.
Your pension is illustrated to age 55, 60 and 65 to help you with planning when you want (and can afford) to retire. The pension at the ages illustrated is worked out using your current pensionable salary, unless you are close to the projected age, when it will use the best year's earnings to give a more accurate illustration. The projections assume that you carry on working to the age shown, and then retire; that you continue in your current working pattern until then; and that you complete any current contracts to buy added years. (classic, classic plus and premium members only).
The illustrated future pension amounts include any added years you have contracted to buy but do not include any added pension you have bought. The value of your added pension is shown on your Transaction Statement.
If you retire before pension age your pension will be reduced to take account of the extra years that it will be paid. If you are in classic, classic plus or premium, the amount illustrated for age 55 in your statement reflects this reduction, unless you are a Prison Officer who may retire at age 55, in which case your illustrated amount will not be reduced. The age 65 example recognises that most people are now eligible to work after age 60.
If you are in nuvos, the illustrated amounts at age 55 and 60 will both be reduced to reflect the early payment.
If you have a pension sharing order applied to your pension, this will be taken into account in projecting your pension.
For details of how we work out the projections, see:
Return to Benefit Statement page
