nuvos projected pension
Your illustrated future pension assumes that you will have an average career progression and pay increases over the years until you reach the ages shown. The projected pension is shown as the equivalent percentage of your current pay, to give an indication of the potential buying power of your eventual pension.
Your statement will show projections to the ages of 55, 60 and 65. The projections for 55 and 60 include a reduction to reflect early payment of the pension before pension age of 65.
The projections assume annual pay rises at a rate of 1.5% above the Retail Prices Index plus an allowance for career progression to work out your projected pension at the different ages as a percentage of your pay at that time. In practice, your pay rises and career progression may vary considerably from these assumptions and you should therefore regard projections over a long period as only indicative.
The scheme rules limit your nuvos pension (excluding any added pension you buy) to a maximum of 75% of your pay.
When you leave and take your pension you will be able to exchange some for a cash lump sum. Your projected pension takes account of all the pension you have currently built up, including:
- any linked pension for earlier service;
- any added pension you have bought;
- any pension from a transfer in.
Return to Benefit Statement page
