premium projected pension
As this is an illustration only, we base it on your current pensionable salary, although we will use your best year's earnings if you are closer to the projected age, to give a more accurate illustration. We multiply your salary/earnings by your projected years of reckonable service by 1/60th.
Example: If you are 50 at the statement date, your current salary is your best year's earnings at £21,000 and your reckonable service is 12 years, your projected pension for age 60 would be 12 plus 10 (the number of years you have to go to 60) = 22 x £21,000 x 1/60 = £7,700 a year.
You would be able to exchange some of your pension for a cash lump sum.
The projected amounts include any added years you are buying, but do not include any added pension you have bought. The value of this is shown on your Transaction Statement.
Return to Benefit Statement page
