My Pension Online

How to use the pension estimator/calculator

Watch the video for information on how to use the pension estimator and calculator. 

Transcript

Welcome to Lothian Pension Fund's guide to using the my pension online benefit calculator.

Once logged in you'll find yourself in your dashboard. If you have more than one record with us you can move between them by clicking the arrow in the top right corner,

Once you have selected the record you'd like to look at today, you're going to want to choose benefit projectors calculators under the pensions benefit section and then voluntary retirement. The page will automatically load with an estimate for the pension you would receive at your normal pension date which for most members will be their state pension age.

If you'd like to change this date, you can easily update it by clicking the date and choosing any date from your 55th birthday. Underneath you'll find the most up-to-date pay information we currently hold for you. Your employer updates this information every April but if the figures appear to be out of date or incorrect, feel free to update them to a more accurate figure. The career average pay should show the pay you actually receive every year, whereas the final salary pay should show the full time equivalent. This means if you're working full time, these figures should be fairly similar. If you started after the 31st of March 2015, you won't have to enter any final salary information.

Once you are happy with the figures, just hit calculate and the page will update using the information you entered now.

Let's take a look at the benefits we have just calculated, these figures include any reduction that might be applied to your benefits for taking payment before your Normal Pension Date and, if you have any protection under the rule of 85, this is included in these figures. If you'd like to see the value of the reduction or increase applied to your benefits, this is shown in the box underneath the lump sum swap option. There you will see the annual pension you will be paid for life from your date of retirement you choose and underneath you will see any automatic tax-free lump sum you have accrued.

If you join the scheme after the 31st of March 2009, you'll not have any automatic tax-free lump sum. However, you do have the option to swap some of your annual pension to receive one.

If you'd like to take a lump sum, or increase the size of your automatic lump sum, you can give up £1 of annual pension to purchase £12 of tax free lump sum. If you'd like to see the maximum lump sum you could receive simply drag the slider all the way to the right. Underneath you will see the annual pension this would leave you with. You can also select a lump sum anywhere between the minimum and maximum, for example, if this member wants to receive a lump sum of around £25 000 this would leave them with the annual pension shown here.

Finally if you'd like to see the value of the annual pension payable to a spouse or civil partner in the event of your death, this is shown here. The information used within the My Pension Online service is identical to the information held on the pensions administration service and this means that the information displayed here is the same as the estimate calculation we would run for you, except this way you get your quote instantly and you can run as many as you would like.

If you'd like to download or print your estimate, this can be done by selecting the download or print a copy option at the bottom of the page just underneath the calculate button.

If you're a deferred member, the process will be very similar except you won't have to add any pay information just enter the date you would like to quote for and click calculate.