British Steel Pension Calculator

Step 1: Your basic information

Your Date of Birth:

Have you already retired?

Yes No

Your expected retirement age: At what age did you retire?

Please enter a retirement age between {{ ( (2017-data.clientDOB[0]) > 55 ? (2017 - data.clientDOB[0]) : 55 ) }} and 65

Did you retire early due to ill health?

Yes No

British Steel Pension Calculator

Step 2: Your employment

Your date of leaving the BSPS scheme:

Do you have a breakdown of benefits?

Yes No

You won't be able to get an accurate projection without a breakdown of benefits. You can proceed from here, however you will need to estimate the next sections on GMP and pension built-up and as such the results cannot accurately be relied upon.

British Steel Pension Calculator

Step 3: Your Guaranteed Minimum Pension (GMP)

This information can be found in the breakdown of benefits in your CETV

Your GMP from 1978-1988:

£

Your GMP from 1988-1997:

£

Your Guaranteed Minimum Pension (GMP) can be found on a CETV and is not typically included in your Pension Options booklet. If you do not have a CETV, leave the above boxes blank

British Steel Pension Calculator

Step 4: Your pension built-up over time

Please open your Pension Options booklet to page 31 for the required information

Your GMP from 1978-1988:

Any excess built-up before 1997 which has not been counted in GMP:

£

Amount of pension built-up between 1997-2005:

£

Amount of pension built-up between 2005-2006:

£

Amount of pension built-up between 2006-2009:

£

Amount of pension built-up between 2009-2012:

£

Amount of pension built-up between 2012-2016:

£

Amount of pension built-up after 2016:

£

Total pension built up:

This calculator does not take into account the compensation cap on the PPF scheme, this will be added in the coming week.

You must enter values for either your GMP or pension built up to equal greater than 0. Please go to the previous step and fill this information in.

British Steel Pension Calculator

Step 5: Your tax-free cash

Note: All figures shown below are in nominal terms unless stated otherwise, meaning that they are estimates of the future value (as in your options booklet).

Have you taken tax-free cash already?

Yes No

Calculating tax-free cash values...

The approximate maximum amount of Tax-free cash you can take at age {{data.retirementAge }} is:

£{{res.calcs.new_pcls | number:2}} via BSPS2 or £{{res.calcs.ppf_pcls | number:2}} via PPF.

This is the equivalent of £{{res.calcs.new_pcls_todays | number:2}} via BSPS2 and £{{res.calcs.ppf_pcls_todays | number:2}} via PPF in today's buying power.

In your Pension Options booklet, British Steel estimates that Consumer Price Index (CPI) will be roughly 2.3%

What would you assume CPI to be? ({{data.cpi | number:1}}%)

Taking tax-free cash will reduce the annual income you will receive from your pension thereafter.

Do you wish to take tax-free cash from your pension?

How much Tax-free cash would you like to take from your pension?

The maximum available A specific amount

Tax-free cash wanted:

£

Disclaimer: This calculator uses several assumptions and the outputs are likely to be marginally different to that in your "Time to Choose" booklet. This should not be used to find an accurate early retirement figure, but gives you a comparison between the two pension schemes based on assumed rates of inflation and the methods in which these are applied to your pension.

British Steel Pension Calculator

Results

Note: All figures shown below are in nominal terms unless stated otherwise, meaning that they are estimates of the future value (as in your options booklet).

When you retire

If you choose to retire at age {{data.retirementAge}} and take £{{inputs.pcls}}maximumno tax-free cash, you will get an initial annual income of approximately:

£{{ (res.ppf.annual[data.retirementAge] + 0) | number:0}} after £{{res.calcs.actual_ppf_pcls | number:0}} tax-free cash in PPF
£{{ (res.new.annual[data.retirementAge] + 0) | number:0}} after £{{res.calcs.actual_new_pcls | number:0}} tax-free cash in BSPS2

This is the equivalent of £{{res.ppf.annual_todays[data.retirementAge] | number:0}} after taking £{{res.calcs.actual_ppf_pcls_todays | number:0 }} in tax-free cash in PPF or £{{res.new.annual_todays[data.retirementAge] | number:0}} after taking £{{res.calcs.actual_new_pcls_todays | number:0 }} in tax-free cash in BSPS2 in today's buying power.

After retirement

By comparison, by age {{ inputs.end_age }} you will have received a total of:

£{{ res.ppf.cumulative[inputs.end_age] | number:0 }} from PPF
£{{ res.new.cumulative[inputs.end_age] | number:0 }} from BSPS2

This is the equivalent of £{{res.ppf.cumulative_todays[inputs.end_age] | number:0}} from PPF or £{{res.new.cumulative_todays[inputs.end_age] | number:0}} from BSPS2 in today's buying power by age {{inputs.end_age}}.

This includes your tax-free cash and regular annual income

You will also be eligible for an approximate widows pension of:

£{{ res.ppf.widows.at_retirement | number:0 }} from PPF per year
£{{ res.new.widows.at_retirement | number:0 }} from BSPS2 per year

This is the equivalent of £{{res.ppf.widows.at_retirement_todays | number:0}} widow's pension from PPF or £{{res.new.widows.at_retirement_todays | number:0}} widow's pension from BSPS2 in today's buying power.

Review our calculations

Disclaimer: This calculator uses several assumptions and the outputs are likely to be marginally different to that in your "Time to Choose" booklet. This should not be used to find an accurate early retirement figure, but gives you a comparison between the two pension schemes based on assumed rates of inflation and the methods in which these are applied to your pension.

Age	BSPS2 Annual Income	PPF Annual Income	BSPS2 Cumulative Income	PPF Cumulative Income
At retirement	-	-	£{{ res.calcs.actual_new_pcls \| number:2 }}	£{{ res.calcs.actual_ppf_pcls \| number:2 }}
{{ key }}	£{{ res.new.annual[key] \| number:2}}	£{{ res.ppf.annual[key] \| number:2}}	£{{ res.new.cumulative[key] \| number:2}}	£{{ res.ppf.cumulative[key] \| number:2}}

British Steel Pension Calculator

Step 1: Your basic information

British Steel Pension Calculator

Step 2: Your employment

British Steel Pension Calculator

Step 3: Your Guaranteed Minimum Pension (GMP)

British Steel Pension Calculator

Step 4: Your pension built-up over time

British Steel Pension Calculator

Step 5: Your tax-free cash

The approximate maximum amount of Tax-free cash you can take at age {{data.retirementAge }} is:

£{{res.calcs.new_pcls | number:2}} via BSPS2 or £{{res.calcs.ppf_pcls | number:2}} via PPF.

British Steel Pension Calculator

Results

When you retire

After retirement

My assumptions