Your basic details
Your employment
Your GMP
Your pension built up
Your tax-free cash
Results

British Steel Pension Calculator

Step 1: Your basic information

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

British Steel Pension Calculator

Step 2: Your employment

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

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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

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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).

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%

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

The information required for this page can be found on page 31 of your Pension Options booklet and your Cash Equivalent Transfer Value (CETV)

This calculator is designed to give you an indication of which scheme might be best for you going forward. It does however use several assumptions, and the figures given in the results cannot be relied upon exactly.

To better understand the outputs, and which scheme might be best for you, you may wish to speak to a financial adviser.

To find all financial advisers near you, please use the search below:

My assumptions

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}}
;