How do I use the Pension Account Modeller?
To help you understand the different terms used in the Modeller, hover over the text to see more information:
Drag the slider to choose the pay figure you wish to use. This will be the actual amount you would expect to earn in a scheme year, including pay for all overtime and excess hours worked.
Drag the slider to choose an inflation figure (between 0% and 5%). This is an assumed figure only. The figure that will be used to work out your benefits in the future will depend on the Consumer Prices Index (CPI) measure of inflation each year.
Drag the slider to choose an assumed pay increase in the future (between 0% and 5%). This is to help illustrate how possible future pay increases might impact on your pension in the LGPS.
‘Years in LGPS’
Select the number of years you expect to be in the new LGPS from April 2014 (minimum is 2 years - because that is the vesting period or period of time you need to build up a pension in the new scheme, the maximum you can input is 50 years - however there is no limit to the number of years you could have in the Scheme except that you can only remain in the scheme up to your 75th birthday).
Select ‘Yes’ if you wish to see the impact of being in the 50/50 section for the number of years you selected in ‘Years in LGPS’.