Pensions care calculator

[stephen500]

This is a calculation of a care pension for 40 years service for some one retiring in 2010. He has the basic postmans salary of £16848 or £324 per week.


CARE Projection Calculator
Your Projected CARE Pension will be £28,360 (£10,826 in real terms).

This represents 36.46% of your Salary at retirement.

Details
Personal Details Date Joined Scheme 01/01/1970
Retirement Age 65
Salary Details Current Annual Salary £16,848
Projected Salary at Retirement £77,777
Pension Details Projected Full Pension £28,360
Projected Full Pension in real terms £10,826
Maximum Tax Free Cash Sum £135,482
Maximum Tax Free Cash Sum in real terms £51,719
Pension Reduction for Tax Free Cash Sum £8,038
Pension Reduction for Tax Free Cash Sum in real terms £3,068
Benefits on Death in Service Dependant's Pension £4,107
Lump Sum £50,544
Benefits on Death after Retirement Dependant's Pension £14,180
Dependant's Pension in real terms £5,413
Contribution Details Gross Contributions £421
Tax Relief £93
NI Rebate £197
Net Annual Contributions £131
Net Monthly Contributions £11
Try the calculator yourself at:
LINK

[freespeech]

This is a calculation of a care pension for 40 years service for some one retiring in 2010. He has the basic postmans salary of £16848 or £324 per week.


CARE Projection Calculator
Your Projected CARE Pension will be £28,360 (£10,826 in real terms).

This represents 36.46% of your Salary at retirement.

Details
Personal Details Date Joined Scheme 01/01/1970
Retirement Age 65
Salary Details Current Annual Salary £16,848
Projected Salary at Retirement £77,777
Pension Details Projected Full Pension £28,360
Projected Full Pension in real terms £10,826
Maximum Tax Free Cash Sum £135,482
Maximum Tax Free Cash Sum in real terms £51,719
Pension Reduction for Tax Free Cash Sum £8,038
Pension Reduction for Tax Free Cash Sum in real terms £3,068
Benefits on Death in Service Dependant's Pension £4,107
Lump Sum £50,544
Benefits on Death after Retirement Dependant's Pension £14,180
Dependant's Pension in real terms £5,413
Contribution Details Gross Contributions £421
Tax Relief £93
NI Rebate £197
Net Annual Contributions £131
Net Monthly Contributions £11

From what I can see career average is only on the bit earnt after 2008. The earnt part of the final salary will remain until then so in your example there will hardly be a difference.

I think you need to do, say 5 years service in 2010 and another 30 after that retiring in 2040.

[stephen500]

I set this calculator example to show someone who retires in 2010 and therefore was born in 1945.

It is just to show an example of a 40 year pension in a care scheme.

I will have a lot less time in a care scheme, but some newbies will spent their entire working life in one!

[jafferpants]

There is only one fact people need to understand. the CARE scheme is inferior to a final salary scheme in every way and it's only purpose is to put more money back in RM'S pocket. Anyone who tells you different is talking BOLLOCK'S

[stephen500]

A letter re final salary and care pensions
Dear Dave and Billy,
Could you find someone to answer a question i have about the final salary and care pensions.
I joined Rm in 1981 and by 2010 will have 29 years service in the final salary pension.
Using Rms calculator for the final salary scheme a 29 year service pension would result in:
£ 24,440 Lump sum and a pension of £8,140.
Using the Care projection calculator found on www.thepensiontrust.org.uk site the remaining years of my service, being approx 10 years, result in a care pension of £2,651 in real terms (allowing for inflation).
So at 60 this suggests i can take a pension of £8,140 Final salary, Lump sum of £24,440
£2,651 care pension
Total yearly pension: £10,791
This contrasts with my 2007 final salary pension forecast of £11,027 (yearly)
final salary lump sum £33,081.
So on the yearly pension the end of the final salary results in a £236 a year reduction, which to me does not really concern me.
However what does matter is what happens to my lump sum under a shared final salary and care package.
If my lump sum reduces to £24,440 from the final salary illustration (2007) of £33,081, then that is a loss of £8641 or £864 for every year i am in a care scheme.
So to my question, how is my lump sum effected under the care scheme?
Will i see a £8641 reduction in my lump sum.
Many thanks in advance,

[jafferpants]

stephen 500 your right in your calculations. it's important to note that when rm give you an example of the care scheme they always use the one of the man who already has well over 30 years in the final salary scheme. thats because it has the least impact on him. If they were to use a guy who had say ten years in the job and calculate the difference in what he will get in the care scheme as compared to the final salary scheme it would shame them beyond belief. They can dress it up how they like it's robbery. this government will go down in history for stealing the working mans pension and that from a party that was fomed to represent the working man is an absolute disgrace

[baldrick]

My Area Rep told me the same. It won't effect me much as I am nearing retirement and will have 40 years in the final salary scheme, bu the people who will be effected badly are those in their 40's with 20 years or more to go. But I will be voting NO
to protect them. and their pensions.

[IWW Fellow Worker]

My Area Rep told me the same. It won't effect me much as I am nearing retirement and will have 40 years in the final salary scheme, bu the people who will be effected badly are those in their 40's with 20 years or more to go. But I will be voting NO
to protect them. and their pensions.

I'll have 40 years in as well. I'll also be voting against the Billy/Dave/Adam/Allan pan-capitalist front. If I wanted to crap on people, I would have joined the CMA.

[Wild Cat]

I will have roughly ten tears by 2010 and approx 20 years to go so I gather people in the same situation as me are gonna get shafted?

[IWW Fellow Worker]

I will have roughly ten tears by 2010 and approx 20 years to go so I gather people in the same situation as me are gonna get shafted?

Only if enough selfish bastards like Margate Postman go for it!

[jafferpants]

My Area Rep told me the same. It won't effect me much as I am nearing retirement and will have 40 years in the final salary scheme, bu the people who will be effected badly are those in their 40's with 20 years or more to go. But I will be voting NO
to protect them. and their pensions.

I'll have 40 years in as well. I'll also be voting against the Billy/Dave/Adam/Allan pan-capitalist front. If I wanted to crap on people, I would have joined the CMA.

the above applys to me as well but i will also be telling them to get f****d

[Zaphod00]

This is a calculation of a care pension for 40 years service for some one retiring in 2010. He has the basic postmans salary of £16848 or £324 per week.


CARE Projection Calculator
Your Projected CARE Pension will be £28,360 (£10,826 in real terms).

This represents 36.46% of your Salary at retirement.

Details
Personal Details Date Joined Scheme 01/01/1970
Retirement Age 65
Salary Details Current Annual Salary £16,848
Projected Salary at Retirement £77,777
Pension Details Projected Full Pension £28,360
Projected Full Pension in real terms £10,826
Maximum Tax Free Cash Sum £135,482
Maximum Tax Free Cash Sum in real terms £51,719
Pension Reduction for Tax Free Cash Sum £8,038
Pension Reduction for Tax Free Cash Sum in real terms £3,068
Benefits on Death in Service Dependant's Pension £4,107
Lump Sum £50,544
Benefits on Death after Retirement Dependant's Pension £14,180
Dependant's Pension in real terms £5,413
Contribution Details Gross Contributions £421
Tax Relief £93
NI Rebate £197
Net Annual Contributions £131
Net Monthly Contributions £11
Try the calculator yourself at:
LINK

These figures look very wrong to me.

Current salary £16,848
Projected salary at retirement £77,777

If you are to retire in three years time that would have to be some serious pay rise to get a salary like that.

[davidessex]

wonder what job billy hayes has been promised after this affair is over, and by whom ! let,s see if anyone stands against him come election time at cwu head quarters.

[stephen500]

This is a calculation of a care pension for 40 years service for some one retiring in 2010. He has the basic postmans salary of £16848 or £324 per week.


CARE Projection Calculator
Your Projected CARE Pension will be £28,360 (£10,826 in real terms).

This represents 36.46% of your Salary at retirement.

Details
Personal Details Date Joined Scheme 01/01/1970
Retirement Age 65
Salary Details Current Annual Salary £16,848
Projected Salary at Retirement £77,777
Pension Details Projected Full Pension £28,360
Projected Full Pension in real terms £10,826
Maximum Tax Free Cash Sum £135,482
Maximum Tax Free Cash Sum in real terms £51,719
Pension Reduction for Tax Free Cash Sum £8,038
Pension Reduction for Tax Free Cash Sum in real terms £3,068
Benefits on Death in Service Dependant's Pension £4,107
Lump Sum £50,544
Benefits on Death after Retirement Dependant's Pension £14,180
Dependant's Pension in real terms £5,413
Contribution Details Gross Contributions £421
Tax Relief £93
NI Rebate £197
Net Annual Contributions £131
Net Monthly Contributions £11
Try the calculator yourself at:
LINK

These figures look very wrong to me.

Current salary £16,848
Projected salary at retirement £77,777

If you are to retire in three years time that would have to be some serious pay rise to get a salary like that.

Remember i have had to go backwards to project these figures for a 40 year pension at 2010. So yes there will be problems, in that the person over that whole period would not have earned £16848 and yes inflation would have been projected from 1970. it is not perfect but just an illustration, you can use the same calculator to project forward.