Try the pension planner tool to estimate your pension pot
The planner is designed to show you what your annual income could be when you stop work and how much you may be able to take as a tax-free lump sum.
It also lets you see what it might look like if you decide to start taking your benefits before claiming your State Pension and then level your income out afterwards. This is known as the ‘level pension’ option.
The planner is a quick and easy way to take control and make your pension work better for you. And we’ll be making even more improvements to it in the future.
How can I try the pension planner?
Log into your myRPS account and go to the ‘Your pension planner’ section on the dashboard. Click ‘Try the planner’. Alternatively log into your online account and hover over the ‘myRPS
account’ menu. Go to the ‘Planning for the future’ section and click on ‘Pension Planner’.
There is also a list of FAQs at the bottom of the page.
You will already see the improvements we've made in comparison to the previous planner. This includes the use of real-time data to calculate your benefits.
While this will give you a more accurate result, it might also take a little longer to perform the calculation. Please be patient and if it looks to be taking a little longer than expected, this is probably because your real-time calculation is a little more complex.
What does the pension planner do?
Like the old one, the planner:
- works out what your annual pension is likely to be
- shows your BRASS (if you have it) fund's current value and the projected future value
- shows how much of a lump sum you may be able to take when you retire and how it would then affect your annual pension. If you have BRASS, it shows you how your BRASS fund works as part, or all of, your lump sum depending on the amount of BRASS you have and the size of lump sum you want
The improved planner also:
- lets you see what it may look like if you go for a 'level pension' option
- uses the latest salary data your employer has sent us, rather than the data from your last Annual Pension Estimate, to give you the most accurate results
The planner's estimates are based on:
- your salary
- retirement age
- BRASS contributions made to date
- weekly BRASS contributions going forward
How can I experiment with the pension planner?
By simply using the plus and minus buttons in the planner, you can experiment with increasing or decreasing your:
- retirement age
- weekly BRASS contributions
- lump sum
This lets you see what may happen to your annual pension and lump sum if you're considering making any changes. It also lets you model different scenarios to see what your annual pension could be as a result.
Don't worry, the planner won't make any changes to your record. But it will show you what could happen if you did make the changes.
It's all about giving you the information you need to make the right decision for you. It's also a great way to see your pension benefits come to life and get a better view of what the future may hold.
Will the pension planner tell me if I'm saving enough?
The planner will show you how much your annual income is likely to be when you retire.
You can then compare this to the Retirement Living Standards (RLS) and decide for yourself whether it's likely to be enough for you.
As a guideline, the RLS shows that an individual will need between £10,200 and £33,000 per year when they finish work. You can find out more by visiting the Retirement Living Standards website.
We're busy building another new calculator using this RLS data to make it easier for you to judge how you may need and compare that to the results in the pension planner.
What can I do with my pension planner results?
Once you have your pension planner results, you can decide whether to take any further action.
For example, you may choose to:
- change your Target Retirement Age (TRA)
- change your weekly BRASS contributions
- make a one-off BRASS contribution
Before making any changes, you may want to get advice from an Independent Financial Adviser. You can find one in your area by using the Unbiased website. Remember to show them your pension planner results.
Please remember this planner has been designed to show you what your retirement benefits could be based on the information we currently hold for you and the options you have selected.
The results shown by the planner are for illustration and comparison purposes only and do not guarantee any future outcome or entitlement. The results should not be replied upon for retirement planning. Your actual benefits in retirement could differ from the estimated figures shown.
Why wasn't the planner live before now?
We know that many members really valued the planner on the old website and we wanted to reinstate it as soon as possible after the new site launched in September/October last year.
The main delay came from making sure we improved the planner and give members what they wanted most.
Based on survey results, thousands of members told us there were clear priorities for us to deliver on the new site:
- Online estimates
- See more periods of membership under one log-in
- Use more up-to-date salary data in the planner
- Improve the planner to be able to model a level pension
We put the new site live as soon as we had the online estimates ready and we're really pleased that more than 30,000 of you have already used the estimate tool.
You can now also see other periods of membership without having to log in with a separate ID.
Improving the planner did take a little longer than points 1 and 2 listed above, but we're pleased to say:
- it's now based on the latest salary data your employer has sent us, rather than on your last Annual Pensions Estimate as previously
- it also lets you model what a level pension may look like. You can learn more about level pensions [here]
For more information on what you can do with your online account, why not visit our Video Library? We also have videos on there about planning and saving, your retirement options, and tax and other pension topics.