Pension calculator to see what degree of protection you have.

[marat]

Currently, despite opinions to the contrary, your pension entitlement is worked out in DAYS! Therefore, whatever protection or tapering applies should also be worked out in days Whether our caring government will continue to allow that, I don't know.

[Lou1z]

no they won't. it's simply..... for every 1 month you are out, it equals 2 months tapering. i just can't see them going to days for tapering. yes, your pension is worked out for days served but that is not the issue here.

if we think about it, we want it rounded down to the lowest month as being 1 month short of protection is better than being 2 months short.

[slybacon]

so can anyone tell me according to the pension calculator i have to leave the pension scheme in 2020 and will accured 37/60 , will i still be able to take this pension on my normal retiral date of 2022 with no loss to my accural rate in relation to my lump sum.

[oldballroomdancer]

this is the detail we are waiting on but it would appear that any 1992 benefits can be taken if you have over 25 years service and are over 50 as before and you will use the commutation table to work out your lump sum even although you don't have a full 30 year FPS pension but again this should be in the clarification with the offer.

[Lou1z]

OBD is correct here. that is what it appears it is going to be but I can't add anything on to the calculator until the facts are out. things could change yet again.
at the moment, as OBD has said, it looks as though if you are over 50 you may be able to claim your 37/60ths at that time which you could commute up to 25% x the commutation rate at the age you cash it in. we call that part one.
part two (afaik) is anything you accrue under the new scheme and you will not be able to access this until 60. again you can chose to commute 25% x 12 (fixed commutation factor)

quite how part 2 will work if you are claiming part 1 remains to be seen as i'm sure you would be getting into the realms of abatement etc

[Lou1z]

i've updated the calculator again which takes into account leap years.
key ages and dates aren't in for the NFPS yet ie when you reach 60 years of age or 40 years service. i'll do that sometime in the week.
once we get the full details of the offer (around the 8th Feb), i'll be able to add more.

[oldballroomdancer]

Thanks Lou for your efforts.....

[upthefarm]

once we get the full details of the offer (around the 8th Feb), i'll be able to add more.

Or take away more

[EastEndFirefighter]

Brilliant stuff Lou1z. :thank_you2:

Lou1z, will be 50 on April 6th 2012 & will have completed 25 years & five months service....any ideas what my best option will be?

[Lou1z]

run it and find out.....
you can carry on as is and retire as is. one thing that isn't clear at the moment is whether those that are fully protected (ie yourself) can take the full commutation factor if they don't reach 30 years service.
there is talk of relaxing this which then brings into play your personal circumstances eg is it worth going if you have something lined up.

again, as has been said many times on this thread, these are not garaunteed at this time. it's based on what other unions have been offered and may be liable to change.