Public sector retirement calculator
24 March 2022
The Government Actuary’s Department (GAD) has developed an online retirement calculator to give employees paying into public sector pension schemes a better understanding of what retirement will look like for them. The calculator will allow members to understand the retirement benefits they may be eligible for in a relatable context.
The calculator will take basic details, pay rises and working patterns into account. The calculator will be rolled out to several public sector employers over the course of the upcoming tax year. The retirement calculator follows the McCloud legal ruling. The judgment means some pension scheme members have a choice between different benefits- legacy schemes (typically final salary schemes) and reformed schemes (typically career average revalued earnings schemes). The calculator will allow members and providers to understand their options and what they entail.
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