The retirement calculator goes live

24 February 2023

The retirement calculator is now live for 12 different organisations. Pensions experts developed the platform following the McCloud legal ruling. The judgment means that some public service pension scheme members will have to make a choice between the benefits provided by two different schemes (legacy and reformed schemes).

The calculator has been developed by the Government Actuary’s Department (GAD) and helps members to choose which scheme benefits are better for them. It also allows members to compare these benefits using different retirement options, such as early or late retirement, or exchanging pension for a cash lump sum. The platform lets the users to immediately see and explore the impact of their choices.

The platform is live for clients including:

police (England and Wales)
four unfunded pension schemes in Scotland
civil service (Great Britain).

GAD has said:

‘‘The GAD team has been further developing the retirement calculator to allow scheme administrators to seamlessly link it to their member data. A bespoke platform will allow members to access all communications relating to their McCloud decision, through a single login.’’

‘‘GAD continues to support our public service pension scheme clients by also using our skills to develop other calculators for clients not affected by remedy.’’

You can read the full article here.

Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.