The pension calculator available on the MyPension365 employee platform illustrates how adjusting your pension contributions and retirement age could affect your pension savings and retirement income.

The calculator can be located on the dashboard of your employee portal under the Pension calculator tile.

On the pension calculator page you will find your current pension projections based on your current contributions and retirement age .

The projection will give a breakdown of what your pension savings are expected to be worth as well as the annuity (income for life) amount that your pension savings are expected to be able to buy. These figures are an estimate based on current annuity rates.

All projected figures included are in today's money terms. They allow for price inflation between now and your retirement date at an assumed rate of 1% a year.

On the pension calculator page you have the option to change your contribution percentage and retirement age. This will give you an estimate of how your proposed amendments will affect your pension savings. However please note that any changes made on this calculator page are for illustration purposes only. Any actual changes are subject to the plan rules and you may need the permission of your employer before making any actual changes.

If you would like to actually change your contribution percentage, you can do this on the Contributions page. A link to this page is available at the end of the pension calculator page. Please note that any proposed change will be subject to the plan rules and will only take effect at the next salary deduction date following when it has been fully processed. You will separately receive confirmation when this happens .

To change your retirement age you will need to get in touch with your employer.