Our pension calculator shows you an estimate of your income at retirement based on your current contributions and normal retirement age (NRA). You can find it on the dashboard of your MyPension365 portal.
Access to the Pension Calculator is not available for deferred members.
The calculator helps you to:
· Understand how your retirement could look- Find out if you’re predicted to have a Modest, Moderate, or Comfortable lifestyle in retirement, based on the Retirement Living Standards. Learn more about retirement living standards.*
· Plan smarter -See how changing your pension contributions could impact your lifestyle in retirement (subject to your plan rules).
· See the bigger picture -Add your State Pension and any pensions from other employment (as applicable) to get a better idea of your projected retirement lifestyle.
*This link will take you to an external website, and as it isn’t part of our platform, we can’t guarantee the security of that site
The projections provide an estimate of your total annual income and the value per month at your chosen NRA. This figure is broken down between:
· MP365 pension plan
· State Pension (Contributory)
· Other pensions
You also have the option to:
· Review and change the percentage of your salary that you contribute to the plan
· Review and change your retirement age
· Add the State Pension (Contributory) (from age 66)
· Add pensions from other employment(s).
Any changes you make will update the graph and the figures shown at the top of the page. These changes are for illustration purposes only.
If you have added or changed information in the calculation and would like these changes to be automatically included the next time you use the calculator, please ensure that you save the changes. If you do not save the changes, your details will reset to the plan rules when you log out of MyPension365.
You can see the key assumptions used in the calculation in the dropdowns at the bottom of the page.
1. How to review and change the percentage of your salary that you contribute to the plan:
· To change your contribution percentage you must click ‘Review changes’.
· You will be asked to confirm your updated contribution rate and will be shown your old contribution rate and new contribution rate. Please review this carefully.
· Once these contribution percentage changes have been reviewed, ensure all T&Cs boxes are ticked and click ‘Save changes’.
· You will get a message confirming that percentage of your salary that you contribute to your plan has been changed. These changes will take effect at the next salary deduction date.
2. How to review and change your retirement age for the calculation:
· Use the plus or minus buttons to adjust your retirement age up or down. These changes will be reflected in the graph and figures at the top of the page.
Please note: to permanently change your retirement age you will need to contact your employer.
3. How to add the State Pension (Contributory) (from age 66) for the calculation
· Use the State Pension (Contributory) toggle to turn the State Pension on or off in your calculation.
When it is turned on, it will be included in the figures and graph shown at the top of the page.
· Please note that the State Pension (Contributory) is only payable from age 66, so it will not appear in your results before then.
· If your Normal Retirement Age (NRA) is 65, you will see two graphs:
– one showing your benefits at age 65 (before the State Pension starts), and
– a second showing your benefits at age 66, which includes the State Pension (Contributory).
4. How to add pensions from other employment(s) to the calculation.
· If this is another pension pot, or Defined Contribution (DC) pension you should enter the value of the pot here.
· If this is an income (i.e. from a Defined Benefit (DB) pension) you should enter the amount you expect to receive each year here.
· Click on ‘save’ – these changes will be incorporated into your updated projection and will be included in future projections unless removed or amended.
Top up your pension
Combining your pension plans:
You may be able to transfer certain existing pensions into your MyPension365 plan which would give you a clearer picture of your total savings, It’s important to review your options carefully with your Plan Advisor before taking any action. To learn more watch our video below or click here.
Click image to watch
Single premium (SP) / AVC lump sum:
Making a lump‑sum AVC is a simple way to boost your retirement savings. If you wish to make a once-off contribution into your pension you can do this in two ways:
1) You can make a payment through your employer payroll. Please notify your employer if you would like more information or to make a payment.
2) You can also make a direct payment via an Electronic Funds Transfer (EFT).
You can find more information on both options here .
More information:
For more information, use the dropdowns at the bottom of the Pension calculator page or contact our Digital Support Team on [email protected].