Dreaming of retirement? Wondering just how many more years you’ll need to carry on at the chalkface, or rather whiteboard face? If so, why not use our handy teachers’ pension calculator to work out your potential entitlement to benefits in retirement.
Final salary calculator
The calculator is suitable for teachers on a final salary scheme. It will show you how much pension and lump sum you could receive on retirement. Our aim is that it will help you set some realistic goals for the future.
Have a look at the calculator here… and find out the potential value of your final pension entitlement. Simply enter your date of birth, your length of service to date, your intended retirement date and current salary. The calculator will then work out your estimated final salary based on your age and length of service at retirement and give you an estimate of the value of your pension income.
*This figure is based on an assumption of 0.5% growth on earnings per annum.
This calculator would not be appropriate to use if you are planning early retirement – the results produced by this calculator assume that you would draw your Teachers’ Pension at age 60. In this instance, please do get in touch with us so we can look at your overall circumstances and help you plan accordingly.
Career average pension scheme
Similarly, if you are a member of a career average pension scheme the calculator would not provide an accurate enough reading so again, do get in touch and we will be able to provide appropriate advice.
Part-time working / career breaks
If you work part-time or have had a career break for any reason, do let us know and we can make adjustments in order to give you an accurate estimate.
The whole picture
The calculator will make it clear what income you can expect from your pension but it is important that you also have a plan of how that income will help you in retirement and how other sources of funds may also play a part.
We have many years of experience in helping teachers with their retirement planning to ensure they have considered all the options. This means we can help you make adequate provision so that when the time is right you are ready to embark on the next chapter of your life with confidence.