1995-2015 Calculator for members within 5 years of retirement

Please read the instructions below before proceeding to the first stage of using the calculator

This calculator will enable you to produce a basic illustration of your projected benefits at your retirement age. The calculator will provide gross annual and monthly pension amounts plus lump sum benefits based on accrual in both the 1995 Section and 2015 Scheme.

It allows you to see an estimation of benefits based on the information you input and uses certain assumptions about what will happen in future.

To use the calculator you should have your latest Annual Benefit Statement (ABS) at hand. This can be found on the HSC PS website and will help you complete some of the questions asked.

How to use this calculator

On using the calculator you will be asked a series of questions which you must answer before proceeding to the next step.

1. You will be asked to enter your age in years and months at your chosen retirement date. This is important because it will take into account any actuarial reduction factors which may be applied to your benefits if claimed before your Normal Retirement Age (NRA).
   
   Once you have entered your age at retirement you must select Proceed to 1995 Scheme Information.
2. You will then be asked to enter your service accrued in the 1995 section of the scheme up to the date you moved to the 2015 scheme (this is recorded on your ABS).
3. You will be asked to enter your whole time equivalent estimated pensionable pay at your chosen retirement age.
4. You will be asked if you hold Special Class Nursing Status or Mental Health Officer Status which allows you to have a NRA of age 55 in the 1995 Section of the scheme.
   
   Once you have completed questions 2–4 above you must select Proceed to 2015 Scheme Information.
5. You will be asked to enter the value of your 2015 scheme pension as displayed on your latest ABS.
6. You will then be asked to enter the value of the pensionable pay you expect to earn in the years leading up to your chosen retirement age. If you are progressing through tiers of your current payband, you can view the agenda for change payscales here: AFC Pay Scales
   
   For question 6 there could be 1–5 entries depending on when you hope to retire. If you intend to retire part way through a year you should enter the pensionable pay you will earn for that part year. Scheme years run from 01st April to 31st March.
   
   Once you have completed questions 5–6 above you must select Proceed to Results.

The projected benefits in this calculator are in “today's money” – this means the values are adjusted for inflation and represent what the pension would be worth today, so you can compare it with your current earnings and the amount you think you’ll need in retirement.

Step 1 - Select Your Retirement Age

The age that you retire can impact the value of your HSC Pension and Lump Sum

For the majority of scheme members the Normal Retirement Age (NRA) in the 1995 Section of the Scheme is Age 60.

For some members who hold Special Class Nursing or Mental Health Officer Status the NRA is Age 55.

In the 2015 Scheme the NRA for all members is your State Pension Age.

Some members may retire at their NRA in the 1995 section of the scheme but before their NRA in the 2015 Scheme.

If you retire before your NRA your benefits will be reduced to take account of them being paid longer.

Below you will be asked to enter your age in years and months at your proposed retirement date.

This will direct the calculator to apply any necessary reduction in the calculation of your benefits if claiming prior to your NRA in either scheme.

Age in years and months at your proposed retirement date

Step 2 - Enter details relating to your legacy 1995 Scheme Benefit

p> In this section of the calculator you will be asked to enter your service and pensionable pay details required to calculate the 1995 section of the pension scheme benefits which you have accrued.

The information required to complete this section is available on your Annual Benefit Statement.

Once you have completed these questions press Proceed to 2015 Scheme Information.

Enter Your Reckonable Service as displayed on your Annual Benefit Statement

For example 19/300 displayed on your ABS = 19 years 300 days.

To find this on your statement go to your Benefit Summary Page and then look under Current Legacy Benefits.

Here you will see in the first row your Reckonable Service displayed in Years/Days.

Enter your Estimated Pensionable Earnings at Retirement (Whole Time Equivalent if you work Part Time)

If you work part time this should be the amount of pensionable pay you would get if you worked full time.

You can use the pay figure quoted on your Annual Benefit Statement or if you know your pay will be higher when you retire enter that amount.

For example your pay at retirement may be higher as a result of a pay award, promotion or incremental increase, i.e. moving up the pay scale.

Are you a Special Class Nurse or Mental Health Officer with a retirement age of 55

You should only answer yes if you have a protected normal retirement age of age 55.

This rule applies only to members who hold special class or mental health officer status which was awarded for scheme membership in this field which began before 01st April 1995 and has had no breaks of 5 years or more.

Step 3 - Enter details relating to your 2015 CARE Scheme Pension Benefits

In this section of the calculator you will be asked to enter details relating to your 2015 Scheme Pension Benefits You will also need to refer to your Annual Benefit Statement for information for this element of the calculation

When you have completed this section press "Proceed to Results" at the bottom of the screen and you will be taken to your illustration of estimated benefits

On your statement go to your Benefit Summary Page and then check information under Current Legacy Benefits

You will see in the fourth row CARE Pension from 01/04/2022. Take a note of this amount and enter it in the box above

You will now be asked to enter your Estimated Pensionable Pay for the next number of years up to your date of retirement

This is capped at 5 years, so if your proposed retirement date is beyond 5 years, please use the standard transitional calculator

Enter the amount of pensionable pay you expect to earn in the years up to retirement starting with the first year after your latest Annual Benefit Statement

For example: If you intend to retire in 3 years you will only need to enter pay figures up to year 3.

If you intend to retire part way through a year you should only enter the pensionable pay you expect to receive for the part year

Important, if you work part time you enter the actual pensionable pay

Pension Benefits Illustration

Your Projected Benefits will be displayed below.

The information displayed and calculations used are based on assumptions shown on the Instructions Page of this calculator plus the information you have input

The results are not a guarantee of what benefits you may receive on Retirement

Important: The Gross Annual/Monthly Pension Amount may be subject to Income Tax and you may wish to check your own personal taxation allowance/position

Projected Benefits

1. Standard Pension and Lump Sum Option

2. Maximum Lump Sum and Reduced Pension Option